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Janet K. Hong and Derek Hong are the founding partners of Hong Law, PLC

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Home  >  Foreclosure Defense  >  Mortgage modifications in Iowa

Mortgage modifications in Iowa

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.