Category: ‘Timothy Kingcade Posts’

Foreclosure Increase in August Double the Norm

October 9, 2017 Posted by kingcade

The rise in foreclosure filings for August was more than double the norm, according to Attom Data Solutions.

“There is often a seasonal monthly increase in foreclosure activity in August paralleling the seasonal slowdown in the overall real estate market, but the 14% month-over-month increase nationwide this August is more than twice the average 6% seasonal increase in August over the previous 10 years — the highest in fact since a 37% month-over-month increase in August 2007,” according to Attom Data Solutions Senior Vice President Daren Blomquist.

There were 75,115 properties in some stage of foreclosure (including default notices, scheduled auctions and bank repossessions) in August, compared with 66,112 in July and 95,132 in August 2016.

The five states with the most foreclosure activity were Florida with 8,237 filings, California with 7,479, New Jersey with 5,721, Illinois with 5,137 and Ohio with 4,540.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Nearly Half of U.S. Carries Credit Card Debt for At least Two Years

October 6, 2017 Posted by kingcade

A new survey by CreditCards.com reveals that 43% of adults have carried credit card debt for more than two years, and 23% have been carrying debt for five years or longer.

Those most likely to carry credit card debt were older Baby Boomers (age 63-71) at 63%, while the Silent Generation (ages 72+) was at 57%.  What was more surprising was that out of the 2,000 some adults surveyed, those with more education were less likely to pay their credit card bill in full every month.  Only one in five cardholders with a high school degree or less carry a credit card balance, but one in three college graduates admit carrying one.

Everyday spending, such as grocery shopping and utilities, were the leading contributors to their credit card debt- not luxury purchases. Other reasons included medical bills, home repairs, retail purchases, and vacation expenses.

When it comes to income, Americans earning less are actually more likely to pay off their balances. Only 24% of cardholders who earn less than $50,000 a year carry a credit card balance, compared to 38% of cardholders with an annual salary of more than $50,000.

Florida is in the top 5 states with the highest credit card debt burden, according to CreditCards.com.  Here are some tips on how to tackle long-term credit card debt.

If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Related Resources:

https://www.creditcards.com/credit-card-news/card-debt-survey.php

https://www.forbes.com/sites/reneemorad/2017/09/30/why-43-percent-of-adults-have-carried-credit-card-debt-for-more-than-two-years/#4a75fdb5e263

http://www.foxbusiness.com/features/2017/09/28/nearly-half-americans-carry-credit-card-debt-for-at-least-2-years.html

 

New Rule makes it Harder for Medical Debt to Impact your Credit Score

October 5, 2017 Posted by kingcade

Consumers are getting some good news when it comes to their credit scores.  A new set of rules have taken effect this week that will make it more difficult for medical debt to damage your credit score, it will also not hurt your chances of qualifying for new credit.

The three credit reporting agencies now have to wait 180 days before putting an unpaid medical bill onto your credit report.  Going back and forth with your insurance company over an outstanding medical bill?  Unpaid medical bills that later get paid by your insurance must be removed from your credit report as well.

This new rule builds additional time between patients and insurance companies to resolve such matters.  Up until this point, there was no grace period and medical debt could appear on your credit report as soon as it was reported as an unpaid debt.  Medical offices tend to do this on their own schedule, sometimes as early as 30 days, while insurers may take longer to fully process claims.

The new waiting period carves out time for patients, their doctors, and insurers to work through legitimate grievances, and makes it harder for unpaid bills to hurt your credit score.  It also allows much-needed time for those suffering from illness and injury to sort out who owes what.

Credit bureaus have taken steps to remove medical bill collections that are less than 180 days old.  One out of five credit reports contain overdue medical debt, according to a 2014 report by the Consumer Financial Protection Bureau. That means 43 million Americans have unpaid medical debt negatively affecting their credit.

If you are on a fixed income or struggling financially, letting the medical provider know you are not able to pay will give them a reason to offer you a discount or be placed on a reasonable payment plan.  If you cannot pay, tell them why you cannot pay.  Some states require hospitals provide free or reduced care to consumers within certain income limits.  Florida is one of these states.

Click here to read more on this story.

Those who have experienced illness or injury and found themselves overwhelmed with medical debt should contact an experienced Miami bankruptcy attorney. In bankruptcy, medical bills are considered general unsecured debts just like credit cards. This means that medical bills do not receive priority treatment and can easily be discharged in bankruptcy. Bankruptcy laws were created to help people resolve overwhelming debt and gain a fresh financial start. Bankruptcy attorney Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Debt Settlement vs. Filing for Bankruptcy: The Pros and Cons

October 3, 2017 Posted by kingcade

If you are having trouble affording your monthly expenses and are in over your head in debt, you may consider reaching out to a debt settlement company to alleviate some of the burden.  The commercials are appealing enough, touting promises of getting your debt negotiated with the lender for a fraction of what you owe.

Here’s how a debt settlement works and some of the risks involved:

The process starts by explaining your financial situation to the debt settlement company. You provide the names of the creditors and the amount you owe. The debt settlement company then gives you an estimate for reducing your debt along with a new lower monthly payment. As advised by the settlement company, you stop paying your creditors and instead send payments directly to the company.

The debt settlement company puts your monthly payments into a savings account. Once the account has grown to a certain amount, the debt settlement company calls your creditors and begins negotiating a settlement.  If the creditor agrees to a settlement amount, the settlement company pays the creditor and assesses a fee for the settlement.

Creditors typically do not settle debts until they are a few months past due, which means if you have not already done so you must stop paying on your accounts and allow them to become past due.  During this time, late payments will be reported to credit bureaus, your credit score will drop and you will begin receiving collection calls.  Late payments will remain on your credit reports for up to seven years and during this time you will have difficulty qualifying for new credit.

Debt settlement companies typically tackle the smallest debts, first which means your larger debts will continue to accumulate interest and additional fees. Add all that interest you are accumulating to the fees and you do not really end up saving much.  If you are unable to meet the terms of the debt settlement, ignore the debt or try and repay the debt and ultimately fail you run the risk of being sued.

Many consumers who have researched debt settlement options should also consider Chapter 7 bankruptcy, which erases credit card balances, medical bills, personal loans and other unsecured debts in three to four months.  Filing for bankruptcy will impact your credit score more than a debt settlement, but it legally erases the debts and prevents creditors from filing a lawsuit against you.

If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Related Resources:

https://www.thebalance.com/the-dangers-of-debt-settlement-960622

http://www.latimes.com/business/la-fi-montalk-20171001-story.html

Millions of Dollars in Foreclosure Assistance Squandered by State Government Agencies

October 2, 2017 Posted by kingcade

According to a new report, state agencies “lumped unnecessary expenses into permitted expenses categories, elevating the risk of fraud, waste, abuse and over-payment throughout the (Hardest Hit Fund) program.”

The Hardest Hit Fund was created in 2010 to assist state housing finance agencies help struggling homeowners facing foreclosure.  More than $7.6 billion was designated for low-income homeowners with the Department of Treasury committing an additional $2 billion to the fund last year.

Any expense the state agencies charged to the program were supposed to be essential to easing loan modifications, according to federal guidelines. The investigation and recent report from the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), found that the 19 housing finance agencies charged $3 million in wasteful and unnecessary spending.

Some of the charges were relatively small, such as TARP gift cards for housing finance employees, balloons and even a TARP piñata. But other charges were unnecessary and extravagant.  Every dollar spent on these items was one less for people desperate to save their homes.

Among the abuses covered in the 2017 SIGTARP audit report for the State of Florida include:

Florida Housing Finance Corporation. At the same time the Florida agency was billing TARP for gifts and $106,774 in bonuses to employees, it was denying TARP relief to homeowners at record rates, according to the report. The agency apparently processed only half the homeowners with incomes under $30,000 who were potentially eligible for loan modifications.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.