Iowa Foreclosures Increases

Posted on May 28, 2008
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According to the Consumer Credit Counseling Service of Northeastern Iowa, foreclosures in Iowa are increasing. Till now it has not been a problem but recently the repo homes numbers have shot up by 20% within the last few months of this current year of 2008. The counseling agency is reporting that an increasing number of people are contacting them for inability to keep up with mortgage payments. Iowa is not included among the top ten states in the national race. CCCS observes that the phenomenon is part of the general trend of the country.

The CCCS is noted for taking immediate steps. The best option for the foreclosure victim is to contact the lender as well as the counseling agency groups for advice and help. According to statistics more than 80 % take action without delay. The lenders too are very cooperative when the lender establishes contact.

The foreclosure rate in Iowa has increased by more than 120% during the first quarter of this year as compared to the same period of 2007. The citizens, already hard pressed with cash, are worried about the rising trend of foreclosures. Over the past year foreclosures have been steadily rising in Iowa. The statistics of the first quarter shows an increase of 25% from the previous quarter – that is the last quarter of 2007.

None of the metropolitan regions of Iowa have been ranked among the top 100 offending cities as regards foreclosure rate during the first three months. However the rate here is 1:840. It is reasonably high and provides good opportunity for those looking for bargains. Iowa has plenty of farmland. This will open up chances for real estate business if the buyer is lucky enough to strike a bargain.

The foreclosure laws differ from state to state. In Iowa judicial foreclosure is available but not non-judicial foreclosure. Right of redemption and deficiency judgments are disallowed. The judicial process starts when the lender files a complaint in court stating that the borrower has failed in making current mortgage payments. If the court finds the allegations to be true then it permits the lender to auction the property in a court auction and realize the dues adding costs. However lately the pressure is on for mutual settlement as foreclosures are very costly for the lender also. The lender earns a bad credit name if the property is allowed to slip into foreclosure.

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