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Home  >  Posts tagged "Foreclosure"

Former Iowa senator’s house facing foreclosure

The Indianola house of Iowa former senator Kent Sorenson is being threatened with foreclosure after he started defaulting on his payments in 2014, The Des Moines Register reported on September 24.

According to reports, Sorenson has a debt of $145,251.58 on his property at 1104 East, Salem Avenue. The former senator reportedly has not paid his mortgages since October of last year, court documents revealed. The Indianola home, which currently has a visible “For Sale” sign, has been assessed by the Warren County Assessor’s Office to have a prevailing price of $138,300. The court also revealed in a March 12, 2015 letter stating that his house may enter foreclosure if he fails to settle his debt in a span of 14 days.

In this difficult situation when your property is being threatened with foreclosure, working with a skilled attorney is crucial for you to possibly save your home from the procedure. Get in touch with a Cedar Rapids attorney at Hong Law, PLC today at (319) 294-5853 to find out how we may work on your behalf.

Ex L.A. Kings player loses house to foreclosure

Former ice hockey defensive player for the LA Kings, Jack Johnson, lost one house to foreclosure, and has sold another home.

The 2,972 square-foot Manhattan Beach property formerly owned by 28-year-old Johnson was sold at an auction for $2.125 million after it was foreclosed on last January. Records showed that the foreclosed property was bought by Johnson for  $1.235 million. Johnson’s other property, also situated in Manhattan Beach, was sold for $1.3 million. The 1,800 square-foot townhouse was previously owned by Luke Walton. Johnson decided to file for bankruptcy in 2014 after suffering financial hardships reportedly caused by his parents’ unrestrained spending habits.

The attorneys at Hong Law, PLC in Cedar Rapids understand how difficult it is to lose a home to foreclosure. However, if you are being threatened with losing your home, we may offer you legal advice to possibly prevent it from happening. Discuss your situation with us today by calling (319) 294-5853 to learn more about your options.

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.

Nationwide foreclosure down 28 percent from last year

A recent report from CoreLogic revealed that overall foreclosure rate in the U.S. have decreased compared to last year, an article from Housing Wire reported on September 8.

According to reports, a 27.9 percent decrease in national foreclosure inventory was recorded in the U.S. last July compared to the same month last year. Completed foreclosures also fell from 50,000 houses last year to 38,000 this year. From the 1.7 percent recorded nationwide foreclosures recorded in 2014, this year has only seen 1.2 percent. In Iowa, there were 3,670 homes that had completed foreclosure procedures this July, compared to 5,372 homes recorded in the same month in 2014. The state of Florida remained number one in the top five states with high rates of completed foreclosure.

When your home is being threatened with foreclosure, it is important that you work with an experienced lawyer in order to possibly prevent foreclosure. Consult with a Hong Law, PLC lawyer in Cedar Rapids today by calling (319) 294-5853 to know more of your options.

Ex NFL star Terrell Owens threatened with foreclosure

Professional football player Terrell Owens was recently threatened with losing his San Fernando Valley property to foreclosure after failing to pay his mortgage, an article from Realty Today reported.

According to reports, the 41-year-old ex Cowboys/49ers player has defaulted on the mortgage for the property that he bought for around $2.2 million in 2014, in the amount of $905,417.06. Owens was given 90 days by the bank to sell the property or it would face foreclosure. He put the 4,350 square foot home in Sherman Oaks on the market for $2.35 million. Owens, who is expected to become an “NFL Hall of Famer,” has a reported net worth of $0. Throughout his NFL career, he earned around $70 million.

If you find yourself in the difficult situation of being threatened with foreclosure, working with an experienced lawyer is crucial. However, if you are in such situation in Cedar Rapids, the lawyers of the Hong Law, PLC, can represent you. Learn more about your legal options from us today by calling (319) 294-5853.

States with persistently high foreclosure rates revealed

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.

Effects of foreclosure crisis still felt in the US

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.

Possible ways homeowners could prevent foreclosure

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.

2015 US foreclosure rates continue to improve from 2006

According to a new report by real estate company RealtyTrac, this year’s overall foreclosure rate is the lowest since the third quarter of 2006, a March 23 article on Realty Biz News stated.

Records from February revealed that foreclosure activity was reduced by nine percent compared to the same month in 2014. Foreclosure levels this year are expected to continue to decrease; however, some states where the foreclosure process is slow may still experience increases. Repossessed properties in February were reduced by 20 percent compared to last year. Foreclosure auctions and foreclosure starts default notices were also reduced compared to the records last year.

Though foreclosure activity levels continue to improve every year, the Cedar Rapids legal team of Hong Law, PLC, knows that many homeowners are still threatened by foreclosure. If this is happening to you, we may be able to offer you viable options to save your home. Discuss your situation with us today by calling our offices at (319) 294-5853.

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.

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