Iowa Code 29A.103 – Mortgage foreclosures
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1. The creditor of a service member who, prior to entry into military service, has entered into a mortgage contract with the service member for the purchase of real or personal property shall not foreclose on the mortgage or repossess the property for nonpayment or for any breach occurring during military service without an order from a court of competent jurisdiction.
Attorney's Note
Under the Iowa Code, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Serious misdemeanor | up to 1 year | between $430 and $2,560 |
Terms Used In Iowa Code 29A.103
- Contract: A legal written agreement that becomes binding when signed.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means a mortgage or mortgage lien on an interest in real property in this state given to secure a loan in an original principal amount equal to or less than the maximum principal amount as determined by the division board and adopted by the authority pursuant to chapter 17A. See Iowa Code 16.92
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- Personal property: All property that is not real property.
- personal property: include money, goods, chattels, evidences of debt, and things in action. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
2. The court, upon application to it under this section, shall, unless the court finds on the record that the ability of the service member to comply with the terms of the mortgage is not materially affected by reason of military service, do one or more of the following:
a. Order repayment of any prior installments or deposits as a condition of terminating the contract and resuming possession of the property.
b. Order a stay of the proceedings on its own motion, or on motion by the service member or another person on behalf of the service member.
c. Make any other disposition of the case as it considers to be equitable to conserve the interests of all parties.
3. In order to come within the provisions of this section, the service member must establish all of the following:
a. That relief is sought on an obligation secured by a mortgage, trust deed, or other security in the nature of a mortgage on either real or personal property.
b. That the obligation originated prior to the service member’s entry into military service.
c. That the property was owned by the service member prior to the commencement of military service.
d. That the property is owned by the service member at the time relief is sought.
4. A person who knowingly forecloses on property that is the subject of this section, other than as provided in subsection 1, commits a serious misdemeanor.