714F.1 Definitions. As used in this chapter, unless the context otherwise requires: 1. “Business day” means any calendar day except Saturday, Sunday, or a public holiday including a holiday observed on a Monday. 2. “Foreclosed homeowner” means an owner of residential real property, including a condominium, that is the primary residence of the owner and […]
714F.2 Contract requirement — form and language. A foreclosure purchaser shall enter into a foreclosure reconveyance in the form of a written contract. The contract must be written in letters of a size equal to at least twelve point boldface type, in the same language principally used by the foreclosure purchaser and foreclosed homeowner to […]
714F.3 Contract terms. 1. A contract required by section 714F.2 must contain the entire agreement of the parties and shall include all the following terms: a. The real name, business address, and the telephone number of the foreclosure purchaser. b. The address of the residence in foreclosure. c. The total consideration to be given by […]
714F.4 Contract cancellation. 1. In addition to any other right of rescission, the foreclosed homeowner has the right to cancel any contract with a foreclosure purchaser until midnight of the third business day following the day on which the foreclosed homeowner signs a contract that complies with this chapter or until 8:00 a.m. on the […]
714F.5 Notice of cancellation. 1. The contract must contain in immediate proximity to the space reserved for the foreclosed homeowner’s signature a conspicuous statement in a size equal to at least fourteen point boldface type if the contract is printed, or in capital letters if the contract is typed, as follows: You may cancel this […]
714F.6 Waiver. A waiver of the provisions of this chapter is void and unenforceable as contrary to public policy, except a consumer may waive the three-day right to cancel provided in section 714F.4 if the property is subject to a foreclosure sale, tax sale, or contract forfeiture within the three business days and the shortened […]
714F.7 Arbitration prohibited. A provision in a contract which attempts or purports to require arbitration of any dispute arising under this chapter is void at the option of the foreclosed homeowner. 2008 Acts, ch 1125, §16, 19
714F.8 Prohibited practices. A foreclosure purchaser shall not do any of the following: 1. Enter into, or attempt to enter into, a foreclosure reconveyance with a foreclosed homeowner unless all of the following apply: a. The foreclosure purchaser verifies and can demonstrate that the foreclosed homeowner has a reasonable ability to pay for the subsequent […]
714F.9 Enforcement. 1. Remedies. A violation of this chapter is an unlawful practice pursuant to section 714.16, and all the remedies of section 714.16 are available for such an action. A private cause of action brought under this chapter by a foreclosed homeowner is in the public interest. A foreclosed homeowner may bring an action […]
