655A.3 Notice. 1. a. The nonjudicial foreclosure is initiated by the mortgagee by serving on the mortgagor a written notice which shall: (1) Reasonably identify by a document reference number the mortgage and accurately describe the real estate covered. (2) Specify the terms of the mortgage with which the mortgagor has not complied. The terms shall not include any obligation arising from acceleration of the indebtedness securedby the mortgage. (3) State that, unless within thirty days after the completed service of the notice the mortgagor performs the terms in default or files with the recorder of the county where themortgaged property is located a rejection of the notice pursuant to section 655A.6 and servesa copy of the rejection upon the mortgagee, the mortgage will be foreclosed. (4) Specify a postal or electronic mail address where rejection of the notice may be served.b. The notice shall contain the following in capital letters of the same type or print size as the rest of the notice: WITHIN THIRTY DAYS AFTER YOUR RECEIPT OF THIS NOTICE, YOU MUST EITHER CURE THE DEFAULTSDESCRIBED IN THIS NOTICE OR FILE WITH THE RECORDEROF THE COUNTY WHERE THE MORTGAGED PROPERTY ISLOCATED A notice: WITHIN THIRTY DAYS AFTER YOUR RECEIPT OF THIS NOTICE, YOU MUST EITHER CURE THE DEFAULTSDESCRIBED IN THIS NOTICE OR FILE WITH THE RECORDEROF THE COUNTY WHERE THE MORTGAGED PROPERTY ISLOCATED A REJECTION OF THIS NOTICE AND SERVE A COPYOF YOUR REJECTION ON THE MORTGAGEE IN THE MANNERPROVIDED IN SECTION 655A.4. IF YOU WISH TO REJECT THISNOTICE, YOU SHOULD CONSULT AN ATTORNEY AS TO THEPROPER MANNER TO MAKE THE REJECTION. IF YOU DO NOT TAKE EITHER OF THE ACTIONS DESCRIBED ABOVE WITHIN THE THIRTY-DAY PERIOD,THE FORECLOSURE WILL BE COMPLETE AND YOU WILLLOSE TITLE TO THE MORTGAGED PROPERTY. AFTER THEFORECLOSURE IS COMPLETE THE DEBT SECURED BY THEMORTGAGED PROPERTY WILL BE EXTINGUISHED. 2. The mortgagee shall also serve a copy of the notice required in subsection 1 on the person in possession of the real estate, if different than the mortgagor, and on all juniorlienholders of record. 3. The mortgagee may file a written notice required in subsection 1 together with proof of service on the mortgagor with the recorder of the county where the mortgaged propertyis located. Such a filing shall have the same force and effect on third parties as an indexednotation entered by the clerk of the mortgagor with the recorder of the county where the mortgaged propertyis located. Such a filing shall have the same force and effect on third parties as an indexednotation entered by the clerk of the district court pursuant to section 617.10, commencingfrom the filing of proof of service on the mortgagors and terminating on the filing of a rejectionpursuant to section 655A.6, an affidavit of completion pursuant to section 655A.7, or theexpiration of ninety days from completion of service on the mortgagors, whichever occursfirst. 4. As used in this chapter, 'mortgagee' and 'mortgagor' include a successor in interest.87 Acts, ch 142, §19; 2001 Acts, ch 44, §30; 2006 Acts, ch 1132, §13, 16; 2007 Acts, ch 126, §107; 2009 Acts, ch 51, §11, 17; 2012 Acts, ch 1021, §110; 2012 Acts, ch 1053, §4 Referred to in §655A.6, 655A.8 Sat Dec 23 12:22:34 2023 Iowa Code 2024, Section 655A.3 (21, 0)
Iowa Legal Code