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Home  >  Posts tagged "Foreclosure" (Page 2)

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.

En Vogue member facing foreclosure

Maxine Jones, American music artist and member of the R&B quartet “En Vogue,” is being threatened by foreclosure after defaulting on her monthly mortgage, The St. Louis American reported on February 4.

Reports said Jones, 53, failed to pay her mortgage on her Virginia house October and November of last year. Though the singer filed for Chapter 7 Bankruptcy on December 18, her home was not spared after a federal judge recently approved the bank to start the foreclosure process. Jones reportedly filed for bankruptcy after her debts reached almost $300,000. Jones remained with the R&B quartet until 2012.

The lawyers of Hong Law, PLC in Cedar Rapids understand that many homeowners are being threatened with losing their home due to financial hardships. If you are in such an awful situation, our skilled foreclosure lawyers may possibly help you defend your property from being taken away from you. Learn more about your legal options from us today by calling (319) 294-5853.

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.

Nationwide foreclosure rate the lowest in 2014 since housing crisis

As the year 2014 ends, foreclosure rates in the United States hit the lowest they have been since the housing crisis plagued the country, according to data reported by the Associated Press on January 20.

According to reports, a decrease of 29 percent was seen in repossessed homes last year, or a total of 327,069 houses were repossessed by banks. Completed foreclosures nationwide, on the other hand, were reduced by 69 percent after they reached a peak in 2010. Last year, the number of homes in various foreclosure procedures and those still held by banks were also reduced. In the nine states where an increase in foreclosure rate was observed, Iowa experienced the lowest increase in foreclosure rate. An improved economy greatly contributed to the drop in last year’s foreclosure rates.

Though the U.S. continues to recover from foreclosure crisis since the housing bust, the legal team of Hong Law, PLC, understands that in Cedar Rapids alone, many homeowners are in different stages of the foreclosure procedure. If you are in this situation, we may possibly offer you legal solutions to defend your home. Call us today at (319) 294-5853 to learn more about your options.

Des Moines-West experiencing reduced foreclosure rates

A December 31 article of Business Record stated that foreclosure rates in Des Moines-West were reduced in the fourth quarter of 2014.

In the recent data released by real estate information firm CoreLogic, mortgage loans recorded in Des Moines-West in October 2014 was only 1.01 percent, a 0.76 percent decrease compared to the same month in 2013. In the whole nation, foreclosure activity rate in Des Moines-West was low last October, including mortgage delinquency, compared to October 2013.

Though there is a decrease in foreclosure rates in some parts of Iowa, the lawyers of Hong Law, PLC know that many homeowners in Cedar Rapids are being threatened by foreclosure every day. If this happens to you, we may be able to offer you solutions to defend your home. Discuss your situation with us today by calling (319) 294-5853 to learn more about your options.

Iowa home of financially struggling family may face foreclosure

A struggling family in Siouxland fears that they might lose their home to foreclosure, a Fox 44 article stated on December 17.

According to reports, the Myers family had not paid their monthly home mortgage since last November. Connie Myers stated that the family expects a foreclosure notice any day now. The family was struck by huge financial difficulty after Connie’s husband Tracy suffered severe medical conditions since 2013, including amputation and a brain aneurysm. Due to increasing medical bills, the Myers family fears that they may be forced to vacate the house where they have live for several decades. The family is currently seeking the community’s help to possibly save their house against foreclosure.

Being threatened by foreclosure adds additional stress when you are already struggling financially. There may, however, be legal options to delay or prevent the foreclosure of your home. Contact the experienced foreclosure defense attorneys at Hong Law, PLC, in Cedar Rapids by calling (319) 294-5853 today.

Jermaine Dupri’s mansion lost to foreclosure

American hip-hop artist and producer Jermaine Dupri recently lost his mansion in Atlanta to foreclosure, WSB-TV 2 reported on December 11.

According to reports, the 42-year-old artist worked hard to maintain his 9,441 sq/ft Atlanta mansion with a property value of almost $3.7 million. Dupri reported still has $2.5 million left on his mortgage and is unable to make monthly payments. Property documents showed that Dupri’s mansion in Fulton County has 19 rooms and nine bathrooms. The mansion where Dupri lived for almost 10 years entered foreclosure proceedings in 2011, however it did not go to auction.

Losing a home to foreclosure is stressful, especially if you feel like you’ve exhausted all options to save it. However, if you are in such situation in Cedar Rapids, the lawyers of Hong Law, PLC may possibly work for you to save your property. Consult with our lawyers today at (319) 294-5853 to find out how we may help you.

US experience lowest foreclosure rate since 2008

Market Watch on October 24 stated that the recent recorded nationwide foreclosure rate was the lowest since February 2008 as the housing market continue to normalize after the crisis.

According to the data of Florida-based firm Black Knight Financial Services, active mortgages nationwide recorded was 1.76 percent, making it the lowest since the first quarter of 2008. A top economist from Trulia observed that nationwide foreclosure has recovered by 74 percent, compared to 56 percent last year. Non-current and “seriously delinquent” loan inventories nationwide also continue to improve, the report said.

Though nationwide foreclosure continues to improve, there are still 3.7 million homes in the foreclosure process. The lawyers of Hong Law, PLC know that many homes in Cedar Rapids are still being threatened by this. If you are in such situation, our skilled lawyers may possibly help you defend your property from being taken away from you. Find out how we may work for you today by calling (319) 632-1400.

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.

U.S. homeowners struck by post-foreclosure lawsuits from lenders

Thousands of Americans who have started recovering their finances after a foreclosure are being pressured by lenders to settle outstanding debts, an article on Reuters stated on October 14.

Investors may pursue those who have defaulted through “deficiency judgments” for the remaining money they owe on a loan after the foreclosed property was sold. Now, years after many borrowers were lead to believe that the matter was settled, lenders like Fannie Mae and Freddie Mac are pursuing some formers clients to settle their remaining debts by seizing assets, garnishing salaries, and freezing bank accounts. Lenders are justifying their actions by claiming that they suffered record losses in the housing crisis, but critics say that they should shoulder that responsibility because they knowingly invested in the risky mortgages.

Facing foreclosure aftermath can be frustrating, especially if you are just now getting your life and finances back on track. However, you may be able to prevent this from happening by enlisting an experienced foreclosure or debt negotiation attorney. Learn more about your legal options from the Cedar Rapids lawyers of Hong Law, PLC today by calling (319) 632-1400.

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