Legal Question in Real Estate Law in Iowa

Foreclosure and Money Owed

If our house is foreclosed on and we owed $25,000, would we still owe this money after they take possession of the home or is this now considered paid? They have since then sold the home and property.


Asked on 9/10/03, 12:23 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Foreclosure and Money Owed

Depends on how much they got for the house, and the time schedule they used in foreclosure. If they got $30,000 for it, they might owe you money, but don't count on it. They can say they don't want any money from you (waive any deficiency) and speed up the foreclosure process.

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Answered on 9/10/03, 1:07 pm


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