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Home  >  Posts tagged "foreclosure defense"

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.

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.

US observes foreclosure activity increase in May

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.

Advantage of “short selling” a property

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.

Many foreclosed houses repossessed by banks in April

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.   

Former spouse of late football legend threatened with foreclosure

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

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.

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