Miami Heat star Dwayne Wade’s home in Chicago is being threatened by foreclosure, an article on Vibe stated on August 19.

According to reports, the 32-year-old guard received a foreclosure notice on his $1.2 million house on August 11. Wade and his estranged wife Siohvaughn were reportedly sharing the 7,800 square-foot mansion with six bedrooms until they divorced in 2007. Wade’s legal counsel said Siohvaughn, who is now living in South Holland stopped paying the home’s monthly mortgage worth $225,000. Wade’s attorney allegedly stated that the payments were no longer Wade’s responsibility, despite his name appearing on the papers.

Unfortunately, being threatened by foreclosure can be frightening and leave you feeling unsure about you and your family’s future. However, if you are being threatened with foreclosure in Cedar Rapids, the lawyers of Hong Law, PLC, may offer you legal solutions that allow you to defend your home. Find out how we can possibly help you today by calling our offices at (319) 294-5853.

Actress Mischa Barton may lose her mansion in Beverly Hills to foreclosure if she fails to settle the back payments on her mortgage that amount to at least $100,000, Page Six reported on August 3.

Reports said the 28-year-old T.V. actress has already received a default notice in regards to the $6.4 million mansion that she bought in 2005. Barton reportedly took out a loan for $4.2 million at the height of “The O.C.,” the popular TV show she starred in, to buy the eight-bedroom / 11 bathroom mansion. Since 2010, the actress has been attempting to sell her mansion, last listed at $8.9 million, but there have not been any takers. Barton, whose acting career is reportedly on the decline, also tried to rent out the mansion in 2013 for $35,000 a month.

Being threatened with foreclosure may leave homeowners feeling helpless, but if you are facing this situation, it may be true that other options are available to you. An experienced foreclosure lawyer can offer you legal alternatives that may allow you to keep your home. Discuss your situation with the Cedar Rapids legal team at Hong Law, PLC, today by calling (319) 294-5853.

Real estate research firm RealtyTrac said the United States recently observed its lowest record of foreclosure activity since 2006, World Property Channel stated on July 17.

In the mid-year report recently released by RealtyTrac, there were some 613,874 homes recorded in the U.S. that are in various stages of the foreclosure procedure. The record was reportedly lower by 23 percent compared to last year’s first half and 19 percent lower compared to the last year’s second half. From January to June, there was only one foreclosure for every 214 properties in the U.S. Daren Blomquist, Vice President of RealtyTrac, predicted that foreclosure crisis will be eradicated in less than a year.

Though the nationwide foreclosure activity rate continues to improve, the lawyers at Hong Law, PLC, understand that many Cedar Rapids homeowners are still threatened by foreclosure. If you are experiencing this, we may be able to offer you alternative legal solutions that allow you to defend your home. Discuss your situation with us today by calling (319) 294-5853, and learn how we can help.

Homeowners in Iowa who are being threatened by foreclosure due to financial crisis may qualify for the Home Affordable Modification Program (HAMP) to have their loan adjusted. There are several requirements a homeowner would need to meet in order to take advantage of this program. Homeowners may qualify for HAMP if:

• They have an unsettled mortgage worth $729,750 and above
• The loan was acquired no later than January 1, 2009
• The borrower is residing in the property being threatened by foreclosure
• The overall mortgage of the borrower is higher by 31 percent compared to his or her monthly income

There are other options you may pursue if your home is being threatened by foreclosure. If you are facing this overwhelming situation in Cedar Rapids, the lawyers of Hong Law, PLC, may help you negotiate your mortgage with your lender. Our legal team is dedicated to helping Cedar Rapids residents defend their homes. Learn more about your legal options by calling our offices at (319) 294-5853.

When a homeowner in Iowa fails to meet his or her mortgage obligations, lenders must go to court for a judicial foreclosure.

In this procedure, Iowa homeowners are issued a final judgment on their home foreclosure. Along with the procedure, a lis pendens or pending legal action suit is also filed on the foreclosed property to inform other interested parties that a certain property is undergoing a legal procedure. After the foreclosure procedure has been completed, the property is then made available through auctions. This process can be delayed through various legal processes, such as bankruptcy, contesting the action, and requesting a postponement of proceedings.

At Hong Law, PLC, our lawyers work for homeowners in Cedar Rapids who are facing foreclosure. If you are in a difficult situation like this, we may possibly offer you legal solutions to prevent your home from being taken away from you. Learn about of your options today by calling (319) 294-5853.

U.S. foreclosure activity recently observed an all-time low in the past eight years, a CNBC article stated on June 10.

In May, RealtyTrac data showed that 109,824 homes in the U.S. are in various stages of foreclosure procedures, 6 percent lower than the month before. Compared to last year, May’s foreclosure activity dropped by 26 percent. Last month’s bank repossession only totaled 28,373 and was considered to be the lowest since the U.S. was plagued by foreclosure crisis. RealtyTrac’s Daren Blomquist predicted that by early 2015, the housing market will fully recover.

Though foreclosure activity in the U.S. continues to decline, the lawyers of Hong Law, PLC, know that many Cedar Rapids homeowners are still being threatened by foreclosure. If you or someone you know is in a situation like this, we may possibly work for you to protect your property. Speak with us today at (319) 294-5853 to learn more about your options.

Real estate information firm RealtyTrac recently observed that the number of foreclosed homes in Iowa owned by banks increased by a huge percentage in April, KCRG reported on May 23.

Data showed that the homes repossessed by banks this April increased by 237 percent compared to the same month last year. According to Daren Blomquist, the vice president of RealtyTrac, most of the bank-owned properties that were not sold in auctions were undesirable due to poor maintenance. One contributor to the large number of foreclosures was significant flooding in Cedar Rapids in 2008 that left many owners with damaged properties they couldn’t afford to maintain. In April, there were 347 properties in Cedar Rapids alone that were either defaulted on, auctioned off, or in the bank’s possession.

When you are facing foreclosure procedures in Cedar Rapids, make sure to contact the lawyers of Hong Law, PLC. Discuss your situation and possible solutions to prevent foreclosure by calling (319) 294-5853 today.

April marks the 43rd month in a row that foreclosure activity in the United States has dropped, with a 1% decrease from March to April alone, Reuters reported on May 15.

According to RealtyTrac vice president Daren Blomquist, “What this means is that we are getting closer to pre-recession levels of foreclosure activity.” 

Even if foreclosure activity is down overall, April saw a 4% increase in bank repossessions. However, Blomquist also mentioned that this is a positive sign that the markets are working through the last of the foreclosures left from the recent housing crisis. Moreover, the number of foreclosure auctions has also been down.

At Hong Law, PLC we understand that foreclosure is a terrifying and stressful experience. Fortunately, our attorneys have a wide array of experience defending homeowners against foreclosure. Contact our offices at (319) 632-1400 to see if we may be able to help with your situation.

New research suggests that residents living near a foreclosed property may be more likely to develop high blood pressure, the Washington Post reported on May 13.

At least 1,750 participants in Massachusetts were followed by researchers at Harvard University’s Center for Population and Development Studies from 1987 to 2008. They found out those residents who have neighbors with foreclosed homes have increased blood pressure. Researchers suggest that factors like stress and anxiety for possible devaluation of property contribute to the escalating blood pressure. Although the rise in blood pressure shouldn’t pose a large health risk, it is significant that foreclosures not only affect the economy but also people’s health.

If you are being threatened by foreclosure in Cedar Rapids, a lawyer from the Hong Law, PLC may possibly prevent your home from being taken away from you. Speak with us today by calling (319) 632-1400 to know more of your options.

Former American football player Clinton Portis reportedly sold his condominium in Miami to avoid foreclosure, an article by Realty Today reported on April 15.

Reports said JPMorgan and Chase had filed a lawsuit against the athlete and his mother over the property’s mortgage balance. The 32-year-old former running back reportedly bought the 2,070 sq/ft property in Bristol Tower in 2004 for $665,000. Portis was able to sell his property for $900,000 to settle his loan in full and earned a profit of 35 percent. The condominium was considered to be either Portis’ investment or a home provided for a relative.

Regardless of the situation, undergoing foreclosure is a frustrating experience. However, if this happens to you in Cedar Rapids, the lawyers at Hong Law, PLC may possibly give you other solutions to protect your home from being foreclosed. Speak with our lawyers today by calling (319) 632-1400 to learn more about your options.