Legal Question in Real Estate Law in Iowa
assignment contracts
If a person is facing foreclosure and wants to assign his property to someone for a minimal dollar amount. What does the law say about doing that? Now does the person receiving the rights, title,and interest have to record this at the recorders office and can that person then turn and sell that property for a profit legally?
1 Answer from Attorneys
Re: assignment contracts
Your mortgage probably prohibits transfering any interest in the property. I'm not exactly sure what you mean by assigning the property, so I'll just assume you intend to convey all of your interest in the property to another person. Even if you did "assign" the property, the person you "assign" it to would take it subject to the existing mortgage and foreclosure action. However, there is nothing which would prohibit you from selling the property. Of course, you'll have to pay off the mortgage from the proceeds at closing, as would anyone to whom you might convey the property. Any assignment or conveyance will not affect the foreclosure.
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