Credit, Foreclosures, Timothy Kingcade Posts

Florida Receives $3.6 Billion in Mortgage Relief

One of the largest consumer financial protection settlements occurred earlier this year and as a result, Florida homeowners received more than $3.6 billion in mortgage relief.  Between March 1st and September 30th, more than 309,000 borrowers across the nation received some sort of mortgage relief. According to a report by Joseph Smith who monitors the settlement, the average relief per homeowner was about $84,385. As of September 30th, approximately 48,998 Floridians have received relief. On average, Floridians received $73,663, which is about $10,700 less than borrowers in other states.
 
The settlement was between 49 states and the five largest mortgage lenders for a total of $26.1 billion. According to Smith, around $13.1 billion of that relief came in the form of short sales. Banks have cut homeowners’ mortgage balances nationwide by $6.3 billion as a part of the settlement. Refinancing home loans accounted for approximately $1.4 billion. Banks participated in trial loan modifications equivalent to $4.2 billion. Also, as part of the settlement, banks erased $2.6 billion in first-lien loans and $2.8 billion in second-lien loans.
 
To read more on this story visit: http://www.miamiherald.com/2012/11/19/3105335/distressed-florida-homeowners.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

Two Florida Residents Sentenced for Foreclosure Rescue Schemes

Two Florida residents received sentencing on November 5, 2012 for their roles in a foreclosure rescue scheme that left a number of struggling families homeless. Pompano Beach, FL residents, Lisa Wright and Cathy Saffer, were each sentenced to more than 60 months in jail for charges of mail and wire fraud and conspiracy to commit mail and wire fraud. Florida Certified Public Accountant, Barrington Coombs, who was paid to participate in the scheme was also convicted and will receive his sentencing on December 7, 2012.
In the case that was investigated by the FBI, Wright and Saffer operated a company called Foreclosure Solutions Specialists from 2006 to 2009. The two women would seek out homeowners facing foreclosure, claiming the company could help keep homeowners in their homes. Wright and Saffer told homeowners that with their services, their homes would be sold to investors and that the families could remain in them. They also said that eventually they would be able to re-purchase their homes from the investors. Wright and Saffer designed bogus sales to straw buyers who were paid to participate in the scheme, rather than selling the homes to legitimate investors. Their mortgage transactions drew equity out of the homes, which they would keep and eventually the homes went into foreclosure.
U.S. Attorney for the Southern District of Florida, Wilfredo A. Ferrer is encouraging struggling homeowners to be cautious of companies such as Foreclosure Solutions Specialists. Ferrer said, “be wary of those whose promises seem too good to be true,” as more and more fraudsters are being investigated for schemes similar to this one.
To read more on this story visit: http://www.realestaterama.com/2012/11/05/two-florida-residents-sentenced-for-roles-in-foreclosure-rescue-scheme-ID017396.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.

Florida Bar, Timothy Kingcade Posts

Florida Homeowner Finds Family in Her Home the Night Before Closing

Florida has seen its fair share of squatters in vacant homes since the Housing Market Crash, however Michelle Pinder found herself in court with the family living in her deceased mother’s home. The night before Pinder was supposed to close on the sale of her mother’s home, her realtor stopped by to do a final check on the property to find a woman, her daughter and a man living in the home. Ibet Flores Castano, the woman living in the home, presented a lease she signed to rent the home from a man who claimed to own the property. The landlord’s name, phone number and address were all fictitious and Castano claimed she paid the man in cash.
Since the family claimed to have rented the property and has the lease agreement, the judge is hesitant to prosecute the family for any wrongdoing. Legally the family has 40 days before they must vacate the property, however Pinder’s buyers are threatening to walk away from the deal due to the 40-day period and the strange circumstances. By law, citizens in Florida are allowed to take ownership of an abandoned home under two circumstances. First, they must pay taxes. Second, they must have permission from the property’s owner.
To read more on this story visit: http://www.huffingtonpost.com/2012/11/09/michelle-pinder-finds-squatters_n_2100174.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, Timothy Kingcade Posts

Bankruptcy Judge Approves Hostess’ Closing

One of America’s most well known baked goods producers, Hostess, announced its plans to close a couple of weeks ago. Hostess failed to come to an agreement with its workers’ unions prompting the company to ask permission from the courts to liquidate its assets. Judge Robert Drain gave preliminary approval for the company to start selling assets such as its bakeries, brands and recipes.
Approximately 15,000 of the 18,500 employed by Hostess will likely be terminated in the coming days. Main operations for the company have been closed since Friday, November 16th. Investment bankers have said that possible buyers are inquiring various brands and facilities owned by Hostess. Hostess’ CEO said plans to sell off assets would move as quickly as possible. Judge Drain scheduled another hearing regarding a request for approval of bonuses for 19 executives to oversee the liquidation process, equaling $1.75 million.
To read more on this story visit: http://money.cnn.com/2012/11/21/news/companies/hostess-closing/index.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.

Foreclosures, Timothy Kingcade Posts

Florida Holds Highest Foreclosure Rate for Two Consecutive Months

During the months of September and October, Florida’s foreclosure activity reportedly reached the highest in the country. In fact, during these months Florida’s rates were almost double the national average. According to RealtyTrac, one in every 312 homes was involved in the foreclosure process during this time. Nationally, only one in every 706 homes was going through foreclosure. During October, 28,783 Florida homes received a foreclosure notice.
Even though Florida had the highest foreclosure activity rate for two consecutive months, the state’s rates are actually down by 13 percent. In Palm Beach County alone, 1,418 new foreclosure cases were filed in September and 1,124 were filed in October. Experts believe that eventually the state’s foreclosure rates will reach a plateau.
To read more on this story visit: http://www.loansafe.org/florida-post-highest-foreclosure-activity-rate-for-2nd-consecutive-month
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. at www.miamibankruptcy.com.

Credit, Timothy Kingcade Posts

‘Strike Debt’ Movement Aims to Erase America’s Debt

The latest Occupy Wall Street movement, the ‘Strike Debt’ movement consists of a group of professors, documentary filmmakers and corporate dropouts. The group aims to purchase some of the American people’s looming debt. ‘Strike Debt’ held a fundraiser last week at the Le Poisson Rouge nightclub called the ‘Rolling Jubliee.’ Before the event took place, the group had already raised $129,00 through online donations. Since then, the group’s efforts have raised more than $350,000.
In addition to raising funds for American’s drowning in debt, the group has also produced the ‘Credit Resistors’ Operations Manual. The manual explains how to fight and ignore creditors and explains how the credit industry works. While the group remains somewhat controversial, Forbes Magazine praised the movement, calling it an “idea we can all get behind.” The group will start the movement by purchasing medical debt and later move on to student loan and credit card debt.
To read more visit: http://www.nytimes.com/2012/11/14/nyregion/occupy-offshoot-aims-to-erase-peoples-debts.html?src=recg
Or visit: http://www.prwatch.org/news/2012/11/11870/join-rolling-jubilee-“you-are-not-loan”
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.

Timothy Kingcade Posts

JPMorgan and Credit Suisse Settle with SEC for $400 Million

JPMorgan and Credit Suisse will together pay more than $400 million to resolve allegations that they misled investors in mortgage-backed securities, the Securities and Exchange Commission announced Friday. JPMorgan will pay $297 million in the settlement. The lender was charged with misstating information regarding the delinquency status of mortgage loans that were part of a securities offering. They were also charged with allegations related to a 2008 Bear Stearns case where the lender was accused of failing to disclose its practice of collecting cash settlements from mortgages. As a result, they failed to pass on proceeds to the investors who purchased them. Credit Suisse was charged with similar allegations of misleading investors and also with misstatements in SEC filings. The lender will have to pay $120 million.
The banks did not admit or deny the charges against them and allegedly earned millions from the practices. JPMorgan reportedly earned $2.7 million and its investors lost $37 million. Bear Stearns allegedly earned $138 million and Credit Suisse, $55 million from settlement collections. JPMorgan has accumulated a number of problems since acquiring Bear Stearns that have cost the bank between $5 and $10 billion.
To read more on this story visit: http://money.cnn.com/2012/11/16/news/companies/jpmorgan-credit-suisse/index.html?iid=HP_LN
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

Mortgage Rates Fall to New Lows

The housing market continues to show signs of recovery as average rates on fixed mortgages fell to new lows last week. Freddie Mac released that the average rate on 30-year loans fell to the lowest rate since 1971 at 3.34 percent. The rate was down from 3.40 percent the following week. The average fixed mortgage rate on 15-year loans was down from 2.69 percent the previous week to 2.65 percent last week.
Home prices, home sales, home construction and refinancing have all slowly increased this year. The Federal Reserve announced that tight lending standards have slowed down the economy’s recovery process. Chairman, Ben Bernanke said the banks were forced to raise their standards in 2008 after the housing market crashed. He went on to say that if banks would loosen lending standards now that things are improving, the economic recovery would speed up by boosting home sales.
To read more on this story visit: http://www.usatoday.com/story/money/business/2012/11/15/mortgge-rates/1706975/
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, Timothy Kingcade Posts

South Florida’s Unemployment Rates Drop to 2008 Lows

South Florida recently experienced its lowest rate of unemployment since 2008. The combined unemployment claims dropped eight percent during October from the previous year. However, South Florida experienced declining rates of as much as 25 percent during the beginning months of 2012. In Broward County, October’s first-time unemployment was down 12 percent from a previous three-month average. In Miami-Dade, October’s rate was down five percent from the previous year. Another positive sign for the economy is that job growth rates increased during the month of October.
Although the numbers are rising for the job market and unemployment filings are down, economists are disappointed the recovery is not at the speed it was during the end of 2011 and the start of 2012. Many believe the presidential election slowed down the job growth because companies were hesitant to hire during the campaigning process.
To read more on this story visit: http://www.miamiherald.com/2012/11/14/3097754/unemployment-claims-lowest-since.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, Credit, Timothy Kingcade Posts

Hostess Forced to Close its Doors

After failing to reach a deal with the baker’s union, Hostess’ CEO Greg Rayburn said, ‘this is it’ for the baked goods company on Friday, November 16th, 2012. Rayburn reassured Today that this was not a ploy to initiate a negotiation. The company has already suspended operations at its plants and layed off most of the 18,500 workers the company employs. Hostess has asked the court for permission to liquidate its assets, which includes 33 bakeries and 565 distribution centers.
Hostess is most famous for baked goods such as Twinkies, Ding Dongs, Ho Ho’s, Sno Balls, Donettes and the country’s best-selling brand of white bread, Wonder Bread. The company plans to sell its famous brands as part of their liquidation and will continue to sell already-baked products for several more days. The company was forced to permanently close three plants last Monday as a result of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM) strikes. Later in the week, Rayburn said that Hostess did not have the “financial resources to weather an extended nationwide strike.”
To read more on this story visit: http://www.nbcnews.com/business/hostess-maker-twinkies-ding-dongs-says-closing-business-1C7112898
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.