Archive for: ‘July 2013’

Victims of Mortgage Fraud Refuse to Cash Small Settlement Checks

July 24, 2013 Posted by kingcade

Checks sent to foreclosed homeowners are going un-cashed, another sign that the government’s national foreclosure settlement is falling short of its promised impact. 4.2 million checks have been distributed to foreclosed homeowners. The majority of those checks were just $300 each. A review by the Independent Foreclosure Review (IFR) suggested that almost a quarter million Americans lost homes under false or illegal pretenses and that about 1.2 million borrowers had to defend against wrongful foreclosure acts.

The latest evidence revealed in June 2013 confirms the housing industry is continuing to prey on borrowers.
Authorities recorded approximately 60,000 official complaints in just six months about bank actions that violate the mortgage settlement back in June. In addition, Bank of America was caught using sales tactics in their solicitation mailers that are illegal. Individual horror stories about wrongful foreclosures continue to crop up across the country.

Click here to read more on victims of mortgage fraud refusing to cash settlement checks.

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.

Tempted to pay off your Student Loan Debt with Credit Cards? Read this First

July 23, 2013 Posted by kingcade

With Federal student loan interest rates doubling to 6.8% and private loans averaging between 8% and 12%, some graduates are contemplating paying off their student loan debt with credit cards. This can look like a good option with the amount of credit cards offering rewards points, low to no interest rates for a year, etc. And unlike student loan debt, credit card debt can be discharged in bankruptcy court. Sounds tempting, right? Well, let me tell you why this is a bad idea.

• Shifting student loan debt to a credit card can be costly. These transfers are accompanied by fees and higher interest rates. Once the promotional interest rates expire, the average credit card interest rate can run you close to 15% every month.

• If you pay off your student loans with credit cards, the credit card debt would be non-dischargeable in bankruptcy. It would be considered fraud if you pay off your student loan debt with credit cards with the intention to file for bankruptcy.

Remember, there are other alternatives to paying down your student loan debt. If you have federal student loans, explore an income-based repayment plan or graduated repayment plan before resorting to using credit cards to pay off your student loans.

Click here to read more on the various alternatives to pay off your student loan debt.

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.

Detroit Largest U.S. City to File for Bankruptcy

July 22, 2013 Posted by kingcade

Detroit is the largest city to have recently filed for bankruptcy. Michigan Governor Rick Snyder says the city’s debt is not its only issue, but also the accountability of its citizens. Detroit filed for Chapter 9 bankruptcy protection facing enormous pension obligations to its union employees and other fiscal challenges.

The city’s long-term debt is estimated to be as much as $20 billion. Over the past six decades, Detroit’s population has shrunk from 1.8 million to about 700,000. The city has about 10,000 active public workers and 18,000 retired ones who are still owed pension and health benefits.

The costs of health care and pension contributions over the years have surpassed the revenue Detroit was bringing in from property and business taxes and other sources. The city has been unable to make those contributions and pay current payroll and other bills.

Kevyn Orr, the emergency manager and bankruptcy lawyer appointed by Snyder, said his goal is to ‘restructure the debt, including roughly $3.5 million in underfunded pension liabilities and to get Detroit on its feet again by fall 2014.’

Click here to read more on the city of Detroit recently 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 Auction Approved for Former Miami Beach Landmark

July 19, 2013 Posted by kingcade

The former Versace mansion will be sold at a bankruptcy auction on September 17th at 10 a.m. The sale of the Miami Beach landmark, now called the Casa Casuarina was just approved in a court hearing this week.

To qualify, bidders must escrow $3 million to the owner’s law firm, Marshall Socarras Grant in Boca Raton. In addition, bidders will have to show proof of funds of $40 million. The mansion has been listed at $75 million.

The South Florida Business Journal reported that the Nakash company, VM South Beach will have a credit bid because it owns the note from the original lender. However, the value of the credit bid is yet to be determined by U.S. Bankruptcy Judge Laurel Isicoff.

Click here to read more on the bankruptcy auction recently approved for the former Versace mansion.

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.

Former Miami Dolphins Quarterback Loses Home to Foreclosure

July 18, 2013 Posted by kingcade

Daunte Culpepper, former Miami Dolphins quarterback recently had his Broward County home taken away by the bank. Sun Trust Bank filed a foreclosure lawsuit in February against Culpepper, his wife and DRKRC Land Trust over the 9,867-square-foot home he owned in Landmark Ranch Estates. In April 2013, the home was surrendered to SunTrust in a deed in lieu of foreclosure. It cited $3 million in debt released in exchange for the property.

Culpepper purchased the home at the height of his career in 2006, when he was traded from the Vikings who had signed a 10-year deal with him in 2003 for a whopping $102 million, which included a signing bonus of $16 million. The Dolphins reworked his contract after the trade with a $7 million signing bonus and a $1 million salary in the first year, and then $51.5 million through 2013. Culpepper struggled with injuries and was released after only one season of playing for the Dolphins.

Click here to read more on former Miami Dolphins quarterback, Daunte Culpepper losing his Fort Lauderdale home to foreclosure.

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.