Foreclosures, Timothy Kingcade Posts

Bank of America Offers Principal Reductions to Underwater Homeowners

Bank of America recently announced that homeowners underwater on their mortgages will soon be receiving relief in the mail. The first wave of letters will be mailed out by the third quarter of this year to some 200,000 homeowners who may qualify for a principal reduction on their mortgages. Homeowners who qualify will save an average of 30% monthly on their mortgage or a total of about $150,000.
The homeowners who qualify must meet the following criteria:
1. They must be underwater on their mortgage.
2. They must be 60 days delinquent as of January 31, 2012.
3. Their monthly payment combined with insurance and other fees must account for 25% of their gross monthly income.
4. Their loan must be held by Bank of America, not a federally backed lender.
In March, Bank of America started a trial program for principal modifications for about 5,000 underwater homeowners. The bank disclosed that of these 5,000 homeowners, the combined savings reached approximately $700 million in just a few short months. Bank of America views this move as a way to hold up to their end of the settlement reached earlier in the year with the government as a result of the robo-signing scandal. Although the principal reductions are expected to relieve homeowners of much of their debt, it might also end up diminishing their credit scores. FICO spokesman, Anthony Sprauve said that as of now it is ‘undetermined how the reductions will be reported.’
To read more on this story visit: http://moneyland.time.com/2012/05/09/behind-on-your-bank-of-america-mortgage-relief-may-be-in-the-mail/
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

8 Tips to Improve Your Credit Score after Bankruptcy

Thoroughly examine your credit score post bankruptcy. You want to make sure that creditors know the debt that you were relieved of has been wiped clean from your credit report. The items should have a “BK” notation next to them to show you were relieved of them.
2. Re-examine your credit score several times, because even after your debts are discharged, it may take some time for this to reflect on your credit report.
3. Create a strict budget for yourself. Review your finances several times per week to ensure you are sticking to your budget.
4. Do not avoid applying for new credit; in fact, responsible credit spending is a great way to begin building up your credit score.
5. Set up automatic payments for your cable, Internet and phone bills, so you do not miss your payment due date. Again, watch your finances closely so that you know when money will be coming out of your account.
6. Student loan payments are a top priority. Student loans are not discharged after filing for bankruptcy and paying these timely can be an excellent way to improve your credit score.
7. Pre-paid credit cards can be a great way to improve your credit score if you are having trouble getting approved for a non-secure credit card. Be very cautious of companies that have high annual charges.
8. Defaulted loans are not the only item that impacts your credit score. Having your credit cards to the max will have a negative effect on your score in the same way. Bottom line: Never max out your credit cards.
To read more on this story visit: http://articles.marketwatch.com/2010-08-26/finance/30762498_1_credit-report-filings-credit-rating/2
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, 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, P.A. at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

The Federal Housing Finance Agency Releases its Goals for 2013-2017

The director of the Federal Housing Finance Agency, Edward J. DeMarco, released a rough draft of the goals the Agency has set to construct a more efficient and effective housing finance system. The FHFA is the agency created by the merging of the Office of Federal Housing Enterprise Oversight, Federal Housing Finance Board and the government sponsored enterprises mission office. The FHFA was created after the 2008 Housing and Economic Recovery Act, and has acted as a regulator for the GSE’s such as Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
Below are the FHFA’s strategic goals for 2013 – 2017:
1. Safe and sound housing GSEs
2. Stability, liquidity, and access in housing finance
3. Preserve and conserve enterprise assets
4. Prepare for the future of housing finance
The FHFA will create a safer housing finance system for Americans, not by directing day-to-day operations, but by setting boundaries and expectations for the GSEs. The FHFA plans to monitor the actions of the Enterprises through on-site examinations and program reviews.
To read more on this story visit: http://stopforeclosurefraud.com/2012/06/14/fhfa-strategic-plan-2013-2017-preparing-a-foundation-for-a-more-efficient-and-effective-housing-finance-system/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ForeclosureFraudByDinsfla+%28FORECLOSURE+FRAUD+%7C+by+DinSFLA%29
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com

Bankruptcy Law, Credit, Timothy Kingcade Posts

New Credit Scoring System, ‘The Extended View’ Released to Aid the Poorest of Consumers

“The Extended View” launched by Experian is a new credit scoring system that has the potential to bring as many as 64 million Americans without a credit score, back into the lending fold. The new system will help the poorest of consumers, taking into account the traditional credit scoring system. The Extended View will look at factors such as rental payment history, payday loan repayment history, missed child support payments, financial histories and public records. The scale will be similar to the one used by VantageScore which ranges from 401 – 900.
The president of Experian Consumer Information Services reported that approximately 15 lenders, both large and small were already considering using The Extended View scoring system. The lenders range anywhere from banks and auto lenders- to telephone and utility providers. Studies show that the number of ‘underbanked’ Americans will grow in the coming years, which is most likely the reason lenders are considering the new system. The system will allow a lender to request an “Extended View” score if the consumer has no traditional credit score.
To read more on this story visit: http://www.huffingtonpost.com/2012/06/14/experian-new-credit-score-extended-view_n_1596943.html
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, 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, P.A. at www.miamibankruptcy.com

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

NY Attorney General Eric Schneiderman Proposes New Bill to make the act of Robo-Signing a Felony

On June 13, 2012 New York Attorney General, Eric Schneiderman announced his proposal of a new bill that will help protect New York homeowners from being forced out of their homes. The bill will introduce legislation to make robo-signing and other fraudulent acts commonly used by banks and lenders, a felony with criminal penalties, including jail time and monetary fines. The bill will extend not only to employees who engage in the fraudulent acts, but also to the managerial staff who oversees the acts. The legislation will make the act of robo-signing a class E felony for anyone involved, which is punishable with up to four years of jail time in a state prison. The filing of false documents to a court will be considered a class ‘A’ misdemeanor, which is punishable with up to a year of jail time or a $1,000 fine.
Attorney General Schneiderman was appointed earlier in the year as the Chair of President Obama’s New Mortgage Crisis Unit. Backed by numerous foreclosure advocates, Schneiderman has made successful headway for homeowners by announcing the $130 million settlement between the government and the five large banks in February. A month later he announced that $15 million from the settlement would be used to fund various foreclosure prevention programs and $6 million would be used to fund community renewal programs.
“For many middle class New Yorkers, their life savings is in their home. To take away people’s homes under fraudulent circumstances is a crime deserving of jail time,” said Attorney General Schneiderman.
To read more on this story visit: http://www.wbng.com/news/state/Schneiderman-Introduces-Legislation-to-Protect-New-Yorkers-From-Foreclosure-Fraud-159051485.html
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com

Bankruptcy Law, Credit, Florida Bar, Foreclosures, Timothy Kingcade Posts

BANKRUPTCY ATTORNEY TIMOTHY S. KINGCADE RECEIVES PRESTIGIOUS ‘AV PREEMINENT’ RATING FROM MARTINDALE-HUBBELL

MIAMI – Kingcade & Garcia, P.A. (www.miamibankruptcy.com) is pleased to announce that Managing Shareholder, Timothy S. Kingcade recently received an AV rating from LexisNexis Martindale-Hubbell. An AV rating is the highest level of professional excellence and ethical standards an attorney can receive.
“I am honored to have received the AV rating from Martindale-Hubbell,” said Timothy S. Kingcade. “This is a testament to the commitment that I make to each and every one of my clients and the ethical standards we uphold as a law firm. It is gratifying to know that my colleagues respect and acknowledge my legal abilities and the continued dedication to my clients.”
The AV rating attained by Timothy is the preeminent rating, achievable only after admission to the bar for at least ten years, indicating the highest level of legal ability and ethics. This rating indicates that an attorney’s colleagues and the judiciary perceive him to be at the pinnacle of professional success. LexisNexis Martindale-Hubbell conducts peer review ratings throughout the country in an effort to identify lawyers with the highest legal ability and ethical standards.
The General Ethical Standards rating denotes adherence to professional standards of conduct, ethics, reliability and diligence. The Legal Ability ratings are based on performance in five key areas, which include: Legal knowledge, analytical capabilities, judgment, communication ability and legal experience.
Attorney Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 filings and foreclosure defense cases for the Southern District of Florida. As an experienced CPA as well as a proven bankruptcy attorney, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws, which protect them and achieve desired results.
Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy Kingcade in 1996. The firm represents clients throughout Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care. All partners and associates at Kingcade & Garcia, P.A. specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.

Foreclosures, Timothy Kingcade Posts

40 Million Underwater Homeowners Consider Turning to a Mortgage Strike

Due to the banks failure to compromise with underwater homeowners, groups such as the Home Defenders League and the recently created, Mortgage Origination & Securitization Abuses unit, may end up encouraging a mortgage strike. Statistics prove that even if a portion of the 40 million homeowners participate in the mortgage strike, this could cost banks more than a trillion dollars. Even if a mortgage strike is not the necessary step, underwater homeowners represent about 18% of all voters in America, which provide enough ability to influence policies and policy makers if they ban together.
Corporations such as the Mortgage Bankers Association have participated in this form of “strategic defaulting” in the past when their office building values have plummeted. If policy makers are unable to make the necessary changes to help homeowners, a mortgage strike might be the one method to force a negotiation with the banks.
To read more on this story visit: http://www.huffingtonpost.com/rj-eskow/40-million-strong-underwa_b_1579824.html
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com

Credit, Foreclosures, Timothy Kingcade Posts

Whistleblower Lynn Szymoniak’s Bank Unsure of Payoff Figure

Lynn Szymoniak is most well known for her investigative work in the $95 million settlement between the major banks and the government for fraudulent acts in foreclosure proceedings. The government recently awarded Szymoniak $18 million for her help in the case. Szymoniak planned to use her portion of the settlement to pay off her own mortgage and fund non-profit organizations for foreclosure victims. However, when Szymoniak went to her bank to find out the outstanding amount of her loan, American Home Mortgage Servicing and Deutsche Bank were unable to answer her questions.
After receiving the runaround for two months, Szymoniak decided to file a pleading with the court. The judge ordered the bank to give her the total amount within seven days. The bank’s attorneys asked for a five-day extension but when they came back to her with an amount of $1.4 million, Szymoniak said this was approximately $250,000 more than the bank’s attorneys told her in February of this year that she would owe.
To read more on this story visit: http://www.huffingtonpost.com/2012/06/08/home-mortgage-raised-foreclosure-banks_n_1582047.html
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com

Foreclosures, Timothy Kingcade Posts

Missouri Woman Wins $31 Million for Blowing the Whistle on Citigroup

Sherry Hunt of O’Fallon, Missouri started at Citigroup as Vice President of Mortgages in late 2004. As someone who worked in the mortgage business for many years, Hunt quickly recognized the shortcomings of the mortgage processing at Citigroup. In 2007, her sector of the company reported that about 60% of the mortgages being processed were defective. In Hunt’s report, it stated that much of the documentation from the buying and selling of mortgages was missing. After confronting her boss about this, Hunt did not notice much change in the process. Attorneys for Citigroup began questioning Hunt and she began keeping personal records on a spreadsheet at home.
In 2008, Hunt was transferred to the quality control group at Citigroup. It was there that Hunt recognized even more wrongdoings by her company. Hunt saw that her team shipped questionable loans, with issues such as forged signatures, whited-out income lines on tax forms and misspelled bank names on borrower bank statements. Hunt reached her breaking point in 2011 when a supervisor called her into his office to say that, “her ass was on the line” if the defect numbers did not decrease. At this point, Hunt decided to take advantage of the Dodd-Frank rule and blow the whistle on Citigroup.
Hunt followed all of the necessary steps that she researched, knowing there was a slim chance she would receive help from the federal government. She hired a lawyer and decided to file a false-claims complaint against Citigroup. Almost six months later U.S. Attorney Preet Bharara, who was going to assist her in her suit against Citigroup, contacted her. Ultimately, Citigroup admitted wrongdoing, settled with the Justice Department and Hunt collected $31 million.
To read more on this story visit: http://www.businessweek.com/news/2012-05-31/woman-who-couldn-t-be-intimidated-by-citigroup-wins-31-million#p5
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com

Credit, Timothy Kingcade Posts

Bank of America Settles with the SEC for Lying to Shareholders

Bank of America announced its plan to merge with Merrill Lynch in 2008, admitting that there would be a small loss in the beginning. As the deal was closer to becoming official, Merrill Lynch was taking major profit hits as high as $7.5 billion in one month. After internal emails were disclosed, it revealed that Bank of America executives knew of these outrageous profit losses and downplayed them to its shareholders. At one point, Bank of America ordered Merrill Lynch to sell off assets to compensate for the profit losses, knowing that this would decrease the value to its shareholders.
Four days later, shareholders met and approved the merger. At the meeting, the CEO at the time, Kenneth Lewis knowingly made inaccurate statements to persuade the shareholders to approve the merger with Merrill Lynch. Just days after the approval, Bank of America’s attorneys prepared documents to back out of the merger due to “new financial woes.” After shareholders learned of the financial crises going on at Merrill Lynch, stock in Bank of America dropped at excessive rates. The bank did not claim wrongdoing but settled with the SEC for $150 million.
To read more on this story visit: http://stopforeclosurefraud.com/2012/06/04/how-bank-of-america-execs-hid-losses-in-their-own-words/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ForeclosureFraudByDinsfla+%28FORECLOSURE+FRAUD+%7C+by+DinSFLA%29
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, 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, P.A. at www.miamibankruptcy.com