----- Original Message -----
From: Kristen N. Ollenburg
To: realestate@iabar.org
Sent: Thursday, December 07, 2006 4:47 PM
Subject: Mortgage Foreclosure

I'm faced with an abstract showing the following:
 
1.  A deed to man and woman, not married, as tenants in common.
 
2.  A mortgage granted by man, single (NOT woman) to bank.  Woman was not listed as a mortgagor and did not sign the mortgage.
 
3.  A foreclosure of said mortgage by bank, naming both man and woman (now married) as defendants.  Both man and woman were properly served, filed answers, etc.  Bank bought at Sheriff's sale, and Sheriff's deed was filed in September 2006.
 
Now, I'm examining title for a third party buyer.  Did the bank only end up with an undivided one-half interest in the property?  Or did the fact that woman was properly served and failed to raise any objection preclude her from later asserting any interest?
 
Thanks in advance for your kind assistance.
 
Kristen N. Ollenburg
Pappajohn, Shriver, Eide & Nielsen P.C.
103 E. State St., Suite 800
Mason City, Iowa 50401
Phone: (641) 423-4264
Fax: (641) 423-3145
e-mail: ollenburg@pappajohnlaw.com
 
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