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#826729 - 10/01/07 06:32 PM Homestead Language on Mortgage
Inquisitor / Sommelier Omega Offline
Diamond Poster
Inquisitor / Sommelier Omega
Joined: Aug 2003
Posts: 1,357
A Grant Wood painting.
How important is it to have the "waiver of homestead rights" portion of the mortgage instrument signed? We get the signature, but it was my understanding that it only applied if the collateral was over a certain size. Is that true?
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#844218 - 10/29/07 02:45 PM Re: Homestead Language on Mortgage Inquisitor / Sommelier Omega
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,369
We do a lot of Iowa lending and to the best of my knowledge, that signature is required on ALL mortgages. I can't point to a statuatory reference but you might try calling Dodie Bauman at Iowa Bankers Association. She and her assistant Ronette Schlatter are Iowa compliance gurus.

I can tell you that you will NOT be able to get title guaranty without the signatures. But it you've worked with ITG at all, you know how they are.

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#844532 - 10/29/07 07:04 PM Re: Homestead Language on Mortgage Truffle Royale
Tom at HOME Offline
Diamond Poster
Joined: Oct 2005
Posts: 1,139
I see no limitation on the amount in the Iowa Code, Sections 561.19 through 561.22.

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