In October, foreclosure activity increased overall by 15 percent, although this number is still lower than this time last year, the National Mortgage Professional reported on November 13.

In a foreclosure market report released by RealtyTrac, last month’s overall foreclosure activity was considered to be the highest in terms of monthly basis since the first quarter of 2010. Lenders reportedly repossessed 27,914 properties, a 22 percent increase compared to last September. The report revealed that at least one in every 1,069 homeowners nationwide filed for foreclosure last month. Though foreclosure filings–including bank repossessions, default notices, and scheduled auctions–totaled 123,109 last month, the record is still lower by 8 percent than last year. RealtyTrac vice president Daren Blomquist stated that last month’s surge was the result of banks’ efforts to work ahead before the holiday season.

The lawyers of Hong Law, PLC, know that in Cedar Rapids alone, many homeowners are struggling to prevent their homes from being foreclosed. If you are experiencing such a difficulty, we may possibly offer you legal solutions to defend your home. Call us today at (319) 294-5853 to learn about your options.