This text of Iowa § 655A.3 (Notice) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1. a. The nonjudicial foreclosure is initiated by the mortgagee by serving on the
mortgagor a written notice which shall:
(1)Reasonably identify by a document reference number the mortgage and accurately
describe the real estate covered.
(2)Specify the terms of the mortgage with which the mortgagor has not complied. The
terms shall not include any obligation arising from acceleration of the indebtedness secured
by the mortgage.
(3)State that, unless within thirty days after the completed service of the notice the
mortgagor performs the terms in default or files with the recorder of the county where the
mortgaged property is located a rejection of the notice pursuant to section 655A.6 and serves
a copy of the rejection upon the mortgagee, the mortgage will be foreclosed.
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1. a. The nonjudicial foreclosure is initiated by the mortgagee by serving on the
mortgagor a written notice which shall:
(1) Reasonably identify by a document reference number the mortgage and accurately
describe the real estate covered.
(2) Specify the terms of the mortgage with which the mortgagor has not complied. The
terms shall not include any obligation arising from acceleration of the indebtedness secured
by the mortgage.
(3) State that, unless within thirty days after the completed service of the notice the
mortgagor performs the terms in default or files with the recorder of the county where the
mortgaged property is located a rejection of the notice pursuant to section 655A.6 and serves
a copy of the rejection upon the mortgagee, the mortgage will be foreclosed.
(4) Specifyapostalorelectronicmailaddresswhererejectionofthenoticemaybeserved.
b. The notice shall contain the following in capital letters of the same type or print size as
the rest of the notice:
WITHIN THIRTY DAYS AFTER YOUR RECEIPT OF
THIS NOTICE, YOU MUST EITHER CURE THE DEFAULTS
DESCRIBED IN THIS NOTICE OR FILE WITH THE RECORDER
OF THE COUNTY WHERE THE MORTGAGED PROPERTY IS
LOCATED A REJECTION OF THIS NOTICE AND SERVE A COPY
OF YOUR REJECTION ON THE MORTGAGEE IN THE MANNER
PROVIDED IN SECTION 655A.4. IF YOU WISH TO REJECT THIS
NOTICE, YOU SHOULD CONSULT AN ATTORNEY AS TO THE
PROPER MANNER TO MAKE THE REJECTION.
IF YOU DO NOT TAKE EITHER OF THE ACTIONS
DESCRIBED ABOVE WITHIN THE THIRTY-DAY PERIOD,
THE FORECLOSURE WILL BE COMPLETE AND YOU WILL
LOSE TITLE TO THE MORTGAGED PROPERTY. AFTER THE
FORECLOSURE IS COMPLETE THE DEBT SECURED BY THE
MORTGAGED PROPERTY WILL BE EXTINGUISHED.
2. The mortgagee shall also serve a copy of the notice required in subsection 1 on the
person in possession of the real estate, if different than the mortgagor, and on all junior
lienholders of record.
3. The mortgagee may file a written notice required in subsection 1 together with proof
of service on the mortgagor with the recorder of the county where the mortgaged property
§655A.3, NONJUDICIAL FORECLOSURE OF NONAGRICULTURAL MORTGAGES 2
is located. Such a filing shall have the same force and effect on third parties as an indexed
notation entered by the clerk of the district court pursuant to section 617.10, commencing
fromthefilingofproofofserviceonthemortgagorsandterminatingonthefilingofarejection
pursuant to section 655A.6, an affidavit of completion pursuant to section 655A.7, or the
expiration of ninety days from completion of service on the mortgagors, whichever occurs
first.
4. As used in this chapter, “mortgagee” and “mortgagor” include a successor in interest.