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.
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.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office