Many individuals apply for a mortgage when purchasing a home and subsequently submit mortgage payments monthly in order to eventually attain true ownership of the home. If the holder of the mortgage fails to make the required payments, it is the legal right of the mortgagor to sell the property in order to repay the mortgage. This foreclosure process is regulated to protect the rights of both the mortgage holder and mortgagor. The state of Iowa has laws in place that give the holder of the mortgage more time in which to submit payments. This notice is a legal necessity that gives the holder of the mortgage a 30 day period in which to remedy the missed payments. There are several alternatives to foreclosure that the real estate attorneys at Arenson Law Group, PC would gladly discuss with you. These include special forbearance and mortgage modification.
Types of Foreclosure
There are five main types of foreclosure, each differing in the level of involvement through the court. The most common forms of foreclosure include the following:
- Judicial sale
- Foreclosure by power of sale
- Strict foreclosure
- Alternative non-judicial voluntary foreclosure
- Non-judicial foreclosures of non-agricultural property
A skilled real estate lawyer can help you avoid the loss of your home through a foreclosure. Consult with an attorney today about your mortgage, missed payments, or if your contract includes an acceleration clause.
Contact a Real Estate Attorney Today
If you or someone you know has a home being foreclosed on or needs help understanding the process of foreclosure, contact the real estate attorneys at Arenson Law Group, PC. Our Cedar Rapids team wants to help you avoid foreclosure and the rights to your home. Please call (319) 363-8199 today to discuss the particulars of your situation with a member of our legal team.