When the foreclosure process starts or is just around the corner, homeowners must decide whether to stay in the home or move. This is not an easy choice to make.
People are usually not able to pay in full when they buy a home. As a result, most Iowans finance homes through either a mortgage or a land contract. If the buyer fails to make payments the loan terms require, each of these financing tools allows the lender to retake the home. The steps involved depend on whether it is a mortgage or land contract.