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.

A real estate information company observed that foreclosure activity in the U.S. rose in August, Reuters reported on September 11.

RealtyTrac said that overall foreclosure activity increased by 7 percent last August compared to a month earlier, although this number is still down 9 percent from last year. RealtyTrac recorded 116,913 properties in the U.S. are in different parts of the foreclosure process. Some 26,343 homes were recovered by banks last month, a two percent increase compared to July. RealtyTrac stated that last month’s increase in foreclosure activity was the second month since July. Foreclosures are reduced due to requirement amendments for lenders and bills protecting homeowners.

When your home is being threatened by foreclosure, it is important that you enlist an experienced lawyer who may possibly provide legal options that could help you keep your home. If you are experiencing this in Cedar Rapids, consult with the lawyers of Hong Law, PLC, today by calling our offices at (319) 294-5853.