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.

Eligible Iowa homeowners who filed valid foreclosure claims will receive payment checks, the attorney general’s office said on June 4.

Payments worth $1,480 will be mailed to 6,051 eligible homeowners whose mortgages were serviced by one of the five National Mortgage Settlement participant servicers. The five banks are Bank of America, Citi, JP Morgan & Chase, Wells Fargo, and Ally. Eligible homeowners submitted a valid claim and had their home foreclosed between January 2008 and December 2011.

The foreclosure checks are part of the $1.5 billion that was negotiated in the national settlement.

Facing the loss of your home is frightening and stressful. Our lawyers at Hong Law, PLC, understand this and, as such, work to help homeowners in Cedar Rapids take action to potentially prevent this action. Call (319) 632-1400 today to discuss your financial situation with us..