Archive for: ‘October 2012’

Foreclosures Expected to Deter Thousands of Voters in Upcoming Election

October 30, 2012 Posted by kingcade

Thousands of foreclosure victims are expected to be absent from the polls next week, according to a study published by the University of California. The study showed that voter turnout was lower during the election in 2008 in areas struggling with higher foreclosure rates.

In every state, voter registration is tied to residency, but states vary in how a voter must establish their residency and re-register to vote. With some 1.3 million homes in some stage of foreclosure as of August 2012 and with approximately 3.8 million foreclosures already complete since September 2008, according to the market research firm CoreLogic, foreclosures could keep hundreds of thousands of voters away from the polls.

Swing states such as Ohio and Florida are also the hardest hit foreclosure states. Many voters are reportedly angry by the lack of discussion about the housing market problems by the candidates during their campaigns. This might also serve as a reason for low voter turnout by those affected by foreclosure.

To read more on this story visit: http://www.foxbusiness.com/personal-finance/2012/10/25/foreclosures-expected-to-deter-thousands-voters/

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.

Bank of America Sued for $1 Billion by Federal Government over Mortgage Losses

October 29, 2012 Posted by kingcade

Last Wednesday, the federal government filed a civil lawsuit against Bank of America Corp. The lawsuit alleged that Bank of America misrepresented the quality of loans it sold to Fannie Mae and Freddie Mac, costing the federal government $1 billion in losses. The government is suing Bank of America under the Federal False Claims Act, which has become a popular tool for prosecutors seeking to hold banks accountable for alleged mortgage misdeeds and calls for triple damages when the government can show taxpayers were ripped off.

The government alleges Countrywide, which Bank of America acquired in 2008, dismembered quality control and checks on loan quality from 2007 to 2009, in a process called “the Hustle” that aimed to boost the speed at which it originated and sold loans to the companies. This procedure was created to speed up the selling process of mortgage loans. Wednesday’s suit was also brought under a federal statute known as the Financial Institutions Reform, Recovery and Enforcement Act, which was enacted in 1989 following a wave of bank failures triggered by the savings-and-loan crisis. This action isn’t Bank of America’s first False Claims Act suit. In February, Bank of America agreed to a $1 billion settlement of False Claims Act fraud allegations tied to Federal Housing Administration-backed loans brought by the Eastern District of New York. The bank settled without admitting wrongdoing.

To read more on this story visit: http://finance.yahoo.com/news/u-s–sues-bofa-for–1-billion-over-mortgage-losses-24401588.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.

Property Insurance Rates Greater Concern for Florida Homeowners than Property Taxes

October 26, 2012 Posted by kingcade

A nonpartisan organization, Leadership Florida, recently released a survey that found 46 percent of Floridians say property insurance puts a greater stress on their finances than property taxes. In 2008, 36 percent of Floridians found property insurance was a greater stress on their finances and 31 percent cited property taxes.

Since 2008, property taxes have decreased along with property values due to the housing market crash; however, property insurance costs continue to rise. Many insurers have requested rate increases in the double-digit range in 2012, which have been approved. The growing rates could result in a political liability for Florida lawmakers in upcoming elections.

To read more on this story visit: http://www.heraldtribune.com/article/20121021/ARTICLE/310219990/-1/sports?p=all&tc=pgall&tc=ar

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.

Home Construction on the Rise

October 25, 2012 Posted by kingcade

Home construction is on the rise in the U.S., which is good news for economic growth and recovery. The Commerce Department reports home construction rates during September were the highest seen in four years. The steady growth is due to record low mortgage rates, reduced home prices and a shortage of homes for sale on the market. Single-family home construction increased 11 percent in September and apartment construction increased 25.1 percent. Overall new construction has increased more than 38 percent in the past 12 months.

A rise in home construction rates will help boost the economy, not only from a housing market standpoint, but it will also create more jobs in construction, home improvement and retail. Employment in the construction industry took a major hit after the recession, dropping from six million employed in June 2009 to 5.46 million in January 2011. Housing is one of the most important contributors to economic recovery and economists expect the housing market will continue to improve for the next several years.

To read more on this story visit: http://www.wrex.com/story/19841616/us-housing-construction-up-15-percent-in-september.

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.

Housing Crisis Goes Unmentioned in Presidential Debates

October 22, 2012 Posted by kingcade

The housing crisis is widely considered the reason for the recession that hit the U.S. economy hard in 2007. However, President Obama and Governor Romney have avoided mentioning their plans for the future of the housing market during their recent presidential debates. The silence from the candidates is especially shocking considering the hardest hit states are also the battleground states such as Florida, Nevada and Ohio.

The plans and programs implemented by the President Obama administration have been slow to make headway. President Obama has been scrutinized for the slow pace of the improving conditions. Economists believe this is the reason the housing market has gone unmentioned by both candidates because Governor Romney’s plan for improving the housing market has many similarities to Obama’s. The third and final debate will take place this evening in Boca Raton, FL, but it is unlikely the housing market will be mentioned. The primary focus will be on foreign policy.

To read more on this story visit:
http://www.sfgate.com/business/networth/article/Obama-Romney-skip-housing-in-debates-3957782.php#page-1

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.