Iowa homeowners who lost their houses to foreclosure due to financial difficulties may actually buy their home back after it is sold to foreclosure within a certain period of time, according to a Nolo article.

Depending on the foreclosure procedure, Iowa homeowners may actually buy back their foreclosed homes. If the foreclosure is “judicial,” homeowners may reclaim their foreclosed house within one year, according to the Iowa Code 628.3. However, under Iowa Code 628.26, homeowners whose properties are less than 10 acres may buy back their house within six months if their lenders waives the deficiency. The redemption duration is further decreased to 60 days if the homeowner abandoned his or her property, and it is on fewer than 10 acres of land.

The Cedar Rapids lawyers of Hong Law, PLC, can help you understand your best options for defending against foreclosure in your particular circumstances. Call our offices at (319) 294-5853 today to begin taking action to save your home.

According to a new report by real estate company RealtyTrac, this year’s overall foreclosure rate is the lowest since the third quarter of 2006, a March 23 article on Realty Biz News stated.

Records from February revealed that foreclosure activity was reduced by nine percent compared to the same month in 2014. Foreclosure levels this year are expected to continue to decrease; however, some states where the foreclosure process is slow may still experience increases. Repossessed properties in February were reduced by 20 percent compared to last year. Foreclosure auctions and foreclosure starts default notices were also reduced compared to the records last year.

Though foreclosure activity levels continue to improve every year, the Cedar Rapids legal team of Hong Law, PLC, knows that many homeowners are still threatened by foreclosure. If this is happening to you, we may be able to offer you viable options to save your home. Discuss your situation with us today by calling our offices at (319) 294-5853.

Due to extreme financial difficulties, some homeowners in Cedar Rapids are at risk of losing their homes to foreclosure. However, homeowners who are in such situations may benefit from seeking Chapter 13 bankruptcy protection to possibly protect their homes. The protections granted with this kind of action include:

• Homeowners are prevented from being harassed by creditors immediately, and their home is protected from foreclosure until the bankruptcy procedure has been started
• A three to five year repayment plan is established
• In some situations, the court may discharge the entire debt of a homeowner who files for Chapter 13 bankruptcy by reclassifying a second or third mortgage as an unsecured debt

You can read more about how to best defend your house against foreclosure here.

If you are considering filing for Chapter 13 bankruptcy to prevent your home from being foreclosed on in the Cedar Rapids area, get in touch with the lawyers of Hong Law, PLC. Call us today at (319) 294-5853 to find out how we may be able to help.

A real estate analytics firm observed that homes with larger mortgages are currently more susceptible to undergo foreclosure, a March 5 article of The Wall Street Journal reported.

In the data provided by CoreLogic, foreclosure rates last year for homes with mortgages of $750,000 and above had increased by 2.5 percent. In the past, more expensive houses saw fewer foreclosures, but since the recession, this trend has clearly changed. Deputy Chief Economist Sam Khater explained that in 2008, rich homeowners were affected by plummeting stock market during the foreclosure crisis. Khater also noted that some of the expensive homes are located in states with higher foreclosure rates, which may further contribute to the explanation.

The Cedar Rapids lawyers of Hong Law, PLC, understand how difficult it is for homeowners to be threatened with foreclosure. If you are in such a situation, we may possibly offer you other options to prevent your home from being taken away from you. Find out how we may help you today by calling (319) 294-5853.

According to recent real estate data, the number of foreclosed properties in the U.S. increased in January, Business Insider stated on February 12.

In data released by RealtyTrac, last month’s foreclosure rate increased by 5 percent, making it to the highest in the last 15 months. The total of houses that completed foreclosure in January reached 37,292. There were 51,782 houses last month heading for foreclosure auctions. On the other hand, there were 119,888 houses in January in different stages of foreclosure proceedings. RealtyTrac’s Vice President Daren Blomquist said there will be an increase of foreclosure filings in the upcoming months as lenders are going to boost “spring cleaning” in most states.

If your home is being threatened by foreclosure, getting help from a skilled lawyer could be critical to saving your home. Call the experienced legal team of Hong Law, PLC, at (319) 294-5853 today to learn more about your legal options to defend your home.

Maxine Jones, American music artist and member of the R&B quartet “En Vogue,” is being threatened by foreclosure after defaulting on her monthly mortgage, The St. Louis American reported on February 4.

Reports said Jones, 53, failed to pay her mortgage on her Virginia house October and November of last year. Though the singer filed for Chapter 7 Bankruptcy on December 18, her home was not spared after a federal judge recently approved the bank to start the foreclosure process. Jones reportedly filed for bankruptcy after her debts reached almost $300,000. Jones remained with the R&B quartet until 2012.

The lawyers of Hong Law, PLC in Cedar Rapids understand that many homeowners are being threatened with losing their home due to financial hardships. If you are in such an awful situation, our skilled foreclosure lawyers may possibly help you defend your property from being taken away from you. Learn more about your legal options from us today by calling (319) 294-5853.

People who lost their homes to foreclosure may want to consider the following tips to increase their chances of owning another home.

• People who want to recover from foreclosure may want to impress lenders by using their credit responsibly.
• Homeowners who just experienced foreclosure may need to wait for several years in order to secure another loan from the government, though the government may consider granting loans to those who experienced foreclosure as a result of a lost job or a death of a family member. During this time, potential borrowers should save up for a greater down payment.
• People who underwent foreclosure should settle their income taxes after foreclosure. In certain cases, people who experienced foreclosure may avoid paying hefty taxes.

Though these tips are considered helpful in the recovery process from foreclosure, homeowners may work with a skilled lawyer to prevent their homes from being foreclosed on in the first place. If you are being threatened with foreclosure in Cedar Rapids, find out how the lawyers of Hong Law, PLC, may help you save your home today by calling (319) 294-5853.

As the year 2014 ends, foreclosure rates in the United States hit the lowest they have been since the housing crisis plagued the country, according to data reported by the Associated Press on January 20.

According to reports, a decrease of 29 percent was seen in repossessed homes last year, or a total of 327,069 houses were repossessed by banks. Completed foreclosures nationwide, on the other hand, were reduced by 69 percent after they reached a peak in 2010. Last year, the number of homes in various foreclosure procedures and those still held by banks were also reduced. In the nine states where an increase in foreclosure rate was observed, Iowa experienced the lowest increase in foreclosure rate. An improved economy greatly contributed to the drop in last year’s foreclosure rates.

Though the U.S. continues to recover from foreclosure crisis since the housing bust, the legal team of Hong Law, PLC, understands that in Cedar Rapids alone, many homeowners are in different stages of the foreclosure procedure. If you are in this situation, we may possibly offer you legal solutions to defend your home. Call us today at (319) 294-5853 to learn more about your options.

A December 31 article of Business Record stated that foreclosure rates in Des Moines-West were reduced in the fourth quarter of 2014.

In the recent data released by real estate information firm CoreLogic, mortgage loans recorded in Des Moines-West in October 2014 was only 1.01 percent, a 0.76 percent decrease compared to the same month in 2013. In the whole nation, foreclosure activity rate in Des Moines-West was low last October, including mortgage delinquency, compared to October 2013.

Though there is a decrease in foreclosure rates in some parts of Iowa, the lawyers of Hong Law, PLC know that many homeowners in Cedar Rapids are being threatened by foreclosure every day. If this happens to you, we may be able to offer you solutions to defend your home. Discuss your situation with us today by calling (319) 294-5853 to learn more about your options.

A struggling family in Siouxland fears that they might lose their home to foreclosure, a Fox 44 article stated on December 17.

According to reports, the Myers family had not paid their monthly home mortgage since last November. Connie Myers stated that the family expects a foreclosure notice any day now. The family was struck by huge financial difficulty after Connie’s husband Tracy suffered severe medical conditions since 2013, including amputation and a brain aneurysm. Due to increasing medical bills, the Myers family fears that they may be forced to vacate the house where they have live for several decades. The family is currently seeking the community’s help to possibly save their house against foreclosure.

Being threatened by foreclosure adds additional stress when you are already struggling financially. There may, however, be legal options to delay or prevent the foreclosure of your home. Contact the experienced foreclosure defense attorneys at Hong Law, PLC, in Cedar Rapids by calling (319) 294-5853 today.