Cedar Rapids Real Estate Attorneys

Delivering Client-Focused Services and High-Quality Counsel

At
Howes Law Firm, P.C., we represent both buyers and sellers in all real estate transactions,
as well as matters involving title, escrow, leasing, conveyance documents,
and foreclosures. Our firm is dedicated to working with you to create
a personalized legal strategy to help you reach a satisfactory resolution.

Call our Cedar Rapids real estate attorneys at
(319) 264-2922.

Foreclosure in Iowa

As a general rule, prospective homeowners who take out a loan will need
to sign a promissory note in addition to their mortgage. This gives homeowners
contractual rights during foreclosure.

In foreclosure, homeowners have the right to:

• Receive preforeclosure notices
• Get current on the overdue amounts to stop the sale of their home
• Apply for loss mitigation
• Get notice of the foreclosure and the opportunity to respond in court
• Pay off the total loan to prevent a foreclosure sale
• Receive special protections if they are service members

If you are behind on mortgage payments, there is still a long way to go
before foreclosure. There is still time to save your home or get your
affairs in order and make a fresh start.

What Is Preforeclosure?

Preforeclosure refers to the period of time between your missed payments
and the beginning of the foreclosure process. Though it sounds final, preforeclosure is a time when you may negotiate
with the creditor or pursue mitigation to prevent foreclosure. In other
words, you may go into preforeclosure and still avoid foreclosure altogether.

Generally, the lender is obligated to send you notices before foreclosure
and give you around two weeks to make up missed payments and pay off any
late fees accumulated over time. Your mortgage statement will contain
information about late fees related to your specific contract, so keep
track of all documentation related to your home if possible.

Lenders can also check on the property by drive-by inspections, which could
cost up to $15. Inspections allow the lender to evaluate the property
and verify whether it is still occupied and appropriately maintained.

While these inspections and fees are serious, foreclosure will
not begin until you are more
than 120 days past due on mortgage payments. This gives you a significant amount of time to pay
off debts and/or pursue loss mitigation options to help you avoid total
foreclosure.

How Do I Stop Foreclosure on My Home?

You can stop foreclosure one of two ways:

• Reinstating the loan: This allows you to reinstate your home loan within 30 days after the
  default notice.
• Redeeming the property: To do this, you must pay off the total amount you owe before the foreclosure sale.

Whether you choose to reinstate your loan or redeem the property, you must
consult a licensed attorney.

Other Cases We Handle

From foreclosure to leasing agreements, Howes Law Firm, P.C. has the experience
you need to handle your legal case involving real estate. Our firm genuinely
cares about our clients, and we work tirelessly to pursue the most optimal
outcome. We work with clients throughout their cases and provide support
every step of the way.

We can help you with:

• Title opinions
• Closing and escrow
• Leases and residential agreements
• Conveyance documents

• Evictions (landlord side)

Whether you need to rent an apartment, buy/sell a house, or pursue loss
mitigation options, Howes Law Firm, P.C is here to help.

Schedule your
free initial consultation with our Cedar Rapids real estate attorneys today.