Five years after the mortgage crisis, an October 2 report on Market Watch said that the nationwide foreclosure level is improving, but still high compared to the normal average.

According to reports from a major foreclosure inventory, rates declined by 33 percent this August compared to the same month last year. Experts predict the market will continue to recover. However, there are about 629,000 U.S. homes in some phase of foreclosure. While that is an improvement from last year’s 936,000 homes listed, it is still three times above the previous national average. Though these rates vary greatly depending on where you are in the country, from 5.8% in New Jersey, to only 0.4% in Nebraska. Iowa is currently reporting a 1.0% foreclosure rate.

The lawyers of Hong Law, PLC understand that many Cedar Rapids homeowners are threatened with foreclosure every year. If you are this difficult situation, our lawyers may fight to prevent this from happening to you. Call (319) 632-1400 to learn more about your options.

Homeowners undergoing the process of foreclosure might still owe money to their mortgage lenders. This situation is otherwise known as a deficiency, and under Iowa law, lenders are given the option to file for a deficiency judgment.

A lender may choose to opt out of filing for a deficiency judgment, or be ineligible altogether. In the case that a lender does decide to file, the deficiency is the difference between the sale price of the foreclosed home and the total debt owed. So, if a foreclosed home sells for $300,000 but the total debt owed is $340,000, the total deficiency that the lender may consequently seek is $40,000.

Handling the process of foreclosure can be quite strenuous. If you are being sought by a creditor and, as such, being threatened with foreclosure, keep in mind that you can seek out the assistance of an attorney. If you are facing a similar situation in Iowa, our experienced team of foreclosure defense attorneys at Hong Law, PLC may be of great benefit to you. Contact our Cedar Rapids office at (319) 632-1400 to discuss the particulars of your foreclosure situation with us today.

Record label co-founder Joaquin “Waah” Dean’s house in Suffern, New York will be auctioned off this September, lohud.com reported on August 29.

Dean is the co-founder of Ruff Ryders Indy, and is largely credited for introducing artists like DMX, Eve, and Swizz Beatz to the scene. Reports said Dean’s home on Cherry Lane was foreclosed after defaulting on his $787,500 mortgage. The 4,350 square-foot house includes three bedrooms, three bathrooms, and is situated inside the 2.27-acre property. Aside from the foreclosure auction, Dean has suffered other financial problem after losing more than $200,000 from 2011 to 2012. The auction will be held at Rockland County Courthouse on September 25.

Losing a home due to foreclosure is a painful experience. If you feel that you are running out of options, a lawyer may provide you legal advice that could allow you to keep your home. Call the Cedar Rapids lawyers of Hong Law, PLC today at (319) 632-1400 to find out how you can get help.

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.

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.