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Home  >  Posts tagged "Avoiding foreclosure" (Page 2)

Can I reclaim a foreclosed home without redemption?

If a lender decides to foreclose an Iowa home without redemption, its owner may still have the chance to reclaim their property in certain circumstances.

Homeowners whose homes are “foreclosed judicially without redemption” may demand to delay the sale of their home. Failing to file a written demand will put the home immediately into sale. Homeowners who demand to delay the sale of their home may be given up to 12 months to reclaim their home. However, homeowners are only given up to six months to redeem their home if the petition has a “right to deficiency judgment” waiver. Homeowners also may recover their home if they immediately settle their debts to their lenders.

Facing foreclosure is frightening, especially if you do not understand the legal process. However, if you are experiencing this in Cedar Rapids, the lawyers of Hong Law, PLC, may be able to help you. Speak with us today at (319) 294-5853 to find out how we may help you defend your home from foreclosure.

Reclaiming a foreclosed home in Iowa

Iowa homeowners who lost their houses to foreclosure due to financial difficulties may actually buy their home back after it is sold to foreclosure within a certain period of time, according to a Nolo article.

Depending on the foreclosure procedure, Iowa homeowners may actually buy back their foreclosed homes. If the foreclosure is “judicial,” homeowners may reclaim their foreclosed house within one year, according to the Iowa Code 628.3. However, under Iowa Code 628.26, homeowners whose properties are less than 10 acres may buy back their house within six months if their lenders waives the deficiency. The redemption duration is further decreased to 60 days if the homeowner abandoned his or her property, and it is on fewer than 10 acres of land.

The Cedar Rapids lawyers of Hong Law, PLC, can help you understand your best options for defending against foreclosure in your particular circumstances. Call our offices at (319) 294-5853 today to begin taking action to save your home.

Avoiding foreclosure through Chapter 13 Bankruptcy

Due to extreme financial difficulties, some homeowners in Cedar Rapids are at risk of losing their homes to foreclosure. However, homeowners who are in such situations may benefit from seeking Chapter 13 bankruptcy protection to possibly protect their homes. The protections granted with this kind of action include:

  • Homeowners are prevented from being harassed by creditors immediately, and their home is protected from foreclosure until the bankruptcy procedure has been started
  • A three to five year repayment plan is established
  • In some situations, the court may discharge the entire debt of a homeowner who files for Chapter 13 bankruptcy by reclassifying a second or third mortgage as an unsecured debt

You can read more about how to best defend your house against foreclosure here.

If you are considering filing for Chapter 13 bankruptcy to prevent your home from being foreclosed on in the Cedar Rapids area, get in touch with the lawyers of Hong Law, PLC. Call us today at (319) 294-5853 to find out how we may be able to help.

Foreclosure more likely for homes with big mortgages

A real estate analytics firm observed that homes with larger mortgages are currently more susceptible to undergo foreclosure, a March 5 article of The Wall Street Journal reported.

In the data provided by CoreLogic, foreclosure rates last year for homes with mortgages of $750,000 and above had increased by 2.5 percent. In the past, more expensive houses saw fewer foreclosures, but since the recession, this trend has clearly changed. Deputy Chief Economist Sam Khater explained that in 2008, rich homeowners were affected by plummeting stock market during the foreclosure crisis. Khater also noted that some of the expensive homes are located in states with higher foreclosure rates, which may further contribute to the explanation.

The Cedar Rapids lawyers of Hong Law, PLC, understand how difficult it is for homeowners to be threatened with foreclosure. If you are in such a situation, we may possibly offer you other options to prevent your home from being taken away from you. Find out how we may help you today by calling (319) 294-5853.

U.S. foreclosure rate increased last month

According to recent real estate data, the number of foreclosed properties in the U.S. increased in January, Business Insider stated on February 12.

In data released by RealtyTrac, last month’s foreclosure rate increased by 5 percent, making it to the highest in the last 15 months. The total of houses that completed foreclosure in January reached 37,292. There were 51,782 houses last month heading for foreclosure auctions. On the other hand, there were 119,888 houses in January in different stages of foreclosure proceedings. RealtyTrac’s Vice President Daren Blomquist said there will be an increase of foreclosure filings in the upcoming months as lenders are going to boost “spring cleaning” in most states.

If your home is being threatened by foreclosure, getting help from a skilled lawyer could be critical to saving your home. Call the experienced legal team of Hong Law, PLC, at (319) 294-5853 today to learn more about your legal options to defend your home.

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.

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.

Lowest foreclosure number in 8 years seen in May

U.S. foreclosure activity recently observed an all-time low in the past eight years, a CNBC article stated on June 10.

In May, RealtyTrac data showed that 109,824 homes in the U.S. are in various stages of foreclosure procedures, 6 percent lower than the month before. Compared to last year, May’s foreclosure activity dropped by 26 percent. Last month’s bank repossession only totaled 28,373 and was considered to be the lowest since the U.S. was plagued by foreclosure crisis. RealtyTrac’s Daren Blomquist predicted that by early 2015, the housing market will fully recover.

Though foreclosure activity in the U.S. continues to decline, the lawyers of Hong Law, PLC, know that many Cedar Rapids homeowners are still being threatened by foreclosure. If you or someone you know is in a situation like this, we may possibly work for you to protect your property. Speak with us today at (319) 294-5853 to learn more about your options.

Huge increase of foreclosed properties in Iowa

Real estate information firm RealtyTrac recently observed that the number of foreclosed homes in Iowa owned by banks increased by a huge percentage in April, KCRG reported on May 23.

Data showed that the homes repossessed by banks this April increased by 237 percent compared to the same month last year. According to Daren Blomquist, the vice president of RealtyTrac, most of the bank-owned properties that were not sold in auctions were undesirable due to poor maintenance. One contributor to the large number of foreclosures was significant flooding in Cedar Rapids in 2008 that left many owners with damaged properties they couldn’t afford to maintain. In April, there were 347 properties in Cedar Rapids alone that were either defaulted on, auctioned off, or in the bank’s possession.

When you are facing foreclosure procedures in Cedar Rapids, make sure to contact the lawyers of Hong Law, PLC. Discuss your situation and possible solutions to prevent foreclosure by calling (319) 294-5853 today.

400,000 foreclosure settlement checks missing

Some 400,000 checks sent for a foreclosure settlement have gone missing after being sent to the wrong addresses, a report by the Huffington Post stated on July 24.

The Office of the Comptroller of the Currency said the 400,000 checks, a total of 10 percent that were already mailed, could not be delivered because they were sent to the wrong addresses. Office of the Comptroller spokesman Bryan Hubbard said efforts to reach the proper check recipients are ongoing.

A statement from Rust Consulting said the addresses to which the checks were wrongfully sent were either old or incomplete, and it is common for this kind of settlement.

Sadly, many people have to foreclose on their home due to mounting financial burdens. However, if you are considering this option for your home in Cedar Rapids, the legal team at Hong Law, PLC, might be able to help you defend your home from being foreclosed. Find out what your options may be by calling (319) 632-1400.

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