Tom owns a 200-acre farm in rural Iowa and defaults on his agricultural mortgage. The lender obtains a foreclosure judgment and the property is sold at a sheriff's sale in March. Tom wants to know the maximum amount of time he has to redeem the property under Iowa law. Which of the following correctly states Tom's redemption period?
Correct Answer
C) Tom has one year from the date of the sheriff's sale to redeem the property.
Under Iowa Code Chapter 654, the statutory right of redemption for agricultural property is generally one year (12 months) from the date of the foreclosure sale. Because Tom's property is a 200-acre farm, it qualifies as agricultural property, and he has one full year from the sheriff's sale date to redeem by paying the sale price plus costs. This is distinct from the six-month redemption period that applies to non-agricultural residential property.
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Related Topics & Key Terms
Key Terms:
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