First, consult your lawyer. But my understanding is that usually the lender will request a foreclosure that does NOT have a redemption period. However, the answer is not black and white. Again, consult with a lawyer.
Ruman, being a fellow Iowan and investor, and not an attorney, i'll tell you my experience.
Iowa does have a statutory redemption period in the code. However, the code also allows for that to be waived as long as the lender also gives up something (both parties must give up something).
So what usually happens is that the bank gives up the right to a deficiency judgment in exchange for no redemption period.
There are still some redemption periods on some sales so be careful and know what you are bidding on.
Hey, there is also a real estate investors meeting in Des Moines I found out about. You probably know about it but PM me if you want more details.
I tried emailing you a few times with no response…hows things going?
First, consult your lawyer. But my understanding is that usually the lender will request a foreclosure that does NOT have a redemption period. However, the answer is not black and white. Again, consult with a lawyer.
Ruman, being a fellow Iowan and investor, and not an attorney, i'll tell you my experience.
Iowa does have a statutory redemption period in the code. However, the code also allows for that to be waived as long as the lender also gives up something (both parties must give up something).
So what usually happens is that the bank gives up the right to a deficiency judgment in exchange for no redemption period.
There are still some redemption periods on some sales so be careful and know what you are bidding on.
Hey, there is also a real estate investors meeting in Des Moines I found out about. You probably know about it but PM me if you want more details.
I tried emailing you a few times with no response…hows things going?
Depends on the state.