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Wells Opens Regional Headquarters in Chicago Chicago Mayor Rahm Emanuel and John Stumpf, chairman and CEO of Wells Fargo & Company, announced the opening of the bank's new regional headquarters at the CME Center in downtown Chicago's West Loop on September 17. Wells Fargo has increased its presence in Chicago five-fold over the last decade, from 134 team members in 2001 to more than 800 presently. Wells Fargo expects to continue adding positions as growth continues. Now centralized at the regional hub are 40 Wells Fargo business lines from four locations around the city. During the first two months of the new West Loop hub being open, Wells is bringing 1,250 team members, customers, and prospects to Chicago for 17 events. The 14th floor of the office is devoted to a Corporate Learning & Event Center. The space accommodates up to 200 attendees and will regularly host local, regional, and national events for team members, customers, and community partners. rank: 18 Foreclosure Rate July 2013 2.8% Unemployment Rate 2.8% 8.4% year ago 3.0% 4.1% 8.4% year-over-year change -8.3% -31.3% 0.0% Top County Cass CounTy 90+ Day Delinquency Rate Foreclosure Rate July 2013 3.5% 5.8% year ago 3.8% 6.8% year-over-year change -6.7% -15.0% Top Core-Based statistical area 90+ Day Delinquency Rate LogansporT, In Foreclosure Rate July 2013 3.5% 5.8% year ago 3.8% 6.8% year-over-year change -6.7% -15.0% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. 80 rank: 26 90+ Day Delinquency Rate Foreclosure Rate July 2013 1.5% Unemployment Rate 2.2% 4.8% year ago 1.7% 2.8% 5.5% year-over-year change -11.8% -22.5% -12.7% Top County Tama CounTy 90+ Day Delinquency Rate Foreclosure Rate July 2013 2.5% 4.7% year ago 2.3% 5.5% year-over-year change 8.3% -13.6% Top Core-Based Statistical area ClInTon, Ia 90+ Day Delinquency Rate Foreclosure Rate July 2013 2.9% 3.8% year ago 3.2% 4.3% year-over-year change -9.6% -13.1% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. FROM THE BENCH Indiana 90+ Day Delinquency Rate Iowa No Delay? No Deficiency. Is an Iowa foreclosure plaintiff entitled to a deficiency judgment if the proceeds from the foreclosure sale fall short of the judgment amount? In many Iowa foreclosures, the defendant decides. Iowa's foreclosure statute offers foreclosure plaintiffs a host of methods through which to foreclose a mortgage. The method used can turn on a variety of factors. Some examples are: whether the land is used for an agricultural purpose as defined by Iowa Code § 535.131—meaning related to the production, harvest, exhibition, marketing, transportation, processing, or manufacture of agricultural products by a person who cultivates, plants, propagates, or nurtures the agricultural products"—or whether the lender elects to waive the redemption period following sheriff's sale. Alternatively, there are also voluntary (Iowa Code § 654.18, 2012) and non-voluntary (Iowa Code §§ 655A.1–9, 2012) non-judicial foreclosure options available to plaintiffs. It is commonplace for a foreclosure plaintiff to hold a mortgage on property that is the mortgagor's residence. In Iowa, if the mortgaged property is not used for an agricultural purpose as defined in Iowa Code § 535.13, the foreclosure plaintiff often includes an election for foreclosure without redemption, as provided by § 654.20, in its petition. Yet, if this election is made, the strictures of §§ 654.21–.26 are triggered (Iowa Code § 654.20(3). Under those sections, a mortgagor's decision whether to file a demand for delay of sale will control whether the plaintiff will be entitled to a deficiency judgment. One of the rights afforded mortgagors under these provisions is the right to demand delay of sale at any time prior to judgment (Iowa Code § 654.21). That section provides mortgagors the ability to delay sale two, six, or 12 months following entry of a foreclosure decree. Three factors dictate the duration of the delay of sale: 1) whether a lender seeks a deficiency judgment in its petition; 2) the type of dwelling on the real estate involved; and 3) the residence of the mortgagor (Iowa Code § 654.21). If the mortgaged property is the residence of the mortgagor, is a one-family or two-family dwelling and the lender seeks a deficiency judgment, the sale is delayed for 12 months. If the lender waives deficiency, seeking only an in rem judgment, the borrower in that same scenario is afforded a six month delay of sale. If the mortgaged property is not the residence of the borrower, or is not a one-family or two-family dwelling, sale is held after a two month delay following judgment. However, it is the mortgagor's decision whether to demand a delay of sale that dictates whether the plaintiff is entitled to a deficiency judgment. If a mortgagor does not file a written demand to delay the sale, if the mortgaged property is the mortgagor's residence and is a one-family or two-family dwelling, then a deficiency judgment will not be entered against that mortgagor (Iowa Code § 654.20(2). This statutory off-ramp shields the mortgagor from a deficiency judgment. For lenders, § 654.20 provides a popular and often used method of foreclosure—it allows for immediate transfer of the property following foreclosure sale. Yet, electing to foreclose in this manner can mean whatever the plaintiff is ultimately entitled is dictated by the defendant's actions. This "From the Bench" article was contributed by Douglas J. Mizer, associate attorney with South & Associates, P.C.

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