Archive for: ‘March 2014’

Foreclosures and Short Sales Decline in South Florida

March 31, 2014 Posted by kingcade

Distressed home sales have accounted for a smaller portion of the market across South Florida in 2013. Palm Beach County posted 3,598 transactions involving a short sale or foreclosure last year, representing 23 percent of all single-family home sales, according to data from the Realtors Association of the Palm Beaches.

Distressed home sales have been slowly shrinking over the past three years. In the condominium sector, 20 percent of sales involved a troubled mortgage in 2013, compared with 24 percent in 2012. Rising home prices have turned South Florida back into a seller’s market. Short sales and foreclosures are now selling for the list price and above.

With less distress in the market, thousands of underwater homeowners are now beginning to have equity. Federal lawmakers have even allowed the Mortgage Forgiveness Debt Relief Act to expire this year, meaning the amount of debt forgiven in the short sale or primary residence is considered income and taxable.

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.

What to do if an employer wants to pull your credit

March 27, 2014 Posted by kingcade

Running credit checks on job applicants is a fairly common practice. There are credit reports that are designed specifically for potential employers use. Here is what you need to know about them. These reports contain much of the same information found in credit reports pulled by lenders, but do not show your account numbers, date of birth or references to your spouse. Also, your credit score will not be included in these reports.

These reports contain basic personal information (i.e. – your home address and your maiden name), information on public records like bankruptcies or liens and your credit history. These reports also include your work history. Employer credit checks are referred to as a “soft pull” on your credit, meaning it will not affect your credit scores.

A potential employer cannot legally pull your credit report without your permission. You will have to sign a release form giving the potential employer access to this information. It’s always a good idea before beginning your job search to pull your credit report and fix any errors. You are entitled to your credit reports for free every year from the three major credit reporting agencies.

If you have any questions on this topic or 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.

Related Resources:
http://www.foxbusiness.com/personal-finance/2014/03/26/what-to-do-when-employer-wants-to-pull-your-credit-report/

Bankruptcy Fraud Linked to GM’s Ignition Switch Recall

March 25, 2014 Posted by kingcade

Authorities are investigating whether General Motors hid an ignition switch defect when it filed for bankruptcy in 2009, the New York Times has reported. The Justice Department is investigating if the automaker committed bankruptcy fraud by not disclosing the ignition switch problem, which led to the recall of 1.6 million vehicles last month. It is also being investigated as to whether GM understated the defect to federal safety regulators. The ignition switch defect has been linked to 12 deaths and the company is facing multiple investigations into how it handled the recall.

GM has been hit with a lawsuit demanding it be held liable for allegedly concealing ignition problems before its 2009 bankruptcy. The lawsuit also claims GM was responsible for not reporting to the federal government any safety-related problems for cars made before its bankruptcy. This is just the latest in a string of lawsuits filed against the company since the recall was announced.

Click here to read more on this story.

If you have any questions on this topic or 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.

CareCredit Fined for Deceptive Marketing Practices

March 21, 2014 Posted by kingcade

The popular medical credit card, CareCredit has been fined by regulators for its deceptive marketing practices. More than 100 professional groups, including the American Dental Association endorse the card. A regulatory filing done this week revealed the credit card company paid dozens of professional associations to convince their members to pitch the high-interest credit cards to their patients.

Protections in the U.S. Truth in Lending Act are designed to help consumers compare different financing options. CareCredit has been cited for faulty marketing practices by the New York Attorney General’s office and by the U.S. Consumer Financial Protection Bureau.

This is not the first time the company has come under scrutiny. Back in December of 2013, it was required to refund up to $34.1 million to consumers who were victims of deceptive credit card enrollment tactics at doctors’ and dentists’ offices around the country. Consumers signed up at the medical offices thinking the credit cards were interest free, but they were actually accruing interest of up to 26.99%, which kicked in if the balance was not paid at the end of the promotional period.

CareCredit had relationships with 107 professional associations and other groups as of December 31, 2013. Of these relationships, 63 were paid endorsements linked to member enrollment, according to the U.S. Securities and Exchange Commission.

Click here to read more on this 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.

Big banks meet obligations of robo-signing settlement, Homeowner relief falls short

March 20, 2014 Posted by kingcade

Big banks are cheering now that they have fulfilled their obligations under the National Mortgage Settlement. However, new reports reveal the $20 billion “robo signing” deal has fallen short, leaving many struggling borrowers underwhelmed.

While the U.S. Department of Housing and Urban Development said in 2012 that a million homeowners would see reduced mortgage principals or refinanced loans, data show only 630,000 homeowners across the country have seen any sort of relief.

In Florida, approximately 120,000 homeowners were offered $9.2 billion in relief, the nation’s second-highest level of assistance behind California. However, much of this money went toward short sales or second-mortgage forgiveness- relief, which did not help distressed borrowers stay in their homes.

Nearly $3.5 billion went toward eliminating second-loan debt that the lenders likely would have never collected. Banks earned another $3.5 billion in credit though short sales, by approving sales of distressed homes for less than the homeowners owed. Investors are the ones who largely benefited from banks’ focus on short sales. Approximately 11,000 of the 120,000 Florida homeowners offered settlement aid were allowed principal forgiveness.

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.