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

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Home  >  Archive by category "Foreclosure Defense"

Paying off loan to halt foreclosure

Aside from “reinstatement,” another option available for homeowners in Iowa to avoid foreclosure is through a process of something called a “payoff,” in which debtors settle the total of their loan balance at once.

Homeowners who have decided to pay off their loan should request a quote, sometimes called a “payoff letter” or a “payoff statement,” from their lender that states the total amount of debt they need to pay. Aside from the amount breakdown, important information like dates, accrued interest, fees, and payment instructions should also be included in the payoff letter. Homeowners should take note that the amount in their monthly mortgage payment is not the total amount they need to settle for a payoff. When paying off the loan, homeowners should understand that they need to pay the exact figure given in the payoff letter in order to avoid payment rejection and continuing of the foreclosure procedure.

The lawyers of Hong Law, PLC in Iowa represent homeowners who are dealing with the threat of foreclosure. To discuss your legal options, call us today at (319) 294-5853.

Disputing the reinstatement or payoff quote amount

Homeowners who want to avoid foreclosure through reinstatement of their loans or a single payment of all owed fees should understand that they have the right to disagree with the total quoted amount owed if they believe it is inaccurate.

Homeowners who are disputing the amount of their reinstatement should immediately notify their lender and legal authorities. Most disputes are initially communicated verbally and then sent in print through a letter. Homeowners dealing with payoff statements are advised to mail their creditor a “notice of error” letter that usually includes personal and mortgage loan account information together with the information regarding the inaccuracy of the total amount. Homeowners may seek legal help if their lender does not respond to or correct the discrepancy within seven working days.

The lawyers at Hong Law, PLC advocate for Cedar Rapids homeowners who are being threatened with foreclosure. If you or a loved one is in such situation, get in touch with our lawyers today by calling (319) 294-5853 to find out how we may be able to help you.

Avoiding foreclosure in Iowa through reinstatement

Iowa homeowners who are facing foreclosure may consider taking measures to reinstate their defaulted mortgage as a way to halt the foreclosure process.

Homeowners who fall behind on loan payments are allowed to halt the foreclosure process if they are able to make one payment that covers all of what is currently owed on the loan. This includes back payments, late fees, attorney fees, and any other expenses that may have accrued in the process. If a homeowner is able to make this lump payment, he or she will be allowed to resume normal payments.

To make a reinstatement payment, a homeowner will have to request a quote from the lender in order to ensure that all money and fees owed are included in the sum. Homeowners should avoid putting reinstatement payments off to the last minute in the foreclosure process, as this can lead to more complications.

If you are considering having your loan reinstated to avoid foreclosure in Cedar Rapids, a lawyer at Hong Law, PLC may offer you legal assistance. Call our office today at (319) 294-5853 to find out how we may help you defend your home.

Nationwide foreclosure rate reduced by 24.3 percent

A 24.3 percent decrease in the overall foreclosure rate in the United States was observed by real estate information providers, an article of National Mortgage News reported on November 10.

According to CoreLogic, there was a 1.2 percent (about 470,000 houses) drop in the number of homes in different stages of incomplete foreclosure in September when compared to the same month last year. The number of houses that were completely foreclosed upon nationwide was also reduced by nearly 18 percent. CoreLogic also observed that 21.2 percent fewer homeowners are having trouble paying their mortgages, a figure that is considered to be the lowest rate since 2007. CoreLogic CEO and President Anand Nallathambi stated that the improved economy was a factor in declining delinquency rates since the housing crisis.

The lawyers of Hong Law, PLC understand that many homeowners in Cedar Rapids live in fear of seeing their homes repossessed or foreclosed upon. If you are dealing with this type of financial struggle, contact our foreclosure defense attorneys today by calling (319) 294-5853 to learn about the services we offer.

Glen Rice’s Miami property on the brink of foreclosure

The Miami condo owned by former Miami Heat player Glen Rice and his now ex-spouse Cristy Rice may soon be foreclosed upon, according to November 6 reports.

New sources stated that M&T Bank has filed a foreclosure suit against Glen and Cristy claiming that the one-time couple has defaulted on their mortgages on the condo located in the Neo Vertika building. The Rices bought the property in 2006 after the basketball star ended his career in retirement from the Los Angeles Clippers. According to court documents, the Rices have not made a payment on the condo since February and have only paid $317.000 of the $500,000 loan off.

While Glen has not made a counter move yet, his ex-wife has hired a lawyer and is contesting the foreclosure claim. She has accused the bank of failure to follow proper foreclosure procedures.

The lawyers at the Hong Law, PLC in Cedar Rapids understand that it homeowners who face the threat of foreclosure are under a great deal of stress. If you are dealing with financial burdens such as an unmanageable mortgage, our legal team may be able to help you build a strong case to defend your home. Call us at (319) 294-5853 to discuss your situation with our foreclosure defense attorneys today.

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.

Federal programs help unemployed homeowners avoid foreclosure

The U.S. Department of Housing and Urban Development (HUD) has created programs designed to assist struggling homeowners who are in danger of losing their houses to foreclosure due to unemployment.


  • Under the “Home Affordable Unemployment Program” eligible unemployed homeowners who are looking for jobs may have their mortgage payments temporarily reduced or even suspended for up to 12 months.
  • The HUD offers an Emergency Homeowners’ Loan Program (EHLP) to struggling homeowners.
  • Some struggling homeowners may qualify for the Federal Housing Administration’s Special Forbearance, which can lessen or reduce monthly mortgage payments for a period of time.


Individuals who are struggling to meet their monthly mortgage payments may benefit from a number of these programs. Fortunately, a skilled attorney will be aware of each and every government program designed to assist struggling homeowners.

The foreclosure defense attorneys at Hong Law, PLC can offer valuable assistance in renegotiating mortgages or creating new payment arrangements that will enable you to keep your home. To learn more, call us at (319) 294-5853 today.

Former Iowa senator’s house facing foreclosure

The Indianola house of Iowa former senator Kent Sorenson is being threatened with foreclosure after he started defaulting on his payments in 2014, The Des Moines Register reported on September 24.

According to reports, Sorenson has a debt of $145,251.58 on his property at 1104 East, Salem Avenue. The former senator reportedly has not paid his mortgages since October of last year, court documents revealed. The Indianola home, which currently has a visible “For Sale” sign, has been assessed by the Warren County Assessor’s Office to have a prevailing price of $138,300. The court also revealed in a March 12, 2015 letter stating that his house may enter foreclosure if he fails to settle his debt in a span of 14 days.

In this difficult situation when your property is being threatened with foreclosure, working with a skilled attorney is crucial for you to possibly save your home from the procedure. Get in touch with a Cedar Rapids attorney at Hong Law, PLC today at (319) 294-5853 to find out how we may work on your behalf.

Ex L.A. Kings player loses house to foreclosure

Former ice hockey defensive player for the LA Kings, Jack Johnson, lost one house to foreclosure, and has sold another home.

The 2,972 square-foot Manhattan Beach property formerly owned by 28-year-old Johnson was sold at an auction for $2.125 million after it was foreclosed on last January. Records showed that the foreclosed property was bought by Johnson for  $1.235 million. Johnson’s other property, also situated in Manhattan Beach, was sold for $1.3 million. The 1,800 square-foot townhouse was previously owned by Luke Walton. Johnson decided to file for bankruptcy in 2014 after suffering financial hardships reportedly caused by his parents’ unrestrained spending habits.

The attorneys at Hong Law, PLC in Cedar Rapids understand how difficult it is to lose a home to foreclosure. However, if you are being threatened with losing your home, we may offer you legal advice to possibly prevent it from happening. Discuss your situation with us today by calling (319) 294-5853 to learn more about your options.

Ways to fight wrongful foreclosure

Knowing that your Iowa home is being threatened by foreclosure can be a stressful experience. However, many homeowners do not realize that investors are sometimes dishonest when carrying out foreclosures. Homeowners may use the following possible evidence to prove that their homes are wrongfully being foreclosed by lenders:

  • The “legal duty” owed by a lender to a homeowner has been violated.
  • Such violation of the legal duty of the lender resulted to damages affecting the homeowner.

Homeowners who prove the following elements may either demand to dismiss the foreclosure or seek damage claims against negligent lenders.

Sadly, proving such elements can be difficult and filing a claim against wrongful foreclosure is a complicated process. If you are in such situation, the skilled lawyers at the Hong Law, PLC in Cedar Rapids may represent you. Find out how we may possibly prevent your house from being taken away from you today by calling (319) 294-5853.

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