Archive for: ‘February 2013’

Why is the Flood of Bankruptcies Good for America?

February 28, 2013 Posted by kingcade

America has been scrutinized in the past for its mechanisms for clearing its debts. However, the recent wave of bankruptcies and foreclosures are beginning to payoff in America with a recent growth in both consumer and business confidence. Although bankruptcy is a scary thought, America’s bankruptcy courts provide a clean slate for both creditors and debtors. Due to America’s bankruptcy and foreclosure systems, American’s have cut their total outstanding debt levels by more than $1 trillion since the housing crisis of 2008.

Many other countries, particularly European countries, do not operate in this way. In 2011, 1.36 million Americans filed for personal bankruptcy. That is approximately 450 per 100,000 people. A study compiled by a German debt management company showed that in Germany, France, Austria, Finland, the Netherlands and Spain approximately 96 per 100,000 people filed for personal bankruptcy. Unfortunately, these numbers are not the reflection of a better economic environment; it is because many Europeans do not have the option to have their debts cleared.

To read more on this story visit: http://www.marketwatch.com/story/why-a-flood-of-bankruptcies-are-good-for-america-2013-02-06

If you have any questions on this topic or 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.

Zombie Foreclosures: Debt that Won’t Die

February 27, 2013 Posted by kingcade

There is a new foreclosure trend surfacing in the housing market called “zombie foreclosures.” This is where homeowners move out of homes after receiving notice of foreclosure and find out months or even years later that either: the auction never took place or the bank never transferred the deed. If this occurs, the borrower is technically still the owner and still owes property taxes and homeowner’s association fees. Since the housing market crashed in 2008, there are nearly two million foreclosures that have been lingering in the court system but have never completed the foreclosure process.

Analysts estimate that there are tens of thousands of zombie foreclosure cases. Typically, zombie foreclosures occur in low-income areas because the banks have had difficulty selling the properties in these areas. As a result, the banks delay actually taking over the deed to avoid paying property taxes. If this happens to a borrower, it can take years before they find out they still technically own the property. This has been extremely damaging to borrowers who are already suffering, financially.

A number of recent lawsuits have been filed against banks for faulty foreclosure practices. If you find yourself in a similar situation, you should contact a foreclosure defense attorney immediately. You should also contact a community advocacy group such as NeighborWorks America or NCRC.

To read more on this story visit: http://money.cnn.com/2013/02/20/real_estate/zombie-foreclosures/index.html?iid=SF_PF_River

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.

The Housing Market Expected to Spark Economic Growth in 2013

February 26, 2013 Posted by kingcade

Although the housing market crash of 2008 was essentially what started the recession, economists believe housing will spark economic growth this year. Most economists are in agreement that this will be a good year for economic growth and approximately half of those surveyed agreed that housing will be the reason. The other half of economists believe growth will be triggered by a combination of factors such as: consumer spending, an increase in domestic energy production and stimulus from the Federal Reserve. Economic growth is estimated to be about 2.4 percent in 2013, up from a 2 percent growth in 2012.

Economist Keith Hembre believes that new home building will be the strongest growing component of recovery. Hembre said that “supply” and “demand” are more balanced now than in previous years. According to Moody’s Analytics, approximately one million new homes will be built this year. This is a 28% increase from 2012. Home construction will also add more than one million new jobs to the job market. Another good sign for the economy is that home sales were up during 2012. Buyers are returning to the market due to record-low mortgage rates, increasing home prices and a dip in foreclosures.

To read more on this story visit:
http://money.cnn.com/2013/01/27/news/economy/housing-economic-growth/index.html?iid=SF_E_Highlight

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.

One in Four Consumers Have Errors on Their Credit Reports

February 25, 2013 Posted by kingcade

A study conducted by the Federal Trade Commission (FTC) showed that approximately 26 percent of consumers found errors on their credit reports. However, only about five percent of these study participants had errors on their credit report that was damaging to their credit score. The five percent with damaging errors on their credit score are more likely to be denied for loans or have higher interest rates, as a result of the errors. There has been controversy for many years regarding the accuracy of credit reports and the recent study by the FTC made valid points for both sides of the argument. The study followed 1,001 consumers as they checked their credit reports for errors. Those who did find errors were also followed as they disputed the errors. Once the errors were fixed, it tracked how the consumer’s credit score improved.

The best way to avoid damaging errors on your credit report is to keep a close eye on it. You can request a free report once a year from three major agencies: Experian, Equifax and TransUnion. If you find a mistake, you should dispute the error. Unfortunately only 19 percent of credit reports errors are disputed. However, disputing an error is relatively easy, if you use the online features that are available.

To read more on this story visit: http://www.mcall.com/news/local/watchdog/mc-credit-report-errors-watchdog-20130216,0,2700796.column?page=1

If you have any questions on this topic or 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.

5 Quick Fixes for Your Credit Score

February 22, 2013 Posted by kingcade

Mortgage borrowers are struggling to obtain the best rates when purchasing a new home. If your credit score is less than 740, these quick fixes are for you:

1. Pay down credit card balances. FICO scores are the highest for those who carry less than a 20% balance on their credit cards. Most analysts believe paying down credit card balances is the best way to improve your credit score.

2. Fix credit report errors. Many individuals have credit report errors weighing down their scores and have no idea. A common credit report error is a medical collection. You may think your insurance company has taken care of a bill and vise versa. It is vital that you make sure your credit report has no errors.

3. Eliminate disputed accounts. Removing disputed accounts from your credit report is essential to improving your credit score. Disputed accounts appear as a negative item. If you are applying for a conventional loan guaranteed by Fannie Mae or Freddie Mac, these items must be removed.

4. Use an old credit card or apply for a new one. Unused credit cards will not have a positive impact on your score unless you begin using them. It may seem as though it will help your score if you do not use your credit cards, but using them responsibly will improve your score at a much faster pace.

5. Do not close any accounts. Opening new credit cards that are unnecessary and closing unused credit card accounts are equally negative for your credit score.

To read more on this story visit: http://money.msn.com/credit-rating/5-fast-fixes-for-your-credit-score

If you have any questions on this topic or 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.