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 petition an election for foreclosure without redemption. The election is effective only if the first page of the petition contains the following notice in capital letters of the same type or print size as the rest of the petition:
NOTICE
THE PLAINTIFF HAS ELECTED FORECLOSURE WITHOUT REDEMPTION. THIS MEANS THAT THE SALE OF THE MORTGAGED PROPERTY WILL OCCUR PROMPTLY AFTER ENTRY OF JUDGMENT UNLESS YOU FILE WITH THE COURT A WRITTEN DEMAND TO DELAY THE SALE. IF YOU FILE A WRITTEN DEMAND, THE SALE WILL BE DELAYED UNTIL SIX MONTHS (or THREE MONTHS if the petition includes a waiver of deficiency judgment) FROM ENTRY OF JUDGMENT IF THE MORTGAGED PROPERTY IS YOUR RESIDENCE AND IS A ONE-FAMILY OR TWO-FAMILY DWELLING OR UNTIL TWO MONTHS FROM ENTRY OF JUDGMENT IF THE MORTGAGED PROPERTY IS NOT YOUR RESIDENCE OR IS YOUR RESIDENCE BUT NOT A ONE-FAMILY OR TWO-FAMILY DWELLING. YOU WILL HAVE NO RIGHT OF REDEMPTION AFTER THE SALE. THE PURCHASER AT THE SALE WILL BE ENTITLED TO IMMEDIATE 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 YOUR RESIDENCE AND IS A ONE-FAMILY OR TWO-FAMILY DWELLING, THEN A DEFICIENCY JUDGMENT WILL NOT BE ENTERED AGAINST YOU. IF YOU DO FILE A WRITTEN DEMAND TO DELAY THE SALE, THEN A DEFICIENCY JUDGMENT MAY BE ENTERED AGAINST YOU IF THE PROCEEDS FROM THE SALE OF THE MORTGAGED PROPERTY ARE INSUFFICIENT TO SATISFY THE AMOUNT OF THE MORTGAGE DEBT AND COSTS.
IF THE MORTGAGED PROPERTY IS NOT YOUR RESIDENCE OR IS NOT A ONE-FAMILY OR TWO-FAMILY DWELLING, THEN A DEFICIENCY JUDGMENT MAY BE ENTERED AGAINST YOU WHETHER OR NOT YOU FILE A WRITTEN DEMAND TO DELAY THE 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, §4
Referred to in §455B.751, 628.1A, 654.1A, 654.5, 654.20A
Structure Iowa Code
Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES
Chapter 654 - FORECLOSURE OF REAL ESTATE MORTGAGES
Section 654.1 - Equitable proceedings.
Section 654.1A - Maintenance of mortgagor protections — discontinuation of occupation.
Section 654.2 - Deeds of trust.
Section 654.2A - Agricultural land — notice, right to cure default.
Section 654.2B - Requirements of notice of right to cure.
Section 654.2C - Mediation notice — foreclosure on agricultural property.
Section 654.2D - Nonagricultural land — notice, right to cure default.
Section 654.4 - Separate suits on note and mortgage.
Section 654.4A - Service of process — in rem relief.
Section 654.4B - Acceleration of indebtedness — notice of mortgage mediation assistance.
Section 654.5 - Judgment — sale and redemption.
Section 654.6 - Deficiency — general execution.
Section 654.8 - Junior encumbrancer entitled to assignment.
Section 654.9 - Payment of other liens — rebate of interest.
Section 654.9A - Release of superior liens by bond.
Section 654.11 - Foreclosure of title bond.
Section 654.12 - Vendee deemed mortgagor.
Section 654.12A - Priority of advances under mortgages.
Section 654.12B - Priority of recorded purchase money mortgage lien.
Section 654.13 - Pledge of rents — priority.
Section 654.14 - Preference in receivership — application of rents.
Section 654.15 - Continuance — moratorium.
Section 654.15A - Notice of sale to junior creditors.
Section 654.15B - Right to intervene — notice.
Section 654.16 - Separate redemption of homestead.
Section 654.16A - Right of first refusal following recording of sheriff’s deed to agricultural land.
Section 654.17 - Rescission of foreclosure.
Section 654.17A - Sale free of liens.
Section 654.17B - Divestment of junior liens pursuant to loan modification — repeal.
Section 654.17C - Military foreclosure protection — notice.
Section 654.18 - Alternative nonjudicial voluntary foreclosure procedure.
Section 654.19 - Deed in lieu of foreclosure — agricultural land.
Section 654.20 - Foreclosure without redemption — nonagricultural land.
Section 654.20A - Rights reserved.
Section 654.21 - Demand for delay of sale.
Section 654.22 - No demand for delay of sale.
Section 654.23 - No redemption rights after sale.
Section 654.24 - Deed and possession.