House File 2234 H-8329 Amend the Senate amendment, H-8264, to House File 2234, as 1 passed by the House, as follows: 2 1. Page 1, by striking line 2 and inserting: 3 < ___. By striking page 1, line 33, through page 2, line 8, 4 and inserting: 5 < Sec. ___. Section 628.3, Code 2018, is amended to read as 6 follows: 7 628.3 Redemption by debtor. 8 The debtor may redeem real property at any time within 9 one year from the day of sale, and will, in the meantime, 10 be entitled to the possession thereof; and for the first six 11 months thereafter such right of redemption is exclusive. 12 However, the time that a debtor has to redeem real property may 13 be reduced in direct proportion to any delay in the service 14 of a default notice or the filing of the forfeiture action 15 required by 12 C.F.R. §1024.41(f)(1)(i) provided that the total 16 time that the debtor has to redeem is not less than six months 17 from the day of sale, that the debtor will, in the meantime, 18 be entitled to the possession of the real property, and that 19 for the first six months after the day of sale such right of 20 redemption is exclusive. Any real property redeemed by the 21 debtor shall thereafter be free and clear from any liability 22 for any unpaid portion of the judgment under which said real 23 property was sold. > 24 2. Page 1, by striking lines 3 through 15 and inserting: 25 < ___. By striking page 2, line 31, through page 4, line 23, 26 and inserting: 27 < Sec. ___. Section 628.26, Code 2018, is amended to read as 28 follows: 29 628.26 Agreement to reduce period of redemption. 30 1. The mortgagor and the mortgagee of real property 31 consisting of less than ten acres in size may agree and provide 32 in the mortgage instrument that the period of redemption after 33 sale on foreclosure of said mortgage as set forth in section 34 628.3 be reduced to six months, provided the mortgagee waives 35 -1- H8264.5003 (2) 87 asf/rj 1/ 5 #1.

in the foreclosure action any rights to a deficiency judgment 1 against the mortgagor which might arise out of the foreclosure 2 proceedings. In such event the debtor will, in the meantime, 3 be entitled to the possession of said real property; and if 4 such redemption period is so reduced, for the first three 5 months after sale such right of redemption shall be exclusive 6 to the debtor, and the time periods in sections 628.5 , 628.15 , 7 and 628.16 , shall be reduced to four months. 8 2. Notwithstanding subsection 1, if there is a delay in the 9 service of a default notice or the filing of the forfeiture 10 action required by 12 C.F.R. §1024.41(f)(1)(i), the mortgagor 11 and the mortgagee of real property consisting of less than ten 12 acres in size may agree and provide in the mortgage instrument 13 that the period of redemption after sale on foreclosure of said 14 mortgage as set forth in section 628.3 be reduced in proportion 15 to the delay caused by 12 C.F.R. §1024.41(f)(1)(i), provided 16 that the total time the debtor has to redeem is not less than 17 three months, and that the mortgagee waives in the foreclosure 18 action any rights to a deficiency judgment against the 19 mortgagor which might arise out of the foreclosure proceedings. 20 In such event the debtor will, in the meantime, be entitled to 21 the possession of said real property; and if such redemption 22 period is so reduced, for the first month after sale such right 23 of redemption shall be exclusive to the debtor, and the time 24 periods in sections 628.5, 628.15, and 628.16, shall be reduced 25 to two months. 26 Sec. ___. Section 654.20, subsection 1, Code 2018, is 27 amended to read as follows: 28 1. a. If the mortgaged property is not used for an 29 agricultural purpose as defined in section 535.13 and there was 30 not a delay in the service of a default notice or the filing of 31 the forfeiture action required by 12 C.F.R. §1024.41(f)(1)(i) , 32 the plaintiff in an action to foreclose a real estate mortgage 33 may include in the petition an election for foreclosure without 34 redemption. The election is effective only if the first page 35 -2- H8264.5003 (2) 87 asf/rj 2/ 5

of the petition contains the following notice in capital 1 letters of the same type or print size as the rest of the 2 petition: 3 NOTICE 4 THE PLAINTIFF HAS ELECTED FORECLOSURE WITHOUT REDEMPTION. 5 THIS MEANS THAT THE SALE OF THE MORTGAGED PROPERTY WILL OCCUR 6 PROMPTLY AFTER ENTRY OF JUDGMENT UNLESS YOU FILE WITH THE COURT 7 A WRITTEN DEMAND TO DELAY THE SALE. IF YOU FILE A WRITTEN 8 DEMAND, THE SALE WILL BE DELAYED UNTIL TWELVE MONTHS (or 9 SIX MONTHS if the petition includes a waiver of deficiency 10 judgment) FROM ENTRY OF JUDGMENT IF THE MORTGAGED PROPERTY 11 IS YOUR RESIDENCE AND IS A ONE-FAMILY OR TWO-FAMILY DWELLING 12 OR UNTIL TWO MONTHS FROM ENTRY OF JUDGMENT IF THE MORTGAGED 13 PROPERTY IS NOT YOUR RESIDENCE OR IS YOUR RESIDENCE BUT NOT A 14 ONE-FAMILY OR TWO-FAMILY DWELLING. YOU WILL HAVE NO RIGHT OF 15 REDEMPTION AFTER THE SALE. THE PURCHASER AT THE SALE WILL BE 16 ENTITLED TO IMMEDIATE POSSESSION OF THE MORTGAGED PROPERTY. YOU 17 MAY PURCHASE AT THE SALE. 18 b. If the mortgaged property is not used for an agricultural 19 purpose as defined in section 535.13 and there was a delay in 20 the service of a default notice or the filing of the forfeiture 21 action required by 12 C.F.R. §1024.41(f)(1)(i), the plaintiff 22 in an action to foreclose a real estate mortgage may include in 23 the petition an election for foreclosure without redemption. 24 The election is effective only if the first page of the 25 petition contains the following notice in capital letters of 26 the same type or print size as the rest of the petition: 27 NOTICE 28 THE PLAINTIFF HAS ELECTED FORECLOSURE WITHOUT REDEMPTION. 29 THIS MEANS THAT THE SALE OF THE MORTGAGED PROPERTY WILL OCCUR 30 PROMPTLY AFTER ENTRY OF JUDGMENT UNLESS YOU FILE WITH THE 31 COURT A WRITTEN DEMAND TO DELAY THE SALE. IF YOU FILE A 32 WRITTEN DEMAND, THE SALE WILL BE DELAYED UNTIL SIX MONTHS (or 33 THREE MONTHS if the petition includes a waiver of deficiency 34 judgment) FROM ENTRY OF JUDGMENT IF THE MORTGAGED PROPERTY 35 -3- H8264.5003 (2) 87 asf/rj 3/ 5

IS YOUR RESIDENCE AND IS A ONE-FAMILY OR TWO-FAMILY DWELLING 1 OR UNTIL TWO MONTHS FROM ENTRY OF JUDGMENT IF THE MORTGAGED 2 PROPERTY IS NOT YOUR RESIDENCE OR IS YOUR RESIDENCE BUT NOT 3 A ONE-FAMILY OR TWO-FAMILY DWELLING. YOU WILL HAVE NO RIGHT 4 OF REDEMPTION AFTER THE SALE. THE PURCHASER AT THE SALE WILL 5 BE ENTITLED TO IMMEDIATE POSSESSION OF THE MORTGAGED PROPERTY. 6 YOU MAY PURCHASE AT THE SALE. 7 Sec. ___. Section 654.21, Code 2018, is amended to read as 8 follows: 9 654.21 Demand for delay of sale. 10 1. At any time prior to entry of judgment, the mortgagor may 11 file a demand for delay of sale. If the demand is filed, the 12 sale shall be held promptly after the expiration of two months 13 from entry of judgment. 14 2. However, if the demand is filed and the mortgaged 15 property is the residence of the mortgagor and is a one-family 16 or two-family dwelling, the sale shall be held promptly after 17 the expiration of twelve months, or six months if the petition 18 includes a waiver of deficiency judgment, from entry of 19 judgment. 20 3. However, if there was a delay in the service of a default 21 notice or the filing of the forfeiture action required by 22 12 C.F.R. §1024.41(f)(1)(i) and the demand is filed and the 23 mortgaged property is the residence of the mortgagor and is 24 a one-family or two-family dwelling, the sale shall be held 25 promptly after the expiration of six months, or three months 26 if the petition includes a waiver of deficiency judgment, from 27 entry of judgment. 28 4. If the demand is filed, the mortgagor and mortgagee 29 subsequently may file a stipulation that the sale may be held 30 promptly after the stipulation is filed and that the mortgagee 31 waives the right to entry of a deficiency judgment. If the 32 stipulation is filed, the sale shall be held promptly after 33 the filing. At any time prior to judgment, the mortgagor may 34 pay the plaintiff the amount claimed in the petition and, if 35 -4- H8264.5003 (2) 87 asf/rj 4/ 5

paid, the foreclosure action shall be dismissed. At any time 1 after judgment and before the sale, the mortgagor may pay the 2 plaintiff the amount of the judgment and, if paid, the judgment 3 shall be satisfied of record and the sale shall not be held. >> 4 3. By renumbering, redesignating, and correcting internal 5 references as necessary. 6 ______________________________ McCONKEY of Pottawattamie -5- H8264.5003 (2) 87 asf/rj 5/ 5 #3.