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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  >  A few things to consider when facing foreclosure

A few things to consider when facing foreclosure

In the unfortunate situation that you and your family have been threatened with foreclosure, you might consider trying the following options to help cope with the circumstances.

  • You may want to stay in your home as long as you are allowed while awaiting foreclosure completion. During this time you may be able to save money that would be spend on house notes in preparation for your impending move.
  • Try to find a buyer and convince your lender to accept their offer.
  • See if your lender will let you sign over the deed in exchange for their cancelling the foreclosure.
  • Try to negotiate your current mortgage. Even if this doesn’t work, the fact that you earnestly tried will look good when you’re looking for a new residence.
  • Lastly, your best option may simply be for you and your family to pack your things and leave. Make sure you’re safe from a deficiency lawsuit before you take this route, though.
  • File for personal bankruptcy.

The lawyers of Hong Law, PLC in Cedar Rapids understand that many families are left struggling after their homes are foreclosed upon. If you are facing this threat, our attorneys want you to know that there are legal options available to you. To discuss your situation with one of our foreclosure defense attorneys, call us at (319) 294-5853 today.

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