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.

The United States real estate market recently observed a considerable drop in foreclosure rates. RealtyTrac cites the drop as the lowest amount of foreclosure filings since 2007.

According to RealtyTrac, there were only 117,485 homeowners in March who foreclosed on their homes, a 4 percent improvement compared to last February. The recent foreclosure filings dropped by 23 percent compared to last year.

RealtyTrac vice president, Daren Blomquist said that banks are currently evaluating how they will sell the hundred thousands of idle properties. The U.S. housing market is continuing to recover due to fewer mortgage delinquencies and an improving economy.

The attorneys at Hong Law, PLC, understand that many Cedar Rapids homeowners experience financial stress. If you are being threatened by possible foreclosure, the advice of an experienced attorney could be useful to you. Call our offices today at (319) 294-5853.

A recent study examining multiple cities revealed that mortgage delinquency rates and foreclosures in Iowa are steadily declining.

Cedar Rapids’ recorded foreclosure activity in January 2014 was 1.97% compared to January 2013 when the foreclosure activity was recorded at 2.90%. Iowa City foreclosures also decreased in 2014 compared to 2013, specifically, by 0.74%.

Financial trouble can be stressful especially when it concerns real estate. The attorneys at Hong Law, PLC, assist Cedar Rapids homeowners that face foreclosure. Call our offices today at (319) 294-5853 to speak with a knowledgeable member of our legal team.

An all-time low since December 2006 was observed in foreclosure activity nationwide according to data recently released by RealtyTrac, as reported by Forbes on March 13.

According to the information provided by the company, at least 112,498 foreclosures in different stages nationwide were recorded last month, while the number of foreclosures that started nationwide in February were only 51,842, which is much lower compared to the data recorded in January 2014.

However, as majority of the states continue to recover from the foreclosure crisis, at least 14 states observed an increase in homes that entered foreclosure procedures last month.

Though the foreclosure rate nationwide continues to improve, our attorneys at Hong Law, PLC, know that many homeowners are still being threatened by foreclosure. If you are dealing with such situation, call (319) 294-5853 and find out what we may be able to do for you to help you keep your home.

Rapper DMX’s $1 million property in Mount Kisco, NY is facing foreclosure.

DMX, 43, is claiming that his estranged wife, Tashera Simmons, is responsible for the house being foreclosed on. DMX alleges that she was responsible for paying the mortgage for the Mount Kisco property.

Though DMX moved out of the property in 2005, he continued paying on the mortgage through 2008. This foreclosure is not DMX’s first time getting publicity for financial troubles. Last year he filed for bankruptcy but was rejected.

Losing property to foreclosure can be devastating. Homeowners need to know their legal options when experiencing financial troubles. If you are facing foreclosure or bankruptcy issues in Cedar Rapids, the attorneys at Hong Law, PLC, could offer you valuable advice. Call (319) 294-5853 to learn more about your legal options.

Real estate research firm RealtyTrac reported on February 13 that the number of U.S. homes that have filed for foreclosure was reduced last month by 18 percent compared to January in 2013.

According to reports, there were only 57,259 U.S. homes in January that began the foreclosure process, or one in every 1,058 homes, a 12 percent decline from the same month last year. Data from RealtyTrac showed that there were at least 124,419 homes in the U.S. that were in different phases of the foreclosure process.

The number of houses that were either repossessed by banks or other investors also declined in January by 4 percent from December.

Our lawyers at Hong Law, PLC, know that many homeowners in Cedar Rapids are currently facing the threat of foreclosure. To find out what your legal options may be for keeping your home in this situation, call (319) 294-5853. We can help you potentially take action to prevent foreclosure.

The foreclosure rate in the state of Iowa was observed to decline last year by 1.5 percent, a report published by the Business Record on Wednesday, January 29 stated.

According to the data of real estate research firm CoreLogic Inc., at least 4,624 houses were completely foreclosed in the state last year. On the other hand, the foreclosure rate nationwide last year was 2.1 percent, or a total of 620,111 completed foreclosures. Last year’s nationwide foreclosure rate was 24 percent lower compared to 2012, in which 820,498 homes were foreclosed.

Though the decrease in the state’s foreclosure rate is good news, the lawyers at Hong Law, PLC, know that a lot of Cedar Rapids homeowners are still facing the threat of foreclosure. If you are going through a financially difficult time, call us at (319) 294-5853 to explore your options for keeping your home and addressing debt.

In 2013 lenders took back the least amount of homes since 2007, marking a significant improvement for Unites States homeowners.

Last year only 462,970 homes nationwide were repossessed by banks, a 31 percent decrease compared to 2012. Improved economic factors were cited for the improvement of the U.S. housing market.

United States foreclosure rates reached an all-time high 2010. RealtyTrac vice president, Daren Blomquist said that fewer homes entering into foreclosure procedures reinforces the idea that the housing market is improving.

Despite increasingly good news for the real estate market, the legal team at Hong Law, PLC, understands that many Cedar Rapids homeowners still face foreclosure. If you are in need of legal counsel regarding your property call (319) 294-5853.

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.

From 2012 to 2013, foreclosure activity decreased nationwide.

According to RealtyTrac, a 37 percent decrease in foreclosure activity was observed in November of 2013 compared to the previous year. Additionally, foreclosure activity in November had hit the lowest point since 2005.

RealtyTrac vice president, Daren Blomquist expressed optimism in this current real estate trend, saying that the foreclosure crisis appears to be coming to an end.

Even with the improvement of the foreclosure crisis, many homeowners are not immune to financial difficulties and impending foreclosure. The attorneys at Hong Law, PLC, work to defend Iowa homeowners against foreclosure. Speak with a lawyer today by calling (319) 632-1400.