Archive for: ‘September 2013’

Family’s Home Mistaken for Foreclosed Property across the Street

September 30, 2013 Posted by kingcade

A woman from Ohio claims a bank mistakenly cleared items from her home confusing it for a foreclosed house across the street, then demanded receipts when she asked to be compensated for her missing possessions. Katie Barnett, 36, a nurse, said her family had left for about two weeks last month and returned to find the locks on their home had been changed and many of their belongings had been taken.

Turns out First National Bank in Wellston, had mistaken her home for a bank-owned property across the street. Two dressers and clothing for her five children were taken, as well as items from outside their home, including pool cleaning supplies and patio furniture. The house that should have been repossessed was just two houses down the street.

Barnett’s home is not the first that a bank has mistaken for a foreclosed property. Just two weeks ago, a couple in Fort Worth, TX, discovered their home was confused for a vacant home, then mistakenly demolished. She asked the bank for compensation for the missing items, which she estimated were worth $18,000.

First National Bank apologized and said “two representatives were assigned to clean and refurbish a bank-owned residential property and a GPS locator led them to the wrong home, which was located on the same street as the bank owned property.” The bank argues that the value Barnett assigned to the items is inconsistent with the list and descriptions of the items removed from the home. Barnett said she has an attorney and plans to bring a lawsuit.

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 Kingcade & Garcia website at www.miamibankruptcy.com.

Florida among Top States for Mortgage Fraud

September 27, 2013 Posted by kingcade

According to a recent report by CoreLogic, Florida remains one of the most at-risk states for mortgage fraud. The report revealed that Florida had an estimated value of $273 million in fraudulent mortgage applications, behind California ($864 million) and New York ($278 million). Texas ($261 million) and Virginia ($231 million) rounded out the top 5. Nationwide there were an estimated $5.3 billion in fraudulent loan applications.

Click here to read more on the story listing Florida as one of the top states for mortgage fraud.

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 Kingcade & Garcia website.

U.S. Dept. of Education to Contact Borrowers with NEW Options for Repaying Student Loans

September 26, 2013 Posted by kingcade

Starting next month, the U.S. Department of Education will contact borrowers who are struggling to repay their federal loans to make sure they know of all the options available to them. The challenge will be getting the word out as there are many people who can benefit from the income-based repayment programs being offered. To accomplish this, the department is planning to send e-mails to those who seem most likely to benefit from the programs, explaining debt-relief plans based on the borrower’s income.

Efforts to help alleviate student debt, now at more than $1.1 trillion, and make college more affordable have been central issues for the Obama administration. It has expanded debt relief for low-income borrowers with a Pay as You Earn program for recent graduates, and simplified enrollment by putting the application online and allowing applicants to import information from their tax return.

Once enrolled in a program, low-income borrowers with high debt will pay a percentage of their discretionary income every month, and after a certain time period — 20 years in the new program, 25 years in older plans and 10 years for those in public service jobs — the remaining federal debt is forgiven.

Of course, income-based programs have a downside: because the repayment period is longer than the standard 10 years, except for those in public service jobs, interest costs are higher. The U.S. Dept of Education stresses that the programs are not meant for all borrowers, but as a safety net for those struggling with their student loan debt.

Click here to read more on the new options available for repaying student loans.

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.

Parents on the Hook for Child’s Student Loans

September 25, 2013 Posted by kingcade

American student loan debt tops $1 trillion, according to the Consumer Financial Protection Bureau. But with many recent graduates facing a tough job market and limited employment opportunities, what happens when they cannot afford their monthly student loan payments? If a parent co-signed the loan, the burden shifts to them.

Bankruptcy attorneys are seeing an increasing trend with parents struggling to pay off their child’s student loans. Unfortunately, even bankruptcy cannot wipe the slate clean- unless of course undue hardship can be proven. Al Franken, on the Senate Education Committee, said that he has backed several pieces of legislation he thinks could help. One example is the Fairness for Struggling Students Act, which, if passed, would make it possible to eliminate private student loan debt in bankruptcy. Franken has also backed legislation that aims to help students receive better counseling when taking out a loan.

Experts say parents can and should co-sign their child’s student loans, but must be “informed borrowers,” meaning they need to closely scrutinize the terms of the loan. Many banks are getting out of the student loan business, largely because of the increased scrutiny from lawmakers. JPMorgan Chase announced its departure just a couple of weeks ago. Bank of America, Citigroup, and U.S. Bank have already done the same. So for future borrowers, it means more student loans will come from the federal government.

Click here to read more on the story.

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.

Foreclosure Nightmare! Could this Happen to you?

September 24, 2013 Posted by kingcade

An Altadena family who had been paying their mortgage on time following a loan modification they received from Ocwen Financial Corporation had their house literally sold out from under them. The unsuspecting family said that they first received a call and later a letter notifying them Ocwen had sold their loan to Nationstar Mortgage. Shortly after, they received a knock on the door telling them they had two weeks to leave their house because a company called Sage Equities had bought their home in foreclosure.

Stunned, the Sinclair’s contested that they had always paid their mortgage on time, in full, and had the documentation to prove it. But in June, after their first payment to Nationstar, the mortgage company sent a check back to them for the full amount. The family said they attempted to figure out why Nationstar was not taking their payment, but never received an answer and continued making their scheduled payments each month. What’s more interesting, Nationstar continued collecting their money, even as the Sinclair’s were repeatedly told by Sage Equities they had to leave their house.

After repeated attempts made by the Sinclair family to resolve this, a Nationstar representative finally gave them a reason for the foreclosure over the phone. They said they did not notarize one paper of the modification, when in fact they did. Following the confusion, Nationstar released the following statement: “We are very sorry for the situation Mr. Sinclair was in, and we deeply regret the difficulty he experienced. As a result of KABC bringing this situation to our attention, we were able to expedite our review and take two importation steps. First, we have rescinded the sale of the home, which means Mr. Sinclair will not have to leave his house. Second, we are going to honor the previous loan modification that was put in place.”

Unfortunately today, banks are foreclosing in ways that circumvent the law, taking a variety of shortcuts that place homeowners at a disadvantage. If this happens to you, consult an experienced foreclosure defense attorney and speak with your bank immediately. Fortunately for the Sinclair’s, they were able to stay in their home. But they say that it does not make up for the terrible experience they endured.

Click here to read more on this foreclosure nightmare.

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 Kingcade & Garcia website at www.miamibankruptcy.com.