Iowa Code 654.23 – No redemption rights after sale
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 654.23
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
The mortgagor has no right to redeem after sale. Junior lienholders have no right to redeem after sale. The mortgagee or a junior lienholder may purchase at the sale and, if so, acquire the same title as would any other purchaser other than the mortgagor. If the mortgagor at the sale bids an amount equal to the judgment, the property shall be sold to the mortgagor even though other persons may bid an amount which is more than the judgment. If the mortgagor purchases at the sale, the liens of junior lienholders shall not be extinguished. If a person other than the mortgagor purchases at the sale, the liens of junior lienholders are extinguished.