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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  >  Moving forward after foreclosure

Moving forward after foreclosure

People who lost their homes to foreclosure may want to consider the following tips to increase their chances of owning another home.

• People who want to recover from foreclosure may want to impress lenders by using their credit responsibly.
• Homeowners who just experienced foreclosure may need to wait for several years in order to secure another loan from the government, though the government may consider granting loans to those who experienced foreclosure as a result of a lost job or a death of a family member. During this time, potential borrowers should save up for a greater down payment.
• People who underwent foreclosure should settle their income taxes after foreclosure. In certain cases, people who experienced foreclosure may avoid paying hefty taxes.

Though these tips are considered helpful in the recovery process from foreclosure, homeowners may work with a skilled lawyer to prevent their homes from being foreclosed on in the first place. If you are being threatened with foreclosure in Cedar Rapids, find out how the lawyers of Hong Law, PLC, may help you save your home today by calling (319) 294-5853.

Iowa City and Coralville Office Location: 845 Quarry Rd #130
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office