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.
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.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office