Bank of Am., N.A. v. Schulte
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In 2009, Scott Schulte and Marisel Del Valle (together, Appellants) executed a promissory note and, as security for the note, a mortgage on real property. The note and mortgage were later assigned to BAC Home Loans Servicing. In 2010, BAC filed a foreclosure petition alleging Appellants were in default, and the district court entered a decree of foreclosure. In 2012, Bank of America, as successor by merger to BAC, filed a notice of rescission of foreclosure and, contemporaneously, filed a motion to set aside decree. Appellants opposed the motion to set aside decree, arguing that neither the motion nor the notices of rescission were timely filed within one year of the entry of judgment as required by Iowa R. Civ. P. 1.1012 and 1.1013 and were therefore time barred. The district court found the rescission notices timely filed, concluding that a two-year limitations period applied under Iowa Code 654.17, and accordingly, granted Bank of America’s motion to set aside the decree. The Supreme Court affirmed, holding that the district court did not err when it confirmed that the rescission action was timely filed and granted the motion to set aside decree.
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