Iowa Code 654.12 – Vendee deemed mortgagor
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 654.12
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- property: includes personal and real property. See Iowa Code 4.1
The vendee shall in such cases, for the purpose of the foreclosure, be treated as a mortgagor of the property purchased, and the vendee’s rights may be foreclosed in a similar manner.