Archive for: ‘December 2012’

Walking Away from your Underwater Mortgage Becoming More Socially Acceptable?

December 24, 2012 Posted by kingcade

Five years after the mortgage crisis and the housing bubble burst, more Americans are deciding that it’s okay to walk away from their underwater mortgage payments. In a recent survey conducted by JZ Analytics for ID Analytics, 32% of more than 1,000 respondents said they “believe homeowners should be able to strategically default on their mortgages without any consequences.”

Today, there’s obviously still a social stigma to walking away from an underwater home, given that the other two-thirds of respondents didn’t find it acceptable. In addition to shame and guilt, people also have to face a sense of loss, since most people are emotionally attached to their homes. There are practical considerations, too: the stress of being hounded by collectors, the knowledge that you are ruining your credit, and the possibility of being sued by the lender.

There is also community pressure to avoid foreclosure. Defaults can hurt nearby property values a 2010 study revealed. Despite all of this, attitudes have clearly changed. The idea that only ‘deadbeats’ default on their mortgage payments is a thing of the past. The ID Analytics survey found that 17% of Americans know someone who has strategically defaulted on a mortgage. What’s more, many people now recognize that companies are often able to declare bankruptcy and either shed or restructure their debts without long-term consequences.

To read more on this story visit: http://business.time.com/2012/10/15/is-the-stigma-of-ditching-your-underwater-mortgage-fading/?utm_source=contactology&utm_medium=email&utm_campaign=InChargeInsiderMarch

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.

Three Major Credit Card Issuers to Refund Cardholders $435 Million

December 21, 2012 Posted by kingcade

The Consumer Financial Protection Bureau (CFPB) ordered three credit card issuers, Discover, American Express and Capital One, to refund a collective $435 million to cardholders. Refund dispersion is already underway to a reported six million consumers. The majority of these refunds will show up as credit on the appropriate cardholders’ accounts. If consumers qualify for a refund but are no longer a cardholder, they will receive a check in the mail. Qualified cardholders are expected to receive their refunds by the end of March 2013.

American Express has been ordered to issue $85 million in refunds to 250,000 customers for illegally high late fees and monetary rewards that were promised but never received. Capital One was ordered to issue $150 million in refunds to two million customers for pressuring and misleading them into buying products and services. These services included payment protection and credit monitoring. Discover was ordered to issue $200 million to 3.5 million customers who were coerced into purchasing credit protection products between December 2007 and August 2011.

To read more on this story visit: http://money.cnn.com/2012/12/17/pf/credit-card-refunds/index.html?source=cnn_bin

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.

Economists Forecast Growth in 2013

December 20, 2012 Posted by kingcade

Economists are hopeful for a modest growth in 2013 as the housing market continues to stabilize. The economy saw a 2.2 percent growth during 2012 and economists expect a 2.1 percent growth rate during 2013. Although it is a good sign for economic recovery, it is at such a slow pace that it will not have much effect on the unemployment rate. Economists from the National Association of Business Economics (NABE) say they expect the unemployment rate to level off next year to around 7.7 percent.

Economists have seen a slight stunt in economic growth during the October-December quarter and believe Hurricane Sandy is the cause. The Gross Domestic Product (GDP) or the country’s output of goods and services has sharply declined during this quarter. However, if we go over the fiscal cliff in two weeks, this will likely cause even more damage to the economy. Economists say their anticipated growth rate is based on the hope that the federal government will find a solution to avoid tax and spending cuts.

NABE expects the growth in 2013 to include:

• 165,000 jobs added to the job market
• The inflation rate to increase 1.8 percent
• A 75 percent increase in long-term interest rates

To read more on this story visit: http://www.miamiherald.com/2012/12/17/3145564/economists-forecasting-moderate.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.

South Florida’s Average Mortgage Balance Dropped $3K in a Year

December 19, 2012 Posted by kingcade

According to CreditKarma.com South Florida’s average mortgage balance has dropped $3,000 since last year. Average debt in November 2011 in both Broward and Miami-Dade counties was $198,150 and dropped to $195,274 in November 2012. This is a sign that the economy is slowly improving in South Florida. Credit card debt has also dropped since 2011, on average more than $1,000 per consumer.

Palm Beach and Broward County mortgage banker, Adam Cohn said he has noticed that clients are trying to pay down their mortgages before refinancing. Cohn also said he has seen some couples take out of retirement to pay down their mortgages. The fact that homeowners have become more cautious with their money shows they have learned a lot from their financial mistakes during the recession. The average mortgage amount for new homeowners in South Florida is approximately $200,000.

To read more on this story visit: http://www.sun-sentinel.com/business/blogs/money-sense/sfl-mortgage-balance-drops-20121211,0,6625974.story

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.

House Speaker Proposes ‘Fiscal Cliff’ Negotiation with President Obama

December 18, 2012 Posted by kingcade

Last week House Speaker John Boehner proposed an increase on income tax for American’s making more than $1 million per year. Boehner said he would agree only if President Obama would agree to federal spending cuts. With a little more than two weeks until the fiscal cliff, Republicans are showing signs of flexibility on income tax rate increases for the upper class that they initially dismissed. Before Friday, Boehner publicly insisted that new revenue should come through closing loopholes and limiting deductions.

Experts say this is a good sign that the White House and the House of Representatives are serious about negotiations to avoid going over the fiscal cliff. If a deal is not met by December 31, 2012 spending cuts and tax increases will automatically go into effect. As a result, the U.S. will hit its debt ceiling by mid-February.

To read more on this story visit:
http://www.npr.org/blogs/thetwo-way/2012/12/16/167413853/boehner-floats-tax-rate-hike-for-highest-earners

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.