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.
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.
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.
Though nationwide foreclosure rates in the U.S. improved by three percent in the first half of 2015, RealtyTrac recently identified 10 states that are still plagued with high foreclosure rates, USA Today reported on July 19.
According to RealtyTrac, the state of Florida still has the highest foreclosure rate in the wake of the housing crisis, followed by New Jersey, Maryland, Nevada, and Illinois. The states of Delaware, Ohio, Indiana, South Carolina and Tennessee were also identified by RealtyTrac as having high foreclosure rates. Despite these high foreclosure rates, a nationwide trend has seen an all-time low of foreclosure notices being issued–the very beginning of the process.
The lawyers of Hong Law, PLC, understand that in Cedar Rapids alone, many homeowners fear losing their home to foreclosure. If you are concerned about this happening, our team of attorneys may offer you viable options to secure the future of your family. Call our office today at (319) 294-5853 to learn more about your options.
The chilling effects of the housing crisis are still being felt today by many homeowners nationwide, the Orange County Register stated on July 14.
In the recent CoreLogic report in the month of May, it was reported that about 7.8 million homes nationwide have been seized by lenders since 2004. Even though foreclosure rates continue to decrease compared to the past decade, in May alone, 41,000 homes were foreclosed. The report also revealed that there were 1.3 million homeowners defaulting on their mortgages and there were 491,000 homes undergoing different phases of the foreclosure process. According to CoreLogic, compared to the foreclosure rate in 2011, May’s data is an improvement.
Having your home threatened by foreclosure is stressful, especially if you feel you are running out of options to secure your home for you and your family. However, there may be legal options that could help you keep your home. Call the Cedar Rapid attorneys of Hong Law, PLC, today at (319) 294-5853 to discuss your options.
Cedar Rapids homeowners who are experiencing trouble paying their mortgage and believe that foreclosure might be approaching may want to try the following options to possibly save their house.
- Consider getting help from the Home Affordable Modification Program (HAMP) to reduce your monthly mortgage or refinance.
- Have your mortgage modified through the help of other financial institutions if you believe that you are not qualified for federal housing programs.
- Homeowners may want to consider filing for bankruptcy to open up other possibilities to save their home.
- Lastly, struggling homeowners who have failed to negotiate with their lenders may want to challenge the foreclosing party in a foreclosure court.
The lawyers of Hong Law, PLC, help struggling Cedar Rapids homeowners who are being threatened with foreclosure. If you are in such a stressful situation, we may be able to offer you legal solutions to save your home. Discuss your situation with us today by calling (319) 294-5853.
Foreclosure activity in the U.S. reportedly increased in May due to an increasing amount of homes that were repossessed by banks, Reuters reported on June 18.
Real estate information firm RealtyTrac stated that there were 44,896 houses repossessed by banks in May. Though repossessed homes recorded in May were 1 percent lower compared to April, the record was 58 percent higher compared to the same month in 2014. There were also 126,868 houses in May that had either received a foreclosure notice, been subject to bank repossessions, or been scheduled in auctions. RealtyTrac revealed that Florida still had the highest level of foreclosure in May.
In this difficult situation that your home is undergoing foreclosure procedure, working with an attorney could allow you to take legal action to keep your home. Call the legal team of Hong Law, PLC, in Cedar Rapids today at (319) 294-5853 for a free consultation about your situation and your legal options.
Struggling home owners who think they can no longer sustain their monthly mortgage may possibly prevent foreclosure by “short selling” their home.
In a short sell situation, the lender permits you to sell your home for an amount less than what you owe. The difference between what you sold the house for and what you owe is called a deficiency. In some cases, an agreement may be struck with the lender so you are no longer liable for the rest of the money owed–the deficiency. Although your credit report would not reflect bankruptcy or foreclosure after this process, a short sell would still affect your score.
A short sell is only one option to avoid foreclosure. If your home is being threatened by this legal process, discuss your options with an experienced attorney who may offer you critical legal advice. Contact the legal team at Hong Law, PLC, in Cedar Rapids today by calling our offices at (319) 294-5853.
Recent real estate data revealed that there was an increase in repossessed homes and foreclosures nationwide, a May 21 report of Business Insider stated.
According to the data analysis released by RealtyTrac, there was a nine percent increase in nationwide foreclosure filings in April, or 125,875 homes, compared to the same month last year. RealtyTrac noted that last month’s foreclosure increase is still a lingering effect of the national foreclosure crisis. Vice President Daren Blomquist of RealtyTrac reassured that April’s foreclosure increase will not trigger a new wave of crisis. Foreclosure rates are still reportedly high in states like Florida, Maryland, Nevada and New Jersey. However, nationwide, foreclosure starts have remained below pre-crisis levels, according to Blomquist.
In Cedar Rapids alone, the lawyers of Hong Law, PLC, know that many homeowners are being threatened with foreclosure. If you think this is happening to you, we may possibly help you protect your family’s home from being taken away from you. Call us today at (319) 294-5853 to learn more about your legal options.
The home of the late football player Robert Lee Hayes, a.k.a. “Bullet Bob,” currently lived in by his ex-wife, is being threatened with foreclosure, WFAA 8 reported on May 5.
According to Altamease Hayes, she did not anticipated that she might lose her home in Red Bird. Altamease apparently was laid off from her job in 2013 and has experienced financial trouble ever since. She told reporters that many paintings and pictures of her former husband are scattered in their 1,700 square foot, three-bedroom house. The foreclosure of the house was delayed for 30 days after Altamease sought postponement.
Having your beloved home threatened with foreclosure is frightening, but there are legal options to delaying or altogether avoiding this legal procedure. If you are in this situation, call the experienced attorneys of Hong Law, PLC, at (319) 294-5853 today to begin taking action toward the protection of your home
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