1. At any time prior to the recording of the sheriff’s deed, and before the mortgagee’s rights become unenforceable by operation of the statute of limitations, the judgment creditor, or the judgment creditor who is the successful bidder at the sheriff’s sale, may rescind the foreclosure action by filing a notice of rescission with the clerk of court in the county in which the property is located along with a filing fee of fifty dollars. In addition, if the original loan documents are contained in the court file, the mortgagee shall pay a fee of twenty-five dollars to the clerk of the district court. Upon the payment of the fee, the clerk shall make copies of the original loan documents for the court file, and return the original loan documents to the mortgagee.
2. Upon the filing of the notice of rescission, the mortgage loan shall be enforceable according to the original terms of the mortgage loan and the rights of all persons with an interest in the property may be enforced as if the foreclosure had not been filed. Except as otherwise provided in this section, the filing of a rescission shall operate as a setting aside of the decree of foreclosure and a dismissal of the foreclosure without prejudice, with costs assessed against the plaintiff. However, any findings of fact or law shall be preclusive for purposes of any future action unless the court, upon hearing, rules otherwise and the mortgagee shall be permanently barred from a deficiency judgment if the judgment rescinded was subject to the provisions of section 615.1. The mortgagee may charge the mortgagor for the costs, including reasonable attorney fees, of foreclosure and rescission if agreed to in writing by the mortgagor. 2006 Acts, ch 1132, §10, 16; 2007 Acts, ch 71, §5; 2007 Acts, ch 126, §106; 2009 Acts, ch 51, §9, 17; 2017 Acts, ch 54, §76 \n
Notes of Decisions
Bank of Am., N.A. v. Schulte, 843 N.W.2d 876 (Iowa 2014).
· cites it 47× “Iowa Code § 654.17 (1). The parties dispute the applicable “statute of limitations.”
U.S. Bank Nat'l Ass'n v. Lamb, 874 N.W.2d 112 (Iowa 2016).
· cites it 34× “” Iowa Code § 654.17 (1). As a result, the bank asserts it is not necessai-y to address the “open question” of whether the statute of limitations applicable to the lender’s rescission rights in section 654.”
Elyse De Stefano v. Apts. Downtown, Inc., 879 N.W.2d 155 (Iowa 2016).
· cites it 2× “§ 654.17(2) (allowing mortgagee to charge mortgagor “the costs, including reasonable attorney fees, of 23 legislature had declared that the court may tax “as costs” a reasonable attorney fee.”
U.S. Bank Nat'l Ass'n v. Jereme L. Lamb Bank of Am., N.A., No. 14–1536 (Iowa Jan. 29, 2016).
· cites it 30× “” Iowa Code § 654.17 (1). As a result, the bank asserts it is not necessary to address the “open question” of whether the statute of limitations applicable to the lender’s rescission rights in section 654.”
Gary A. Kobal v. Wells Fargo Bank, N.A., No. 13–1926 (Iowa Jan. 29, 2016).
· cites it 2× “1(1) did not apply to rescission under Iowa Code section 654.17. Our holdings in U.S. Bank are largely dispositive of this controversy.”
Grinnell State Bank v. Charles A. Jones Laura Jones, No. 15-0674 (Iowa Ct. App. Apr. 27, 2016).
· cites it 2× “Then, on January 3, 2014, GSB filed a notice of rescission of the first decree pursuant to Iowa Code section 654.17. On January 7, 2014, GSB initiated a second foreclosure action on the Joneses’ real estate mortgage, this time seeking judgment in rem and in personam.”
Gary A. Kobal v. Wells Fargo Bank, N.A., No. 13-1926 (Iowa Ct. App. Sept. 17, 2014).
· cites it 2× “The construction company claimed the judgment 6 mortgagee’s rights, except as noted in section 654.17(2).” Id. Section 615.1 acts to defeat a judgment after two years, but does not “kill[ ] the underlying mortgage.”
Elyse De Stefano v. Apts. Downtown, Inc., No. 14–0820 (Iowa May 6, 2016).
“§ 654.17(2) (allowing mortgagee to charge mortgagor “the costs, including reasonable attorney fees, of 23 legislature had declared that the court may tax “as costs” a reasonable attorney fee.”
Amended July 26 v. Apts. Downtown, Inc., No. 14–0820 (Iowa May 6, 2016).
“§ 654.17(2) (allowing mortgagee to charge mortgagor “the costs, including reasonable attorney fees, of 23 legislature had declared that the court may tax “as costs” a reasonable attorney fee.”
Iowa Code § 654.17(1): 6 cases
Bank of Am., N.A. v. Schulte, 843 N.W.2d 876 (Iowa 2014).
“Iowa Code § 654.17 (1). The parties dispute the applicable “statute of limitations.”
U.S. Bank Nat'l Ass'n v. Lamb, 874 N.W.2d 112 (Iowa 2016).
“” Iowa Code § 654.17 (1). As a result, the bank asserts it is not necessai-y to address the “open question” of whether the statute of limitations applicable to the lender’s rescission rights in section 654.”
U.S. Bank Nat'l Ass'n v. Jereme L. Lamb Bank of Am., N.A., No. 14–1536 (Iowa Jan. 29, 2016).
“” Iowa Code § 654.17 (1). As a result, the bank asserts it is not necessary to address the “open question” of whether the statute of limitations applicable to the lender’s rescission rights in section 654.”
Iowa Code § 654.17(2): 8 cases
U.S. Bank Nat'l Ass'n v. Lamb, 874 N.W.2d 112 (Iowa 2016).
“” Iowa Code § 654.17 (1). As a result, the bank asserts it is not necessai-y to address the “open question” of whether the statute of limitations applicable to the lender’s rescission rights in section 654.”
Elyse De Stefano v. Apts. Downtown, Inc., 879 N.W.2d 155 (Iowa 2016).
“§ 654.17(2) (allowing mortgagee to charge mortgagor “the costs, including reasonable attorney fees, of 23 legislature had declared that the court may tax “as costs” a reasonable attorney fee.”
Bank of Am., N.A. v. Schulte, 843 N.W.2d 876 (Iowa 2014).
“Iowa Code § 654.17 (1). The parties dispute the applicable “statute of limitations.”
U.S. Bank Nat'l Ass'n v. Jereme L. Lamb Bank of Am., N.A., No. 14–1536 (Iowa Jan. 29, 2016).
“” Iowa Code § 654.17 (1). As a result, the bank asserts it is not necessary to address the “open question” of whether the statute of limitations applicable to the lender’s rescission rights in section 654.”
Gary A. Kobal v. Wells Fargo Bank, N.A., No. 13-1926 (Iowa Ct. App. Sept. 17, 2014).
“The construction company claimed the judgment 6 mortgagee’s rights, except as noted in section 654.17(2).” Id. Section 615.1 acts to defeat a judgment after two years, but does not “kill[ ] the underlying mortgage.”
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