Notice of Forfeiture of real estate contract

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Does anyone know the laws in Iowa regarding contract forfeitures? Unfortunately both my husband and myself have been laid off for months and unable to make our payment for several months now. Our house was purchased on contract years ago and we have over $50,000 in equity built up.

We have received a notice of forfeiture but are unable to come up with the demanded amount at this time. What is the next step since this is a contract? Will we be evicted like we have been in an apartment all these years and have 3 days to move? Or will we have some time to make this right somehow.

savior70 · Posted: Thu Oct 15, 2009 4:07 am Post subject:

Hi Sheryl,

A lot depends on the terms of the real estate contract. You need to check the contract to find out what rights you and the original owner are entitled to in situations like this. Generally, land contract forfeitures can be done faster than foreclosures on deed of trusts. It is hard to say if you will be given some time to get current on your payments. If the terms of the loan specify that you should be given a specific amount of time to get current on the contract, you will get an opportunity. Otherwise it will be at the contract holder's discretion whether he will evict you or allow you time to make things right.

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