Re: Foreclosure in 1999

Posted by Jake on February 28, 2005 at 09:53:45:

In Reply to: Re: Foreclosure in 1999 posted by Jake on February 27, 2005 at 04:49:21:

: : Hi-
: : I live in Iowa. I had a foreclosure take place in 1999.
: : There was a junior lein on the property for a home improvement. I know that our home sold to the original financial institution for amount owed. However, the junior lien was not paid at that time. I thought everything had cleared when all of a sudden this year I received a notice of amount still owing for junior lien. I have not made a payment at all on this loan since before the foreclosure in 1998. Do I still owe this? What is the statute of limitations?

: Who initated the foreclosure? Was it the lender on the 1st mortgage or the junior lein holder? There is no deficiency laws in Iowa and the land is supposed tho stand for itself. It is worth contesting or forgetting unless they garnish yous wages. If you are on construction of something that you can switch jobs without letting them know where you work there is nothing they can do. Or if you have switched jobs and they have no record where to garnish your wages you can just ride it out. Usually 7 years is the statute of limitations unless they have been changed on everything except murder which has no statute of limitations. Here are the quick facts on Iowa;
:
: Iowa Foreclosure Law Summary

:
:

:
: Quick Facts
: - Judicial Foreclosure Available: Yes
: - Non-Judicial Foreclosure Available: No
: - Primary Security Instrument: Mortgage
: - Timeline: Typically 150
: - Right of Redemption: No
: - Deficiency Judgments Allowed: "NO"
: In Iowa, lenders may foreclose on a mortgage in default using either the judicial or the alternative non-judicial foreclosure process.

: Judicial Foreclosure
: The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold.

: Notice of the sale must be posted in at least three public places of the county, one of which shall be at the county courthouse. In addition, there shall be two weekly publications of such notice in some newspaper printed in the county, with the first publication being at least four weeks before the date of sale, and the second at a later time before the date of sale. If the borrower is in actual occupation and possession of the property, the notice must be served on them at least twenty days prior to the date of the sale.

: The sale must be at public auction, between 9:00 am and 4:00 pm and the time must be stated clearly in the notice of sale. The sheriff shall receive and give a receipt for a sealed written bid submitted prior to the public auction. The sheriff may require all sealed written bids to be accompanied by payment of any fees required to be paid at the public auction by the purchaser, to be returned if the person submitting the sealed written bid is not the purchaser. The sheriff must keep all written bids sealed until the commencement of the public auction, at which time the sheriff will open and announce the written bids as though made in person.

: The sale may be postponed, but if it postponed for more than three days, notice of the new sale must be publicly announced at the time the sale was to have been made.

: Alternative non-judicial foreclosure procedure

: Borrowers in Iowa have the option of avoiding a foreclosure suit by voluntarily conveying all of their rights in the property secured by the mortgage to the lender. If the lender accepts the conveyance from the borrower, they are given immediate access to the property. However, they must waive any rights to file for a deficiency judgment against the borrower.

: Additionally, the borrower is required to sign a "disclosure of notice and cancellation" they were licensed and bonded is the law's
attitude. They can't eat you and they can't sell you so that only leaves the property that they should have documented at the courthouse as a lein against the property. If they had documented the lein on the said property they would know they have the wrong person.
You have already lost the home and it reall makes no difference now so do whatever you have to to survive.
Good Luck This is only my opinion and not to be misconstrued as legal advice.

Follow Ups:

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Comments:
: : : Hi- 
: : : I live in Iowa. I had a foreclosure take place in 1999.
: : : There was a junior lein on the property for a home improvement. I know that our home sold to the original financial institution for amount owed. However, the junior lien was not paid at that time. I thought everything had cleared when all of a sudden this year I received a notice of amount still owing for junior lien. I have not made a payment at all on this loan since before the foreclosure in 1998. Do I still owe this? What is the statute of limitations? 

: : Who initated the foreclosure?  Was it the lender on the 1st mortgage or the junior lein holder?  There is no deficiency laws in Iowa and the land is supposed tho stand for itself.  It is worth contesting or forgetting unless they garnish yous wages.  If you are on construction of something that you can switch jobs without letting them know where you work there is nothing they can do. Or if you have switched jobs and they have no record where to garnish your wages you can just ride it out.  Usually 7 years is the statute of limitations unless they have been changed on everything except murder which has no statute of limitations.  Here are the quick facts on Iowa; 
: :  
: :        Iowa Foreclosure Law Summary 

: :  
: :  

: : 
: : Quick Facts 
: : -  Judicial Foreclosure Available: Yes 
: : -  Non-Judicial Foreclosure Available: No 
: : -  Primary Security Instrument: Mortgage 
: : -  Timeline: Typically 150 
: : -  Right of Redemption: No 
: : -  Deficiency Judgments Allowed: "NO" 
: : In Iowa, lenders may foreclose on a mortgage in default using either the judicial or the alternative non-judicial foreclosure process. 

: : Judicial Foreclosure 
: : The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold. 

: : Notice of the sale must be posted in at least three public places of the county, one of which shall be at the county courthouse. In addition, there shall be two weekly publications of such notice in some newspaper printed in the county, with the first publication being at least four weeks before the date of sale, and the second at a later time before the date of sale. If the borrower is in actual occupation and possession of the property, the notice must be served on them at least twenty days prior to the date of the sale. 

: : The sale must be at public auction, between 9:00 am and 4:00 pm and the time must be stated clearly in the notice of sale. The sheriff shall receive and give a receipt for a sealed written bid submitted prior to the public auction. The sheriff may require all sealed written bids to be accompanied by payment of any fees required to be paid at the public auction by the purchaser, to be returned if the person submitting the sealed written bid is not the purchaser. The sheriff must keep all written bids sealed until the commencement of the public auction, at which time the sheriff will open and announce the written bids as though made in person. 

: : The sale may be postponed, but if it postponed for more than three days, notice of the new sale must be publicly announced at the time the sale was to have been made. 

: : Alternative non-judicial foreclosure procedure 

: : Borrowers in Iowa have the option of avoiding a foreclosure suit by voluntarily conveying all of their rights in the property secured by the mortgage to the lender. If the lender accepts the conveyance from the borrower, they are given immediate access to the property. However, they must waive any rights to file for a deficiency judgment against the borrower. 

: : Additionally, the borrower is required to sign a "disclosure of notice and cancellation", which states, among other things, that they are voluntarily giving up their rights to reclaim or occupy the property. The borrower and lender must also file a jointly executed document with the county recorders office stating that they have chosen to proceed with the foreclosure using the voluntary foreclosure procedures. 

: : Click here for more information on Iowa foreclosure laws.   

:     Each state have their own laws that govern every situation.  If these people know where you work they will most likely attach your wages eventhough the property stands for the debt.  The property is the collateral and in our state the people who have the property should have checked everything out as it falls back on them.  Many people have quit their jobs and went on to other jobs in a situation similar to this and let them find the money however they can.  
: It may not be exactly right, but as I said the property is the collateral and in our state the people
: with the property have the debt.  In our state it is called a mechanical lein.  If a person does not pay the people who supply the material on an improvement job they go back to the home owner which is perfectly legal.  They should have checked out the contractors to see if they were licensed and bonded is the law's 
: attitude.  They can't eat you and they can't sell you so that only leaves the property that they should have documented at the courthouse as a lein against the property.  If they had documented the lein on the said property they would know they have the wrong person.
: You have already lost the home and it reall makes no difference now so do whatever you have to to survive.
: Good Luck  This is only my opinion and not to be misconstrued as legal advice. 



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