Iowa Code 628.29 – Redemption by creditor pursuant to alternative foreclosure
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Terms Used In Iowa Code 628.29
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- property: includes personal and real property. See Iowa Code 4.1
628.29 Redemption by creditor pursuant to alternative foreclosure.
A lienholder of record may redeem real property which has been foreclosed by a mortgagee
pursuant to the alternative voluntary foreclosure procedure provided in § 654.18. The junior lienholders’ redemption period shall be thirty days commencing the day the notice required by § 654.18, subsection 1, paragraph “”e”” is sent. The redemption shall be made by payment to the mortgagee of the amount of the debt secured by the mortgage including any protective advances made pursuant to chapter 629. Upon payment, the mortgagee shall convey the property by special warranty deed to the redeeming junior lienholder.
85 Acts, ch 252, §44
Referred to in §654.18
A lienholder of record may redeem real property which has been foreclosed by a mortgagee
pursuant to the alternative voluntary foreclosure procedure provided in § 654.18. The junior lienholders’ redemption period shall be thirty days commencing the day the notice required by § 654.18, subsection 1, paragraph “”e”” is sent. The redemption shall be made by payment to the mortgagee of the amount of the debt secured by the mortgage including any protective advances made pursuant to chapter 629. Upon payment, the mortgagee shall convey the property by special warranty deed to the redeeming junior lienholder.
85 Acts, ch 252, §44
Referred to in §654.18