Foreclosures, Timothy Kingcade Posts

Trend Watch: Foreclosure-related home sales drop in First Quarter

Sales of South Florida homes in foreclosure declined in the first quarter, as buyers struggle to find properties in an improving housing market. Broward County had 3,157 foreclosure-related sales from January through March, down 3 percent from a year earlier, according to RealtyTrac Inc. In Palm Beach County, there were 2,704 sales, 13 percent lower than a year earlier. While distressed sales are down, prices are up. The average price of a foreclosure home in Broward during the first quarter was $139,988, an increase of 14 percent from a year earlier. In Palm Beach County, the average price jumped 21 percent to $136,196.

Click here to read more about the decline in foreclosure-related home sales.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website, www.miamibankruptcy.com.

Bankruptcy Law, Timothy Kingcade Posts

Myth vs. Fact: 5 Bankruptcy Myths Revealed

While many people assume that people who file for bankruptcy cannot resist the temptation of using credit cards or are self-proclaimed shopaholics, most people who file for bankruptcy do so for other reasons. Below are some of the myths surrounding consumer bankruptcy filings:

1.) People who file for bankruptcy are financially irresponsible. Those who typically file for bankruptcy fall into three categories: they have either lost their job, are going through a divorce or suffering from a serious illness and have insurmountable medical debt.
2.) Bankruptcy discharges all past debts. Not all debts are discharged from bankruptcy. If you have domestic support obligations (i.e. – alimony or child support), those cannot be removed under any circumstances. If you have to pay restitution because of a crime, this debt cannot be discharged. Finally, as a result of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, student loan debts cannot be discharged unless you can prove undue hardship, such as a permanent disability.
3.) If you spend recklessly before bankruptcy, you will not be liable. Some people assume that just because they are getting ready to file bankruptcy they can go out and run up new debt. Courts have ruled this as fraud and it’s unlikely you will get away with this type of spending prior to filing bankruptcy.
4.) Bankruptcy permanently ruins your credit. People who file for bankruptcy are often surprised at how quickly they start accumulating credit card offers in the mail. In fact, usually in about six to twelve months you will be eligible for a regular credit card.
5.) Bankruptcy is a cure-all. Before filing, applicants are required to go to credit counseling, during which the counselor may explain other options like negotiating a payment plan with creditors. It’s important to take what you learn from this session so you do not make the same mistakes twice.

Click here to read more on some popular bankruptcy myths.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

South Florida Falls to Number Three in National Foreclosure Rankings

According to RealtyTrac Inc., Palm Beach, Broward and Miami-Dade counties fell from number one to number three in the foreclosure rankings. One in every 269 homes in the tri-county region was in some stage of foreclosure last month, RealtyTrac reports. South Florida had 9,127 total filings in April, up slightly from a year earlier, but new cases declined by 35 percent, said Daren Blomquist, a spokesman for RealtyTrac. More than 24,600 Florida homes were in the process of foreclosure last month, down slightly from a year earlier, according to RealtyTrac. Florida had the top foreclosure rate for six months in a row until being surpassed by Nevada in March.

The decline can be attributed in part to lenders getting caught up with delayed foreclosures and banks pushing through the backlog. Florida lawmakers have also passed a bill that would speed up the foreclosure process, forcing homeowners to respond more quickly to filings and giving homeowners’ associations more power in process. Opponents of the bill argue that it will strip homeowners of their rights and favors the banks, who have been accused of engaging in questionable foreclosure practices.

Click here to read more about South Florida falling to number three in the national foreclosure rankings along with new legislation aimed to speed up the foreclosure filing process in Florida.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website, www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

South Beach Hot Spot Foreclosed on this Month

A final judgment of foreclosure has been entered against the Shore Club on Collins Ave. in Miami Beach. The once local hot spot and celebrity hangout has struggled to regain its financial footing since the recession. It is reported that more than $164 million is owed on the property. An online sale of the 309-room hotel has been set for June 25, 2013.

Morgans Hotel Group, which operates the Shore Club as well as the Delano and Mondrian in South Beach, released a statement saying that it “remains committed to managing the hotel to the standards our guests have come to expect.”

Click here to read more about the Shore Club being foreclosed on this month.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website, www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Many Florida Homeowners still Underwater as Government Aid Runs Out

Now in its third year, the Hardest Hit Fund in Florida has served only about 15 percent of the 40,000 homeowners who have applied for help. Once this aid runs out, underwater homeowners are left to find adequate employment or continue struggling with mortgages far bigger than the value of their home. Although the Hardest Hit Fund is a federally funded program, each state decides how to use the money. In Florida, state officials have given principal reductions a high priority.

Since unveiling the state’s version of the Hardest Hit Program in 2010, the Florida Housing Finance Corp. has spent $108.8 million in assistance and an additional $25 million on administration and counseling, according to a first-quarter report released last month by the corporation.

Florida’s handling of the federal program has been criticized for focusing on mortgage modifications and interest-rate reductions more than on principal reductions. The country’s five-largest lenders — Bank of America, Wells Fargo, Ally/GMAC, Citi and Chase — agreed to fund the program as part of a settlement related to allegations that they had dealt in illegal mortgage documents. However, according to the Treasury report, only Citi has forgiven the principal of borrowers not in foreclosure.

The Florida program has also managed to serve homeowners who make more than the local median income. Though about 90 percent of the funds have gone to homeowners with annual incomes of $50,000 or less, about two dozen recipients of aid had incomes of at least $90,000 a year, according to the Florida Housing Finance Corp.’s quarterly report.

Click here to read more on how Florida homeowners are still ‘underwater’ as government aid runs out.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website, www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Capital One Credit Card Delinquencies Decline Last Month

Capital One Financial Corp. reports its U.S. credit-card delinquencies fell in April from March. Its international credit card business also showed a decline. Capital One’s 30-day delinquency rate for U.S. credit cards fell to 3.14% in April from 3.37% the prior month, according to a filing with the Securities Exchange Commission. Auto-loan delinquencies remained flat at 5.58%.

To read more on the decline in Capital One Credit Card delinquencies click here.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

The 4 BEST Credit Cards for BAD Credit

It’s almost impossible to get around these days without a credit card. However, if you have poor credit, you are probably concerned you will not qualify for a card or the interest rates, penalties and fees will make it too difficult. Fear not, those individuals with poor credit (a credit score below about 640-660) should consider the below cards- which are not only easy to qualify for, but if used properly can help boost your credit score.
Capital One Secured MasterCard. This card reports automatically to all 3 credit bureaus. This is a real credit card, not a prepaid card. You can increase your line of credit without increasing your refundable security deposit, and you can get up to a $3,000 line of credit. There are no processing or application fees. You can also utilize tools to track your credit score. No balance transfer fee. $29 annual fee.

American Express Prepaid Card. This prepaid card doesn’t affect your credit score since it doesn’t report to any of the credit bureaus. With this card, you can load up to $2,500 to your card. You can order up to 3 American Express Prepaid cards. All your prepaid cards will benefit from roadside assistance and purchase protection, as well as excellent customer service. No annual fee.

PASS Card from American Express. This prepaid card is mainly for parents to get for their teenage children so that they can learn to use a card to pay for their purchases and always have some money handy. You can reload this card whenever you want or schedule reloads, such as monthly or weekly for your child’s allowance. This card will give your teen special access to entertainment events, as well as purchase protection and roadside assistance. No fraud liability. No annual fee.

BuyRight Prepaid MasterCard. This card requires no credit check. You can enjoy the online billpay feature that will allow you to pay your bills, checks and rent online. You must pay a $9.95 activation fee to use your card for the first time. This card allows you to earn rewards when spending at Starbucks, purchasing iTunes, RedBox, prepaid cell phone minutes and more. There is a $7.95 monthly fee.

Click here to read more on the four BEST credit cards for bad credit.

If you are looking to rebuild your credit history, it is recommended that you apply for Capital One Secured MasterCard as it reports monthly to the three major credit bureaus in the U.S. The key with this card is to pay your bill on time and maintain your account balance well below the credit limit.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Timothy Kingcade Posts

Study Finds People Diagnosed with Cancer More Likely to Declare Bankruptcy

According to a recent study from Fred Hutchinson Cancer Research Center, people diagnosed with cancer are more than two-and-a-half times more likely to declare bankruptcy than those without cancer. Researchers also found that younger cancer patients had two- to five-fold higher bankruptcy rates compared to older patients, and that overall bankruptcy filings increased as time passed following diagnosis.

“This study found strong evidence of a link between cancer diagnosis and increased risk of bankruptcy,” the authors of the study wrote. “Although the risk of bankruptcy for cancer patients is relatively low in absolute terms, bankruptcy represents an extreme manifestation of what is probably a larger picture of economic hardship for cancer patients.” Medical debt is one of the main causes of filing for bankruptcy. In fact, it’s a contributing factor in more than half of all bankruptcy filings. This study raises important questions about the factors underlying the relationship between cancer and financial hardship.

Click here to read more about the study that links cancer diagnosis to an increased risk of filing for bankruptcy.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Obama’s Latest Student Loan Policy Faces Scrutiny as Student Borrowing Costs Increase

A nonpartisan government report has shown that the Department of Education is forecasted to earn a record $51 billion profit off student borrowers this year. The Huffington Post highlighted the estimate by the Congressional Budget Office, which showed that the Education Department was forecast to report higher earnings this year than Exxon Mobil and nearly as high as those of the four biggest U.S. banks combined!

Congressional Democrats are scrutinizing President Obama’s latest student loan policy and urging for structural reforms. One member of the House of Representatives stated, “We don’t see students or their parents as profit centers, and we don’t think it’s an appropriate concept to be acting like a market-driven bank here.”
The increasing gap between what students and families pay to finance a college education and what the U.S. government pays to borrow has led to record profits for the Treasury. President Barack Obama’s plan, features lower rates than the House Republicans’ plan, though unlike the Republicans’ plan it does not cap interest rates in case the U.S. government’s borrowing costs rapidly increase. The president’s plan would expand a program signed into law by George W. Bush that would tie monthly repayments of federal student debt to borrowers’ income. However, that part of Obama’s proposal was not seriously pursued during the education committee meeting.

To read more about President Obama’s latest student loan policy and the exorbitant amount of student borrowing costs, click here.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Florida Homeowners Could Recover $19 Million in Wells Fargo Class Action Settlement

A class action case brought on behalf of thousands of homeowners across the state alleges that they were subjected to so-called force- or lender-placed insurance through their Wells Fargo Bank Mortgages. As many as 24,000 Floridians- many in Broward and Palm Beach counties- were assessed excessive premiums with QBE Insurance after being “forced” into coverage with the insurer when either their mortgages were deemed in default or their homeowners’ policies were determined to have lapsed, plaintiffs’ attorneys alleged. The class-action case was originally certified in July 2012 and scheduled for a July 2013 trial.

According to court documents, members of the class paid insurance premiums amounting to about $77 million. If it’s approved, class members who paid the QBE premiums will get back 25 percent of what they paid. Those who were charged but did not pay will receive a credit equal to 25 percent of the charges they were assessed toward their mortgage balance. Plaintiffs’ attorneys will send letters to the homeowners who are eligible for the settlement, if it is approved. They have also set up a website, www.fpilitigation.com, to process claims.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website, www.miamibankruptcy.com.