Iowa Code 628.28 – Redemption of property not used for agricultural or certain residential purposes
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Terms Used In Iowa Code 628.28
- 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
- property: includes personal and real property. See Iowa Code 4.1
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements, hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Iowa Code 4.1
628.28 Redemption of property not used for agricultural or certain residential purposes.
1. If real property is not used for agricultural purposes, as defined in § 535.13, and
is not the residence of the debtor, or if it is the residence of the debtor but not a single-family or two-family dwelling, then the period of redemption after foreclosure is one hundred eighty days. For the first ninety days after the sale the right of redemption is exclusive to the debtor and the time periods provided in sections 628.5, 628.15, and 628.16 are reduced to one hundred thirty-five days. If a deficiency judgment has been waived the period of redemption is reduced to ninety days. For the first thirty days after the sale the redemption is exclusively the right of the debtor and the time periods provided in sections 628.5, 628.15, and 628.16 are reduced to sixty days.
2. If real property is not used for agricultural purposes, as defined in § 535.13, and is a single-family or two-family dwelling which is the residence of the debtor at the time of foreclosure but the court finds that after foreclosure the dwelling has ceased to be the residence of the debtor and if there are no junior creditors, the court shall order the period of redemption reduced to thirty days from the date of the court order. If there is a junior creditor, the court shall order the redemption period reduced to sixty days. For the first thirty days redemption is the exclusive right of the debtor and the time periods provided in sections
628.5, 628.15, and 628.16 are reduced to forty-five days.
84 Acts, ch 1116, §1; 85 Acts, ch 195, §58; 87 Acts, ch 98, §3; 2023 Acts, ch 64, §97
Referred to in §654.1A
Section amended
1. If real property is not used for agricultural purposes, as defined in § 535.13, and
is not the residence of the debtor, or if it is the residence of the debtor but not a single-family or two-family dwelling, then the period of redemption after foreclosure is one hundred eighty days. For the first ninety days after the sale the right of redemption is exclusive to the debtor and the time periods provided in sections 628.5, 628.15, and 628.16 are reduced to one hundred thirty-five days. If a deficiency judgment has been waived the period of redemption is reduced to ninety days. For the first thirty days after the sale the redemption is exclusively the right of the debtor and the time periods provided in sections 628.5, 628.15, and 628.16 are reduced to sixty days.
2. If real property is not used for agricultural purposes, as defined in § 535.13, and is a single-family or two-family dwelling which is the residence of the debtor at the time of foreclosure but the court finds that after foreclosure the dwelling has ceased to be the residence of the debtor and if there are no junior creditors, the court shall order the period of redemption reduced to thirty days from the date of the court order. If there is a junior creditor, the court shall order the redemption period reduced to sixty days. For the first thirty days redemption is the exclusive right of the debtor and the time periods provided in sections
628.5, 628.15, and 628.16 are reduced to forty-five days.
84 Acts, ch 1116, §1; 85 Acts, ch 195, §58; 87 Acts, ch 98, §3; 2023 Acts, ch 64, §97
Referred to in §654.1A
Section amended