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.

A large part of the mortgage settlement fund received by the states in a legal settlement with large mortgage lenders are being used to patch up other state-related concerns, according to a USA Today report published on Tuesday, October 8.

According to reports, almost half of the $2.5 billion mortgage settlement fund that is supposed to help homeowners against inappropriate mortgage procedures in foreclosures is being used for other purposes. In the list of the National Conference of State Legislatures, some of the budgets were allocated to general funds, economic development, and other non-housing related projects.

Enterprise Community Partners staffer Andrew Jakabovics said that probably only about $1.4 billion is being spent to help troubled homeowners.

Unfortunately, at Hong Law, PLC, we know that many homeowners in Cedar Rapids are being threatened by foreclosure. However, for those in this situation, there are likely certain options available that may help you keep your home. Call a lawyer at (319) 632-1400 to find out how we might be able to help you.