How to deal with foreclosure in Iowa

Facing foreclosure is a daunting prospect and each state has different laws regarding foreclosure. In the state of Iowa the homeowner has two options; a non-judicial or judicial foreclosure.

A homeowner has thirty days to respond to decide if they want to retain a foreclosure attorney and fight the foreclosure, or they can pay off the amount they owe to the lender.

If the homeowner decides to allow non-judicial foreclosure the bank can immediately seize their home. The homeowner waives their right to redemption after the foreclosure sale has concluded. This also means that the lender relinquishes the right to seek a deficiency judgment against the homeowner if the sale doesn’t satisfy the original amount of the mortgage loan.

A judicial foreclosure gives the homeowner time to pay of the debt to the lender. If the debt is not paid in full within the given time period, the home will be sold in a foreclosure auction. This can take two to twelve months to occur.

A foreclosure lawyer can also appeal for a mortgage modification if the homeowner can meet certain criteria. It can be difficult for some homeowners to obtain a mortgage modification, but there are many who qualify and this is a good route to take.

Only an Iowa foreclosure attorney will know whether the homeowner should try for a judicial foreclosure which may make it possible for them to keep their home. An Iowa foreclosure attorney should be consulted before you decide which route to take.