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

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Iowa home of financially struggling family may face foreclosure

A struggling family in Siouxland fears that they might lose their home to foreclosure, a Fox 44 article stated on December 17.

According to reports, the Myers family had not paid their monthly home mortgage since last November. Connie Myers stated that the family expects a foreclosure notice any day now. The family was struck by huge financial difficulty after Connie’s husband Tracy suffered severe medical conditions since 2013, including amputation and a brain aneurysm. Due to increasing medical bills, the Myers family fears that they may be forced to vacate the house where they have live for several decades. The family is currently seeking the community’s help to possibly save their house against foreclosure.

Being threatened by foreclosure adds additional stress when you are already struggling financially. There may, however, be legal options to delay or prevent the foreclosure of your home. Contact the experienced foreclosure defense attorneys at Hong Law, PLC, in Cedar Rapids by calling (319) 294-5853 today.

Jermaine Dupri’s mansion lost to foreclosure

American hip-hop artist and producer Jermaine Dupri recently lost his mansion in Atlanta to foreclosure, WSB-TV 2 reported on December 11.

According to reports, the 42-year-old artist worked hard to maintain his 9,441 sq/ft Atlanta mansion with a property value of almost $3.7 million. Dupri reported still has $2.5 million left on his mortgage and is unable to make monthly payments. Property documents showed that Dupri’s mansion in Fulton County has 19 rooms and nine bathrooms. The mansion where Dupri lived for almost 10 years entered foreclosure proceedings in 2011, however it did not go to auction.

Losing a home to foreclosure is stressful, especially if you feel like you’ve exhausted all options to save it. However, if you are in such situation in Cedar Rapids, the lawyers of Hong Law, PLC may possibly work for you to save your property. Consult with our lawyers today at (319) 294-5853 to find out how we may help you.

U.S. foreclosure activity swelled by 15% in October

In October, foreclosure activity increased overall by 15 percent, although this number is still lower than this time last year, the National Mortgage Professional reported on November 13.

In a foreclosure market report released by RealtyTrac, last month’s overall foreclosure activity was considered to be the highest in terms of monthly basis since the first quarter of 2010. Lenders reportedly repossessed 27,914 properties, a 22 percent increase compared to last September. The report revealed that at least one in every 1,069 homeowners nationwide filed for foreclosure last month. Though foreclosure filings–including bank repossessions, default notices, and scheduled auctions–totaled 123,109 last month, the record is still lower by 8 percent than last year. RealtyTrac vice president Daren Blomquist stated that last month’s surge was the result of banks’ efforts to work ahead before the holiday season.

The lawyers of Hong Law, PLC, know that in Cedar Rapids alone, many homeowners are struggling to prevent their homes from being foreclosed. If you are experiencing such a difficulty, we may possibly offer you legal solutions to defend your home. Call us today at (319) 294-5853 to learn about your options.

Understanding “statutory right of redemption” law

In Iowa, people who lose their homes to foreclosure have a right to recover their property through “statutory right of redemption” law.
Under statutory right of redemption borrowers are given a right to reclaim their house after foreclosure. To make it possible, borrowers need to settle the full amount they defaulted and its additional costs. Under Iowa law homeowners are given 365 days to recover their house. However, the redemption period in Iowa shortens to six months or even 60 days depending on individual circumstances.
If your property is being threatened by foreclosure, working with an experienced lawyer is important to avoid losing your home. If you are in such a situation in Cedar Rapids, the attorneys of Hong Law, PLC may be able to help you. Call us today at (319) 294-5853 to learn more about your legal options.

US experience lowest foreclosure rate since 2008

Market Watch on October 24 stated that the recent recorded nationwide foreclosure rate was the lowest since February 2008 as the housing market continue to normalize after the crisis.

According to the data of Florida-based firm Black Knight Financial Services, active mortgages nationwide recorded was 1.76 percent, making it the lowest since the first quarter of 2008. A top economist from Trulia observed that nationwide foreclosure has recovered by 74 percent, compared to 56 percent last year. Non-current and “seriously delinquent” loan inventories nationwide also continue to improve, the report said.

Though nationwide foreclosure continues to improve, there are still 3.7 million homes in the foreclosure process. The lawyers of Hong Law, PLC know that many homes in Cedar Rapids are still being threatened by this. If you are in such situation, our skilled lawyers may possibly help you defend your property from being taken away from you. Find out how we may work for you today by calling (319) 632-1400.

Rapper DMX settles $250K to prevent foreclosure

Rapper DMX recently prevented foreclosure on his New York home by paying $250,000, the Chicago Defender reported on October 19.

According to reports, the 43-year-old rapper settled the amount to save his family home in Mount Kisco from foreclosure, after the bank failed to pursue the lawsuit against him. Lawsuit documents filed in 2013 by Compass Bank revealed that Simmons and estranged wife Tashera defaulted on a $500,000 loan that they borrowed 10 years ago. The bank then filed another lawsuit and demanded the foreclosure of DMX’s house after the rapper was accused of refusing to settle the loan.

Being threatened by foreclosure can be stressful and frustrating, as you may feel you are running out of options. In this difficult situation, it may be beneficial to consult an attorney to learn about legal options that may help you avoid foreclosure. Call (319) 294-5853 today to speak with a foreclosure defense attorney at Hong Law, PLC, in Cedar Rapids.

U.S. homeowners struck by post-foreclosure lawsuits from lenders

Thousands of Americans who have started recovering their finances after a foreclosure are being pressured by lenders to settle outstanding debts, an article on Reuters stated on October 14.

Investors may pursue those who have defaulted through “deficiency judgments” for the remaining money they owe on a loan after the foreclosed property was sold. Now, years after many borrowers were lead to believe that the matter was settled, lenders like Fannie Mae and Freddie Mac are pursuing some formers clients to settle their remaining debts by seizing assets, garnishing salaries, and freezing bank accounts. Lenders are justifying their actions by claiming that they suffered record losses in the housing crisis, but critics say that they should shoulder that responsibility because they knowingly invested in the risky mortgages.

Facing foreclosure aftermath can be frustrating, especially if you are just now getting your life and finances back on track. However, you may be able to prevent this from happening by enlisting an experienced foreclosure or debt negotiation attorney. Learn more about your legal options from the Cedar Rapids lawyers of Hong Law, PLC today by calling (319) 632-1400.

U.S. foreclosure rate high but improving

Five years after the mortgage crisis, an October 2 report on Market Watch said that the nationwide foreclosure level is improving, but still high compared to the normal average.

According to reports from a major foreclosure inventory, rates declined by 33 percent this August compared to the same month last year. Experts predict the market will continue to recover. However, there are about 629,000 U.S. homes in some phase of foreclosure. While that is an improvement from last year’s 936,000 homes listed, it is still three times above the previous national average. Though these rates vary greatly depending on where you are in the country, from 5.8% in New Jersey, to only 0.4% in Nebraska. Iowa is currently reporting a 1.0% foreclosure rate.

The lawyers of Hong Law, PLC understand that many Cedar Rapids homeowners are threatened with foreclosure every year. If you are this difficult situation, our lawyers may fight to prevent this from happening to you. Call (319) 632-1400 to learn more about your options.

Foreclosure activity in the U.S. increased in August

A real estate information company observed that foreclosure activity in the U.S. rose in August, Reuters reported on September 11.

RealtyTrac said that overall foreclosure activity increased by 7 percent last August compared to a month earlier, although this number is still down 9 percent from last year. RealtyTrac recorded 116,913 properties in the U.S. are in different parts of the foreclosure process. Some 26,343 homes were recovered by banks last month, a two percent increase compared to July. RealtyTrac stated that last month’s increase in foreclosure activity was the second month since July. Foreclosures are reduced due to requirement amendments for lenders and bills protecting homeowners.

When your home is being threatened by foreclosure, it is important that you enlist an experienced lawyer who may possibly provide legal options that could help you keep your home. If you are experiencing this in Cedar Rapids, consult with the lawyers of Hong Law, PLC, today by calling our offices at (319) 294-5853.

Understanding foreclosure deficiency judgments

Homeowners undergoing the process of foreclosure might still owe money to their mortgage lenders. This situation is otherwise known as a deficiency, and under Iowa law, lenders are given the option to file for a deficiency judgment.

A lender may choose to opt out of filing for a deficiency judgment, or be ineligible altogether. In the case that a lender does decide to file, the deficiency is the difference between the sale price of the foreclosed home and the total debt owed. So, if a foreclosed home sells for $300,000 but the total debt owed is $340,000, the total deficiency that the lender may consequently seek is $40,000.

Handling the process of foreclosure can be quite strenuous. If you are being sought by a creditor and, as such, being threatened with foreclosure, keep in mind that you can seek out the assistance of an attorney. If you are facing a similar situation in Iowa, our experienced team of foreclosure defense attorneys at Hong Law, PLC may be of great benefit to you. Contact our Cedar Rapids office at (319) 632-1400 to discuss the particulars of your foreclosure situation with us today.

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