Families and individuals who accrue into unmanageable amounts of debt are sometimes put in the difficult situation of an impending foreclosure. A home usually represents much more to the owner than its simple commercial value, even though creditors may only view it as an economic asset. However, homeowners may be able to prevent a foreclosure on their residence through a number of different means, such as filing for bankruptcy or modifying their mortgage.
If you are worried that the institution lending money to you will attempt to initiate foreclosure proceedings, you may want to consider taking legal action to keep your home. Call Hong Law, PLC, today to speak with one of our Cedar Rapids bankruptcy attorneys about your situation and your potential legal options for protecting your home.
Legal Options to Prevent Foreclosure
Many individuals and families in today’s economy are in difficult financial situations, causing some to fall behind on their mortgage payments. In such cases, the bank or other institution that is lending money to the homeowner may attempt to initiate foreclosure proceedings. In order to prevent that from occurring, a homeowner may be able to pursue several options, such as:
- Filing for bankruptcy
- Attempting to modify the mortgage on the home
- Filing a claim for a “Truth in Lending” violation, in the event of unscrupulous lending practices
When you are facing a foreclosure, it can be difficult to determine what, if any, course of action can save your home. Fortunately, knowledge of legal methods, such as those listed above, combined with the services of a competent bankruptcy lawyer can give homeowners several ways to potentially save their houses.
If you are currently undergoing a home foreclosure, you should call a dedicated Cedar Rapids bankruptcy lawyer at Hong Law, PLC, today at (319) 294-5853 to discuss your situation and your legal options for protecting your home. Our legal team may be able to help you choose a path that helps you get back on the path to financial solvency.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office