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Janet K. Hong and Derek Hong are the founding partners of Hong Law, PLC

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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.

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.

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.

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Iowa City and Coralville Office Location: 845 Quarry Rd #130
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office