tag:blogger.com,1999:blog-1048878261604074145.post8094765297152999467..comments2018-11-11T23:42:30.059-06:00Comments on Real Estate Law: Iowa Delay of Sale in ForeclosuresThomas O. Moenshttp://www.blogger.com/profile/18266725506861601074noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1048878261604074145.post-81585940640968153122009-04-14T08:10:00.000-05:002009-04-14T08:10:00.000-05:00Joshua: I don't know about for "free," since if th...Joshua: I don't know about for "free," since if the borrower has an option to delay the sale for a year, that means the lender is seeking a deficiency judgment against the borrower. But, otherwise, you read it absolutely correctly. Add that to the year or more it can take for the house to be sold after the sheriff's sale, and you can see why foreclosure properties sell for so little.<br /><br />However, most lenders do not seek a deficency, so the delay is limited to only six months. This is ostensibly the purpose of the statute, to encourage lenders to forego any deficiency against the borrower. And honestly, the backlog for getting on the sheriff's sale schedule approaches six months in most counties anyway.Thomas O. Moenshttps://www.blogger.com/profile/18266725506861601074noreply@blogger.comtag:blogger.com,1999:blog-1048878261604074145.post-14313979413453493222009-04-14T07:33:00.000-05:002009-04-14T07:33:00.000-05:00Hmm, this is an interesting topic and one that I'm...Hmm, this is an interesting topic and one that I'm not sure I totally agree with on the whole.<br /><br />Are you saying that if someone borrows against a home, then defaults (foreclosed on), and then complains they want a delay that they can live in the house for a whole year more for FREE!?<br /><br />At that point I truly feel sorry for the bank who is stuck holding the note and worrying about the property because this person wasn't responsible with their money.<br /><br />Is this true or did I read the post wrong somehow?Joshuahttp://www.datsure.comnoreply@blogger.com