Archive for: ‘August 2012’

Facing Foreclosure? Rent your Home from the Bank

August 31, 2012 Posted by kingcade

CitiMortgage announced a plan to release a pilot program to help underwater homeowners stay in their homes. The ‘mortgage giant’ partnered with Carrington Mortgage Services LLC and together came up with a Home Rental Program where underwater homeowners could essentially rent their home from the bank as an alternative to foreclosure. The bank has already sold a reported $158 million in mortgages to Carrington to start the program. Bank of America released a similar successful program earlier this year.

The trial program will be offered to 500 homeowners from six states that have the most distressed housing markets: Arizona, California, Texas, Florida, Nevada and Georgia. Rent will vary from market to market, based on local rates.

Eligibility for the program requires homeowners:

• Be ineligible for loan modifications, but ability to make monthly payments
• Have a loan in the pilot portfolio serviced by Carrington
• Occupy the property
• Are underwater on mortgage
• Be delinquent for at least 120 days

CitiMortgage’s hope for the program is to not only aid individual families, but also jumpstart the recovery of the housing market by reducing the amount of vacant homes in neighborhoods. CitiMortgage’s CEO Sanjiv Das said that in order for the economy to recover, homes must be occupied. The Home Rental Program will assist in “neighborhood revitalization and stabilization efforts.”

To read more on this story visit: http://www.cbsnews.com/8301-505145_162-57490022/facing-foreclosure-rent-your-home-from-the-bank/

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.

Mayor Fears Pensions May Bankrupt Titusville, FL

August 31, 2012 Posted by kingcade

One of the many Florida cities facing financial hardship is Titusville, FL. Recently re-elected mayor, Jim Tulley, warned his city that without a reform of city employees’ pensions and other retirement programs, the city would ultimately go bankrupt. Workers unions, particularly representing police officers and firefighters, have been reluctant to agree to any form of restructuring of their pension plans after an earlier agreement promised them a better retirement, but lower pay.

As of October 2010, Titusville’s annual financial reports showed that unfunded liability in the Police Officers and Firefighter’s Retirement Trust had reached $25 million. The unfunded liability in the General Employee’s Retirement Trust had reached $19 million; not to mention, pension costs are going up. Other forms of retirement programs are costly as well, such as health insurance. The annual financial report showed the cost of other unfunded liability for retirees to be $44 million.

Titusville’s financial director, Bridgette Clements, said the city is not at immediate risk for defaulting, but must take precautionary actions for the future. Other cities throughout the country, such as Stockton, CA, have already gone bankrupt largely due to pricy pensions and other benefits for city employees.

After six months and no progress made in the negotiations, the city declared an impasse last week with police, firefighter and general employee unions. Mediators will now come in to help determine the best plan of pension reform for the city. The mayor said that without reform, the city’s residents will endure problems on a larger scale and the quality of life will go downhill.

To read more on this story visit: http://www.floridatoday.com/article/20120819/NEWS01/308190051/Mayor-Pensions-might-bankrupt-Titusville

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.

Housing Market Improves a bit this Summer

August 27, 2012 Posted by kingcade

July turned out to be a positive month for the housing market. Existing home sale and unit sale percentages significantly increased. From June to July existing home sales rose 2.3 percent and unit sales increased from 4.37 to 4.47 million according to the National Association of Realtors. Experts said these are all positive signs for both the housing market and the economy. The NAR attributed the improvement to two factors: the lowest interest rates since before the housing market crashed and a stable increase in the job market.

Although the numbers from July 2012 compared with 2011 are optimistic, senior economist at the Royal Bank of Scotland, Michelle Gillard, said she anticipates a gradual recovery for the housing market. Unit sales rose 10.4 percent from July 2011 to July 2012. Another positive sign for the economy is the prices of homes are also on the rise. The average price has increased 9.4 percent since last summer.

The housing market is still facing obstacles such as tight lending standards and lessening housing inventory due to sporadic foreclosure waves. The National Association of Realtors has requested that the government rapidly turn over foreclosed properties, in an attempt to speed up the recovery.

To read more on this story visit: http://economywatch.nbcnews.com/_news/2012/08/22/13413991-housing-market-improved-a-bit-in-summer?lite

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.

California State Bar Passes Rule to Suspend Delinquent Taxpayers’ Licenses

August 16, 2012 Posted by kingcade

The California State Bar recently adopted a rule that reserves the right to suspend an attorney’s license to practice law in the State of California if the attorney owes a large delinquent tax liability. The rule only applies to attorneys who are on the list of 500 largest tax delinquents who owe more than $100,000 in back taxes. The California State Bar plans to serve notice of suspension as soon as the Board of Equalization (BOE) or the Franchise Tax Board (FTB) releases the list of names. The FTB releases a list of the 500 largest tax delinquents two times per year, in April and October.

The Bar will give attorneys a 90-day grace period. The attorneys will be able to make arrangements for current cases or settle with state taxing entities before their license suspension will go into affect. Suspension may also apply to other occupational licenses and drivers licenses. The California Family Code section has an existing code that suspends or denies professional or occupational licenses to delinquent child support payers.

To read more on this story visit: http://morganking.com/Tax_Exhibits_2011/B%26P%20494.5/B%26P%20494.5%20combined.pdf

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.

Gold Medalist Ryan Lochte’s Parents Face Foreclosure

August 16, 2012 Posted by kingcade

U.S. Olympic swimmer and two-time gold medalist Ryan Lochte’s parents are facing foreclosure. The Lochte’s are being sued by their mortgage lender, CitiMortgage, for foreclosure on their Port Orange, Florida home. The foreclosure suit was filed in May 2012 on a 2007 mortgage. The bank is hoping to recover $250,000 from Steven and Ileana Lochte.

Lochte’s parents divorced last year after 36 years of marriage and have recently been in London watching their son compete. Lochte has won a total of five medals for the U.S. Ileana hired an attorney and in July she filed a motion to dismiss the foreclosure proceedings. She reported to ABC News that none of her children knew about the foreclosure suit.

To read more on this story visit:

http://www.huffingtonpost.com/2012/08/05/ryan-lochtes-parents-face_n_1743686.html

http://abcnews.go.com/Sports/ryan-lochtes-parents-face-foreclosure-port-orange-fla/story?id=16930499#.UCE-xWjl3zI

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
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