Bankruptcy Law, Timothy Kingcade Posts

Credit Report Medical Debt: The Serious Consequences

NY State Attorney General, Eric Schneiderman’s urgings have caused the nation’s 3 major credit reporting agencies to announce changes in the ways that they score medical debt on credit reports. Equifax, Experian and Transunion have agreed to no longer treat medical debt as just another negative mark on people’s credit scores. They will also refrain from adding delinquent medical bills to the report until they have been outstanding beyond 180 days.

Last August, Fair Isaac, the company that generates the FICO score, announced the FICO® Score 9, which is a newer way to review consumer collection information. They described it as offering “sophisticated treatment of differentiating medical from non-medical collection agency accounts.” As result, medical collections will now have a lesser impact on the score, based on the credit risk. The company also said that for consumers with medical bills as their only negative mark, the median FICO score will go up 25 points. Since the FICO score is accessed by all three credit reporting agencies, this is a significant move up for consumers with medical collections.

However, there is some fine print associated with these hopeful changes. They aren’t expected to go into effect for months and once they do, the consumer’s score will only rise the 25 points if the only serious late payment is for medical debt. Additionally, consumer scores won’t be reduced by FICO for late bill payments, even if those bills have been paid off.

Another concern is that the changes will only address newly reported debt, not existing medical debt. Also, consumers using credit cards to pay off medical debt would lose the FICO protection if they were then unable to pay off the credit cards. Many wonder why the credit agencies don’t abolish the debt altogether.

According to a December report released by the Consumer Financial Protection Bureau (CFPB), more than 43 million Americans have medical debt on their credit reports. Of these individuals, many will be forced to declare bankruptcy. According to data gathered from the U.S. Census and the Centers for Disease Control, 60% of all bankruptcies can be mainly attributed to medical debt. With these harrowing figures, consumers wait for positive news and more positive changes to finally take place.

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.

Source: http://www.huffingtonpost.com/jerry-ashton/the-deadly-aftershocks-of_b_7422362.html

Foreclosures, Timothy Kingcade Posts

Ways to Avoid Foreclosure Rescue Scams

A growing problem today is foreclosure rescue and mortgage modification scams. These scams can cost you thousands of dollars and even the loss of your home. The scams often hook unsuspecting victims with false guarantees to lower mortgage rates or “save” their home, for a fee. They falsely claim to have direct contact with your mortgage servicers and promise to work on your behalf, when in reality they only intend to take your money and run.

The following tips will help you to be better informed regarding legitimate foreclosure rescue and mortgage modification options.

• The only ones with discretion to grant a loan modification is your mortgage servicer. A third party cannot guarantee or pre-approve your Home Affordable Modification Program (HAMP) mortgage modification application.

• In most cases, charging advance fees for a mortgage modification is illegal. If anyone is asking to charge you in advance for mortgage modification services, beware.

• The likelihood that you will receive a mortgage modification is not improved or guaranteed because you have paid a third party to assist with your application.

• If a third party is boasting of continued success rates, offers money-back guarantees, or they claim to be experts in HAMP, this is a red flag.

• Check and confirm any affiliations or connections an individual or company may claim to have with HAMP or the U.S. government. Even if you see a seal or logo in their correspondence or online, check it out.

• Never sign over the deed for your property to any organization or individual unless you are dealing directly with your mortgage company in an effort to forgive your debt.

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.

Source: http://www.makinghomeaffordable.gov/learning-center/Pages/beware.aspx

Foreclosures, Timothy Kingcade Posts

Faster Foreclosures Sought by State Regulator

“Faster Foreclosures,” also known as non-judicial foreclosures are causing serious issues for financially struggling homeowners.  Many lawmakers are arguing for faster foreclosures because the costs are cheaper and the cases are quickly pushed through the court system. Faster foreclosures are not only a negative thing for homeowners; they also take away the homeowner’s rights. While Florida currently requires foreclosures to go through the courts, officials are fighting to make faster foreclosures a mainstream option.

The superintendent of the Department of Financial Services, Benjamin Lawsky, spoke about the issue during a Mortgage Bankers Association conference in New York City. Lawsky called for the state legislature to begin utilizing measures that would limit the timeline for foreclosure proceedings. Changes would include reorganizing foreclosures on vacant or abandoned homes as well as certain commercial properties. More than a dozen states in the nation process judicial foreclosures that go through the court system, including Florida.

In 2015’s first quarter, the national average of homes in any stage of foreclosure was 2.2%, according to a recent report by the Mortgage Bankers Association. Florida’s rate of 4.82% was the nation’s third-highest percentage of home loans in the foreclosure process. For homeowners who are behind on their payments, the judicial process is less pressing for them because the courts are involved every step of the way, which takes far more time.

Officials complain that judges’ schedules, hearings, required paperwork and backlogged courts make the process unnecessarily lengthy. The president of the Mortgage Bankers Association, David Stevens, who lobbies on behalf of lenders said, “Everybody is prepared to protect the consumer, but you don’t want to put unusual obstructions in place for homes that should be foreclosed upon.” Also, longer foreclosure processes can lead to more expenses for mortgage servicers, which could affect surrounding property values if the home is deserted and falls to poor condition.

In Florida, the process can take as long as three years. These longer timelines offer more options to homeowners. Those facing foreclosure will have far more time to try to refinance their mortgage, negotiate an alternative or even reside in the home without payments until the foreclosure is completed. Faster foreclosures take these options away and make the situation that much more difficult for the struggling homeowner.

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.

Source: http://www.wsj.com/articles/new-york-regulator-seeks-faster-foreclosures-1432074791

Bankruptcy Law, Credit, Timothy Kingcade Posts

Why Chapter 7 Should be Your First Option

Dealing with debt is a difficult experience for many Americans who are trying to build a better financial future. With so many different types of debt out there, there are countless resources offering helpful tips, valuable advice and endless opinions on the matter. Sadly, not all of these actually offer real debt relief options for the struggling consumer. You may not realize is that these many forms of “debt assistance” could cost you more than you think.

Common solutions include suggestions like spending less, earning more, steadily paying down each credit card from the smallest balance to the highest balance and so forth. The approach is conventional and straightforward, using a simple combination of basic math and willpower. We are told that if we keep consistently working on our debt in these ways, it will soon become manageable. However, the truth is that most of these solutions fail to outline the fact that you can still fall victim to your debts, even if you have managed to successfully pay all of them off.

Earning more, spending less, and debt roll up tactics aside; there are many resources out there that show how additional debt relief options can help you out. One half of all debt assistance programs such as debt settlement programs, credit counseling and chapter 13 bankruptcies have failed to accomplish the advertised outcome of getting consumer debts paid down to a $0 balance. Debt is more than a minor financial setback; it is a major dilemma that can lead to other, even larger problems down the road.

Choosing to go the route of consolidating your credit card debts into one payment can have shocking repercussions for those who also want to save money for their future. For example, a 30 year old consumer owing $20,000 worth of debt may opt to consolidate their credit cards through a nonprofit counseling agency. Their monthly payment may be considerably lower—only a few hundred dollars a month, spanning over 5 years. To this consumer, their total repayment amount is only a few thousand dollars more than the total debt they owed. In actuality, if that same individual had put that monthly amount in a retirement fund, they could have expected over $30,000 saved and counting until retirement age.

The same can be said for those agreeing to take a debt settlement. By accepting to pay a lesser amount through settlement, you could be stopping yourself from allowing that money to grow in a retirement savings fund. Many times, consumers sacrifice their own future financial control by seeking debt assistance that will only hinder them in the long run.

Another option that has proven to help consumers truly free themselves from debt is the option of Chapter 7. The average cost of filing Chapter 7 is between $1,500.00 and $1,800.00 and it can take as little as 90 days. The long term results from a Chapter 7 can be a full discharge of your debts and a chance to start over with a clean slate.

Filing for a Chapter 7 bankruptcy offers the advantage of the chance to start over, compared to other forms of debt relief out there. Immediate debt relief solutions can greatly compromise future plans, where Chapter 7 can provide you with the much needed opportunity to wipe out all of your debts so you can build for the future. For some, avoiding bankruptcy may seem like a winning feat, but jeopardizing your future by not filing is a losing battle.

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.

Source: http://www.huffingtonpost.com/steve-rhode/why-a-chapter-7-bankruptc_b_7232654.html

Foreclosures, Timothy Kingcade Posts

Foreclosures are Now Becoming Free Homes

Local homeowners are finding themselves in a “free” home because of the statue of limitations law surrounding foreclosures more than five years old.

A Maitland man owns a pool home with a tennis court. He hasn’t paid on his mortgage in over seven years and does not intend to pay out any more ever again. Owing over $140,000 for his loan, he says his situation is only right. “It was justice quite frankly,” the homeowner said. His initial lender was Federal Home Loan Mortgage who filed foreclosure on the man in 2008. Thereafter, the loan transferred over to Nationstar Mortgage.

“They sold my loan so many times no one knew who had the paperwork,” the Maitland homeowner stated. Cases have been dismissed based on the belief that banks have five years to file a foreclosure after the homeowner defaults and the lender requires the full balance to be paid out. It has been argued in these cases that the lender can’t foreclose again once this five year mark has passed.

Large banks and lenders alike are arguing against this, saying that they have far more time and that the five year “timer” resets itself each time a mortgage payment is missed by the homeowner. The Florida Supreme Court has been presented with the issue and they are scheduled to review the law in October.

Since 2007, Florida has had more than 3 million foreclosures filed, according to RealtyTrac. Some find it unfair for homeowners to get out of meeting their mortgage obligations, and then be rewarded with a free home. Still, others hold little compassion for the banks.

“I think it is what you would call poetic justice,” the homeowner added.

Although he still pays taxes and insurance for his home, it is far cheaper than his prior mortgage payments of $1,400 per month. Also, until the home is sold, the bank can keep a lien on his property.

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.

Source: http://www.wftv.com/news/news/local/9-investigates-people-turning-foreclosures-free-ho/nmDhN/ 

Bankruptcy Law, Timothy Kingcade Posts

5 Steps for Conquering Debt and Getting Your Mortgage Approved

Today, first-time buyers are exposed to countless “free credit score” offers online which have allowed them to be knowledgeable about their credit histories and take steps to improve their scores by the time they are ready to buy a home. However, improving credit and tackling debt are two very different things. For many buyers, especially young adults with student loan debt, high debt levels can stop them from getting financed. Mounting debt may be more harmful than lower credits scores are helpful.

Lenders depend upon three major factors in order to approve a loan application: DTI, which is the ratio of debt to income; credit as measured by FICO scores; and the loan-to-value ratio, which is discovered once a home is appraised.  The credit score and loan-to-value ratio may cause the Lender to increase interest rates or limit the amount they will lend out, contingent on the appraisal.

Existing debt is important because it tells the lender about the applicant’s ability to pay back a loan. If an applicant’s DTI is too high, it greatly impacts their chances of getting financed, even if the borrower has a good credit score or job with excellent earning potential. The qualified mortgage (QM) rule regulates the cutoff for a DTI, only allowing up to 43%. This means that applicants’ monthly debt payments must be less than 43% of their monthly gross income. FHA has their own version of this rule, allowing for 41%.

Reducing your debt is the fastest and easiest solution for lowering your DTI. Below are five ways to reduce debt:

1. Become debt-aware.

Monitoring your finances and keeping track of your debt on a daily basis will help you to become more debt-aware. Utilize your bank’s online banking, money management or virtual wallet programs to help you better track your spending. By pacing yourself and staying committed, you can gain peace of mind in remaining debt-aware.

2. Pay off smaller balances.

Smaller balanced add up and can increase your monthly debt amount. By tackling these smaller amounts in one payment, you will significantly reduce your monthly payment obligations. Instead of paying the monthly minimum, pay off small balances first, then work on the larger debts in increments. If there is a line of credit that you don’t need, close the account or reduce the credit amount.

3. Consolidate monthly payments and reduce interest.

The more you owe the higher your interest rates will be on credit cards and installment plans. Bad payment history also makes those rates increase. First tackle your higher interest cards for consolidation. You can lower monthly payments by consolidating and refinancing debt. This includes car loans and student debt.

4. Stop buying with credit.

Commit to one week without buying anything with credit and see how much you save. Implementing a cash-only plan will help you to become more aware of everything you spend. By exercising restraint you can save a lot of money by making smarter spending decisions. On a daily basis, log your savings and place that amount in a savings account. This will help you pay of current debt without racking up more debt.

5. Begin with FHA.

FHA finances for applications that have lower credit scores and higher DTIs. If your DTI is over 30%, you have a better chance with FHA, than with a conventional loan. You may have a down payment, but the recent reduction in annual mortgage insurance premiums makes FHA more appealing to borrowers.

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.

Source: https://www.inman.com/2015/05/18/5-steps-to-beating-debt-and-getting-mortgage-approved/

Foreclosures, Timothy Kingcade Posts

Some Homeowners Keep Their Homes, 5 Years after Foreclosure

Since Florida’s courts were bombarded with foreclosure cases over five years ago, some homeowners who were sued have managed to remain in their homes without paying mortgages because of a law called the statute of limitations.

Certain Florida courts have declared that lenders will not be able to bring forth foreclosures, according to a set criterion. If the lender has already filed for foreclosure on a home, demanded payment of monies borrowed, lost the case, then failed to file another action within five years of the original suit, they will no longer be able to foreclose or evict the homeowner from their residence.  However, other courts throughout the state disagree with this.

On October 6, the Florida Supreme Court will hear oral arguments regarding this matter and may issue an order to finally resolve this conflict. The outcomes are expected to vary per foreclosure case but homeowners are cautioned that in most cases, if they do not pay, they will not keep their homes. According to NBC 6 Investigators, many people are living in their homes without paying mortgage and it looks like they might be able to continue doing this.

One Dadeland man was only 19 years old when he received a loan of nearly $190,000 for an apartment in 2007. Shortly after the purchase, he was in a serious accident and was unable to use his leg for eight months. By then, the computer technician position he’d had was gone. Unable to make payments, his lender filed for foreclosure.

In February 2011, the case was thrown out when the attorney for the man’s lender, Chase Home Finance, failed to appear. Nearly two years later, the resident received a new foreclosure lawsuit notice. After seeking an attorney, the case was finally dismissed this past October, due to the statute of limitations law.

“We learned that there’s an actual statute of limitations on this kind of thing, five years from the initial filing,” the Dadeland homeowner said. He also said that he felt as though he did nothing wrong in this case. “It seems kind of un-American, honestly, if they can keep coming at me for something they’ve already lost on twice.”

A Miami woman bought a home near Coconut Grove in 2001. Shortly after the 2008 recession, she also had trouble making her mortgage payments. “There was a lot of back and forth with the bank,” the woman explained. In 2009 a foreclosure action was filed against her by her lender, Nationstar Mortgage. She stopped making payments, saving funds while she tried for a modification.

After a botched contract and miscommunications with the lender, the Miami woman sought legal help. The case was finally dismissed last June when Nationstar failed to appear before the judge. Since then, the lender has requested to reinstate the foreclosure, before the five year mark. She is appealing this action and if she is successful, she too might be living in her home without mortgage payments and fear of foreclosure.

While some homeowners prevail with the Supreme Court, it is still likely that they will need to face outstanding liens and claims by the banks. Some recommend that homeowners should not stop making payments, solely based on the hopes that the statute of limitations will expire. Now that the number of foreclosure cases has fallen to a manageable amount, it is likely that the banks that truly have a right to the property will be prepared for court and present adequate evidence to prove their cases.

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.

Source:  http://www.nbcmiami.com/news/local/Five-Years-After-Foreclosure-Some-Keep-Homes-303817841.html

Foreclosures, Timothy Kingcade Posts

Florida’s Foreclosure Courts’ Funds are Being Cut Off

Over the past two years, Florida’s foreclosure courts have been receiving extra funds in order to expedite cases, but this assistance is about to come to a stop.

To add judicial manpower to the bench, over $21 million was budgeted in 2013. This is set to expire as of June 31 this year.

Homeowners will get the benefit of having a single judge dedicated to their case instead of multiple judges. Lawyers anticipate varying levels of confusion as cases are transferred to different divisions.

Palm Beach County Chief Judge Jeffrey Colbath said, “The legislature gave us enough money to get to the five-yard line, but it would have been nice to get across the goal line.”

Florida has gained control of their foreclosure system’s backlog, which was once flooded. Since 2013, Florida has seen a 66% statewide reduction in foreclosures with just 109,706 pending foreclosures statewide in January.

Curiosity as to how it was done depends upon who you ask. Some believe that judges rushed through many cases with minimal consideration of their merits. Many judges differ, saying that getting the case right was more important than how quickly the case was closed.

At this time Florida foreclosure cases are yet to return to how they were before the recession, but it is a work in progress.

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.

Source: http://postnow.blog.palmbeachpost.com/2015/05/18/cash-flow-to-floridas-foreclosure-courts-is-being-cut-off/

Bankruptcy Law, Timothy Kingcade Posts

Seniors Can Protect Assets through Bankruptcy

For some Senior Citizens, bankruptcy may provide greatly needed debt relief after growing medical expenses or years of supporting their children. Bankruptcy experts say that filing for bankruptcy can be a useful tool for retirees seeking to protect their retirement assets, after negotiating with creditors. Unfortunately, fear of shame brought on by financial troubles, often deters many older Americans from seeking bankruptcy help earlier.

Deborah Thorne, an associate professor of sociology at Ohio University said, “People usually postpone bankruptcy for several years before filing. When finances head south, they should file right away.” Thorne who has studied bankruptcy and older Americans explained that retirees face a greater risk of financial ruin than younger individuals do. She proposed that the best strategy is to always protect assets.

401(k)’s, pensions, social security payments, qualified profit-sharing plans, and individual retirement accounts worth up to $1.245 million are all exempt from creditors during bankruptcy. This means that retirement income and savings are out of reach and protected under federal law. Protecting equity, which is the value of a property, minus the amount owed, is important for seniors. Using a homestead exemption, designed to protect the equity of a main residence in a bankruptcy, will usually keep retirees from losing their homes. Florida homeowners can take advantage of the fact that Florida does not have a limit on the equity that is exempt.

When work began to dwindle for one 66 year old retired Central Florida senior, he wanted to get his financial stability back. He quickly saw his debt situation growing larger while his income grew smaller. As a result, he declared Chapter 7 bankruptcy, allowing him to liquidate some of his assets in order to repay creditors.

“I wanted to leave money, not debt, to my grandchildren, and begin rebuilding my life,” the Orlando resident said. Overcoming the harsh stigma of bankruptcy was the most difficult part for the senior, but filing bankruptcy was the chance he needed to start over financially.

Certain debts such as child support, alimony, federal tax bills less than three years old and student loans are usually not discharged with a bankruptcy.

A means test can assist with deciding which type of bankruptcy best fits a particular situation. According to specialists, those with higher income fair best with Chapter 13 bankruptcy, which allows for a repayment plan. John Pottow, a professor at the University of Michigan Law School and a bankruptcy specialist said, “It lasts for a minimum of five years, and it’s a budget that’s created to pay back creditors.” For those with lower income or assets, Chapter 7 works best.

It is recommended for people to negotiate with the creditors before filing for bankruptcy. Consumers should try contacting the credit card companies and asking for reduced interest on outstanding balances. Medical debt can also be negotiated. In some cases, hospitals have even reduced balances by half.

Another strategy is so refuse to pay the outstanding debt. If a retiree has little else outside their retirement fund, the creditors will likely not collect anything, even if it went to court, which can be called “judgment-proof.” Credit scores will be affected by filing for bankruptcy and a bankruptcy can stay on a credit report for up to 10 years, but credit can be restored. Those who declare bankruptcy are required to take credit and debtor counseling classes, which will help with rebuilding their finances.

After declaring bankruptcy, the Central Florida senior’s credit score dropped 200 points. Since then, he has begun rebuilding his credit by leasing a car. “Now it’s slowly coming back,” he said.

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.

Source: http://www.nytimes.com/2015/05/14/business/retirementspecial/bankruptcy-can-help-seniors-protect-assets.html?_r=0

Foreclosures, Timothy Kingcade Posts

Lowest Levels since 2007 for 1st Quarter 2015 Foreclosures and Mortgage Delinquencies

In the first quarter of 2015, the percentage of delinquencies and loans in foreclosures has dropped to their lowest since the last quarter of 2007. According to the National Delinquency Survey of the Mortgage Bankers Association (MBA), housing loan delinquency rates were at 5.54% on a seasonally adjusted basis for residential houses. Also, 2.22% of mortgage loans were in foreclosure.

Joel Kan, Associate Vice-President of Industry Surveys and Forecasting for the MBA, stated, “The foreclosure inventory rate has decreased in the last twelve quarters, and now is at the lowest level since the fourth quarter of 2007. With a declining 90+ day delinquency rate and the improving credit quality of new loans, we expect that the foreclosure inventory rate will continue to decline in coming quarters.”

The survey also revealed that legacy loans accounted for the highest percentage of problem mortgages. Reviewing the  total number of problem loans, 73% of mortgage loans originated in 2007 or earlier. According to Mortgage Bankers Association’s records, applications for mortgage loans also dropped by 4.6% in the last week of April, 2015.

As of March 2015, foreclosure activity has spiked. Realty Trac’s records show that the total number of foreclosures rose above 120,000 in March 2015, following a decrease in January and February. March’s average foreclosure rate in the United States was one foreclosure out of every 1,082 houses. Florida held the highest amount of foreclosure activity with one foreclosure out of every 446 houses.

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.

Source: http://usfinancepost.com/foreclosures-and-mortgage-delinquencies-fall-to-the-lowest-levels-since-2007-in-first-quarter-of-2015-25063.html