Real estate information firm RealtyTrac said that foreclosures may surge in the continuing recovery of the housing market, an article from Money News reported on Monday, January 6.

Daren Blomquist of RealtyTrac explained that as the housing market improves, creditors are likely to be more able to easily sell foreclosed properties, prompting the increase. Recently, lenders have preferred to let a homeowner with outstanding debt stay in their home instead of acquiring the home, being unable to sell it again, and having to pay maintenance costs.

Foreclosure auctions have improved continuously in states with a faster foreclosure process since last July.

The lawyers at Hong Law, PLC, understand that many Cedar Rapids homeowners are being threatened by foreclosure and how difficult this can be. Fortunately, there are several legal options available in this situation that may be able to help you keep your home. Call us at (319) 294-5853 to discuss these options and how we can help you.