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Home  >  Posts tagged "foreclosure defense" (Page 3)

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.

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.

Miami Heat’s Dwayne Wade threatened by foreclosure

Miami Heat star Dwayne Wade’s home in Chicago is being threatened by foreclosure, an article on Vibe stated on August 19.

According to reports, the 32-year-old guard received a foreclosure notice on his $1.2 million house on August 11. Wade and his estranged wife Siohvaughn were reportedly sharing the 7,800 square-foot mansion with six bedrooms until they divorced in 2007. Wade’s legal counsel said Siohvaughn, who is now living in South Holland stopped paying the home’s monthly mortgage worth $225,000. Wade’s attorney allegedly stated that the payments were no longer Wade’s responsibility, despite his name appearing on the papers.

Unfortunately, being threatened by foreclosure can be frightening and leave you feeling unsure about you and your family’s future. However, if you are being threatened with foreclosure in Cedar Rapids, the lawyers of Hong Law, PLC, may offer you legal solutions that allow you to defend your home. Find out how we can possibly help you today by calling our offices at (319) 294-5853.

Actress Mischa Barton’s mansion threatened by foreclosure

Actress Mischa Barton may lose her mansion in Beverly Hills to foreclosure if she fails to settle the back payments on her mortgage that amount to at least $100,000, Page Six reported on August 3.

Reports said the 28-year-old T.V. actress has already received a default notice in regards to the $6.4 million mansion that she bought in 2005. Barton reportedly took out a loan for $4.2 million at the height of “The O.C.,” the popular TV show she starred in, to buy the eight-bedroom / 11 bathroom mansion. Since 2010, the actress has been attempting to sell her mansion, last listed at $8.9 million, but there have not been any takers. Barton, whose acting career is reportedly on the decline, also tried to rent out the mansion in 2013 for $35,000 a month.

Being threatened with foreclosure may leave homeowners feeling helpless, but if you are facing this situation, it may be true that other options are available to you. An experienced foreclosure lawyer can offer you legal alternatives that may allow you to keep your home. Discuss your situation with the Cedar Rapids legal team at Hong Law, PLC, today by calling (319) 294-5853.

U.S. mid-year foreclosure activity the lowest since 2006

Real estate research firm RealtyTrac said the United States recently observed its lowest record of foreclosure activity since 2006, World Property Channel stated on July 17.

In the mid-year report recently released by RealtyTrac, there were some 613,874 homes recorded in the U.S. that are in various stages of the foreclosure procedure. The record was reportedly lower by 23 percent compared to last year’s first half and 19 percent lower compared to the last year’s second half. From January to June, there was only one foreclosure for every 214 properties in the U.S. Daren Blomquist, Vice President of RealtyTrac, predicted that foreclosure crisis will be eradicated in less than a year.

Though the nationwide foreclosure activity rate continues to improve, the lawyers at Hong Law, PLC, understand that many Cedar Rapids homeowners are still threatened by foreclosure. If you are experiencing this, we may be able to offer you alternative legal solutions that allow you to defend your home. Discuss your situation with us today by calling (319) 294-5853, and learn how we can help.

Iowa foreclosure procedures

When a homeowner in Iowa fails to meet his or her mortgage obligations, lenders must go to court for a judicial foreclosure.

In this procedure, Iowa homeowners are issued a final judgment on their home foreclosure. Along with the procedure, a lis pendens or pending legal action suit is also filed on the foreclosed property to inform other interested parties that a certain property is undergoing a legal procedure. After the foreclosure procedure has been completed, the property is then made available through auctions. This process can be delayed through various legal processes, such as bankruptcy, contesting the action, and requesting a postponement of proceedings.

At Hong Law, PLC, our lawyers work for homeowners in Cedar Rapids who are facing foreclosure. If you are in a difficult situation like this, we may possibly offer you legal solutions to prevent your home from being taken away from you. Learn about of your options today by calling (319) 294-5853.

Ex NFL star avoids foreclosure by selling his condo

Former American football player Clinton Portis reportedly sold his condominium in Miami to avoid foreclosure, an article by Realty Today reported on April 15.

Reports said JPMorgan and Chase had filed a lawsuit against the athlete and his mother over the property’s mortgage balance. The 32-year-old former running back reportedly bought the 2,070 sq/ft property in Bristol Tower in 2004 for $665,000. Portis was able to sell his property for $900,000 to settle his loan in full and earned a profit of 35 percent. The condominium was considered to be either Portis’ investment or a home provided for a relative.

Regardless of the situation, undergoing foreclosure is a frustrating experience. However, if this happens to you in Cedar Rapids, the lawyers at Hong Law, PLC may possibly give you other solutions to protect your home from being foreclosed. Speak with our lawyers today by calling (319) 632-1400 to learn more about your options.

Iowa foreclosure rates decline

A recent study examining multiple cities revealed that mortgage delinquency rates and foreclosures in Iowa are steadily declining.

Cedar Rapids’ recorded foreclosure activity in January 2014 was 1.97% compared to January 2013 when the foreclosure activity was recorded at 2.90%. Iowa City foreclosures also decreased in 2014 compared to 2013, specifically, by 0.74%.

Financial trouble can be stressful especially when it concerns real estate. The attorneys at Hong Law, PLC, assist Cedar Rapids homeowners that face foreclosure. Call our offices today at (319) 294-5853 to speak with a knowledgeable member of our legal team.


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