Iowa Foreclosure Process

The Iowa foreclosure process is not something that anyone wants to go through because it can be a very stressful time. It is important to know how the process works and if you can save your home if you are anticipating missing payments.

The most important thing you need to know is that if there is something that you can do so you don’t miss a payment then do it. It is better to stay caught up on your mortgage payments and allow for a vehicle or a boat to be repossessed. A lender will work with you also to do what you need to do if you want to hang onto your home. If your income has changed or you have been laid off the first thing you should do is call your lender. They may have a plan to help you or waive payments until you get another job. Don’t assume you are losing your home. Remain in contact with the lender and they will help you hang onto your home if they know you are serious about it.

The Iowa foreclosure process will begin if you miss too many payments and you are not communicating with the lender because it will appear you don’t want to keep your home. The bank will start with a notice of default and try to contact you every day. If they haven’t any luck they will initiate a date to sell the home at a public auction held by the county courthouse in your area. This entire process can take from 6 months to a year. During this time you can work with the bank to get caught up and avoid a foreclosure.

If you go through the Iowa foreclosure process then it will take several months to a year and many people use this time to save money to buy another home. Keep in mind that you may not be able to do this with missed payments showing on your credit. A foreclosure can stick with you for years.

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