Iowa Code 654.26 – No deficiency judgment in certain cases
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Terms Used In Iowa Code 654.26
- 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
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Plaintiff: The person who files the complaint in a civil lawsuit.
- property: includes personal and real property. See Iowa Code 4.1
654.26 No deficiency judgment in certain cases.
If the plaintiff has elected foreclosure without redemption, the plaintiff may include in the petition a waiver of deficiency judgment. If the plaintiff has elected foreclosure without redemption and does not include in the petition a waiver of deficiency judgment, if the mortgaged property is the residence of the mortgagor and is a one-family or two-family dwelling, and if the mortgagor does not file a demand for delay of sale under § 654.21, then the plaintiff shall not be entitled to the entry of a deficiency judgment under section
654.6.
87 Acts, ch 142, §12
Referred to in §654.1A, 654.20, 654.25
If the plaintiff has elected foreclosure without redemption, the plaintiff may include in the petition a waiver of deficiency judgment. If the plaintiff has elected foreclosure without redemption and does not include in the petition a waiver of deficiency judgment, if the mortgaged property is the residence of the mortgagor and is a one-family or two-family dwelling, and if the mortgagor does not file a demand for delay of sale under § 654.21, then the plaintiff shall not be entitled to the entry of a deficiency judgment under section
654.6.
87 Acts, ch 142, §12
Referred to in §654.1A, 654.20, 654.25