§ 654.20

654.20 Foreclosure without redemption — nonagricultural land. 1. If the mortgaged property is not used for an agricultural purpose as defined in section 535.13, the plaintiff in an action to foreclose a real estate mortgage may include in the petitionan election for foreclosure without redemption. The election is effective only if the first pageof the petition contains the following notice in capital letters of the same type or print size asthe rest of the petition: NOTICE THE PLAINTIFF HAS ELECTED FORECLOSURE WITHOUT REDEMPTION. THIS MEANS THAT THE SALE OF THEMORTGAGED PROPERTY WILL OCCUR PROMPTLY AFTERENTRY OF JUDGMENT UNLESS YOU FILE WITH THE COURTA WRITTEN DEMAND TO DELAY THE SALE. IF YOU FILE A WRITTEN DEMAND, THE SALE WILL BE DELAYED UNTILSIX MONTHS (or THREE MONTHS if the petition includes awaiver of deficiency judgment) FROM ENTRY OF JUDGMENT IFTHE MORTGAGED PROPERTY IS YOUR RESIDENCE AND ISA ONE-FAMILY OR TWO-FAMILY DWELLING OR UNTIL TWOMONTHS FROM ENTRY OF JUDGMENT IF THE MORTGAGEDPROPERTY IS NOT YOUR RESIDENCE OR IS YOUR RESIDENCEBUT NOT A ONE-FAMILY OR TWO-FAMILY DWELLING.

NCE AND ISA ONE-FAMILY OR TWO-FAMILY DWELLING OR UNTIL TWOMONTHS FROM ENTRY OF JUDGMENT IF THE MORTGAGEDPROPERTY IS NOT YOUR RESIDENCE OR IS YOUR RESIDENCEBUT NOT A ONE-FAMILY OR TWO-FAMILY DWELLING. YOUWILL HAVE NO RIGHT OF REDEMPTION AFTER THE SALE.THE PURCHASER AT THE SALE WILL BE ENTITLED TOIMMEDIATE POSSESSION OF THE MORTGAGED PROPERTY.YOU MAY PURCHASE AT THE SALE. 2. If the plaintiff has not included in the petition a waiver of deficiency judgment, then the notice shall include the following: IF YOU DO NOT FILE A WRITTEN DEMAND TO DELAY THE SALE AND IF THE MORTGAGED PROPERTY IS YOURRESIDENCE AND IS A ONE-FAMILY OR TWO-FAMILY DWELLING, THEN A DEFICIENCY JUDGMENT WILL NOTBE ENTERED AGAINST YOU. IF YOU DO FILE A WRITTEN DEMAND TO DELAY THE SALE, THEN A DEFICIENCYJUDGMENT MAY BE ENTERED AGAINST YOU IF THEPROCEEDS FROM THE SALE OF THE MORTGAGED PROPERTYARE INSUFFICIENT TO SATISFY THE AMOUNT OF THEMORTGAGE DEBT AND COSTS. IF THE MORTGAGED PROPERTY IS NOT YOUR RESIDENCE OR IS NOT A ONE-FAMILY OR TWO-FAMILY DWELLING, THENA DEFICIENCY JUDGMENT MAY BE ENTERED AGAINST YOUWHETHER OR NOT YOU FILE A WRITTEN DEMAND TO DELAYTHE SALE. 3.

RTGAGED PROPERTY IS NOT YOUR RESIDENCE OR IS NOT A ONE-FAMILY OR TWO-FAMILY DWELLING, THENA DEFICIENCY JUDGMENT MAY BE ENTERED AGAINST YOUWHETHER OR NOT YOU FILE A WRITTEN DEMAND TO DELAYTHE SALE. 3. If the election for foreclosure without redemption is made, then sections 654.21 through 654.26 apply. 87 Acts, ch 142, §6; 2013 Acts, ch 30, §195; 2018 Acts, ch 1148, §4Referred to in §455B.751, 628.1A, 654.1A, 654.5, 654.20A Sat Dec 23 12:22:10 2023 Iowa Code 2024, Section 654.20 (28, 0)