Iowa Foreclosures and Foreclosed Homes for Sale

The way a foreclosure is handled in Iowa is greatly dependent on the type of mortgage the borrower currently holds. Both judicial and non-judicial foreclosures exist, and borrowers may or may not have redemption rights. Generally, borrowers are served with a notice of default 30 days before the lender begins the foreclosure process. Known as the pre-foreclosure period, the notice of default will include a specific date when the full amount is required to be paid.

Once this period has ended, the auction will be scheduled, either by prior agreement through a non-judicial process, or by judgment from the court. If the sale is to include redemption rights, the auction will usually be scheduled within two months. However, if there will be no right to redemption, the borrower can delay the sale up to one year.

When the auction is scheduled, the county sheriff will begin posting the notice of sale. The best places to search for these are in the county courthouse, or in a local newspaper, where the notice must be published twice. In addition, these notices must also appear in three public places, to be determined by the sheriff.

Auctions are scheduled between 9:00 am and 4:00 pm. Instead of live bidding, the sheriff accepts written bids, which must be sealed. These bids are then opened and read at the auction, with the highest bidder winning the property. The deed will be issued immediately, but the borrower may have the right to redemption for up to one year, depending on the foreclosure process used.

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