§ 628.27 — Redemption where property abandoned

Iowa § 628.27

• Jurisdiction: Iowa
• Title XV: JUDICIAL BRANCH AND JUDICIAL PROCEDURES
• Ch. 628: REDEMPTION

Text

The mortgagor and the mortgagee of any tract of real property consisting of less than ten
acres in size may also agree and provide in the mortgage instrument that the court in a decree
of foreclosure may find affirmatively that the tract has been abandoned by the owners and
those persons personally liable under the mortgage at the time of such foreclosure, and that
should the court so find, and if the mortgagee shall waive any rights to a deficiency judgment
againstthemortgagororthemortgagor’ssuccessorsininterestintheforeclosureaction,then
the period of redemption after foreclosure shall be reduced to sixty days. If the redemption
period is so reduced, the mortgagor or the mortgagor’s successors in interest or the owner
shall have the exclusive right to redeem for the first thirty days after such sale and the times
of redemption by creditors provided in sections 628.5, 628.15 and 628.16 shall be reduced to
forty days. Entry of appearance by pleading or docket entry by or on behalf of the mortgagor
shall be a presumption that the property is not abandoned.

Legislative History

[C71, 73, 75, 77, 79, 81, §628.27]