Iowa's foreclosure lawsuits echo a third quarter report from the Mortgage Bankers Association that shows Iowa has the 14th highest foreclosure rate in the nation. Iowa ranks seventh nationally in percentage of subprime loans in foreclosure.
While smoking bans and pop bottle bills are important, the number of lawsuits that seek to foreclose on homeowners is climbing across Iowa. Records show the lawsuits nearly doubling last year, to almost 10,000. In Iowa, foreclosure lawsuits usually begin the process of seizing homes and end with sheriff's sales if no other resolutions are found.
Surely there must be a legal remedy that can be applied to keep homeowners in their homes?