Archive for: ‘February 2017’

The Foreclosure Litigation Strategy Targeting Florida Seniors

February 21, 2017 Posted by kingcade

A new defense strategy by lenders is targeting a growing number of low-income seniors.  It involves suing  to foreclose on government-guaranteed home loans under various defaults, then fast-tracking the lawsuits by filing motions for orders to show cause. These motions shift the burden of proof to the borrower, requiring them to appear in court and explain why a judge should not grant final judgment against them.

“All of a sudden, we saw a spate of foreclosures where the mortgage companies alleged the seniors no longer lived in the home,” said Gladys Gerson, supervising attorney for Coast to Coast Legal Aid of South Florida’s senior unit. “This has been happening around the state.”

A dozen more cases statewide have appeared targeting  low-income seniors.  Florida is ground zero for issues involving seniors, but experts believe this tactic is likely to spread to other states.

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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.

 

South Florida Pair Arrested in Bank Fraud Scheme

February 20, 2017 Posted by kingcade

Authorities have apprehended two bank fraud suspects who reportedly owned $17 million worth of property in Florida and New York, then victimized tenants and residents who lived there.

Issak Almaleh, 63-years old and Antoaneta Lotova, 51-years old were arrested in Hollywood on charges of conspiracy to commit bank fraud, bank fraud, and other offenses.  The Sun-Sentinel reported the two chose properties in foreclosure that were owned by FDIC-insured banks.  Authorities say they filed fraudulent and forged warranty deeds to show the transfer of those properties to corporations they controlled.

Almaleh, who was a notary, would notarize the documents as genuinely signed by representatives of the financial institutions and Iotova would sign the documents on behalf of the companies they controlled, officials said. This allowed them (with the help of police) to evict residents from their home and change the locks on the properties.  The tenants were informed by the bank that their lease agreements were invalid and that they needed to vacate the property, officials said.

The two remain in jail.

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.

Related Resources:

http://tampa.cbslocal.com/2017/01/26/south-florida-pair-arrested-in-17-million-bank-fraud-scheme/

Lawyers May Have Discovered a Way to Wipe away Student Loan Debt

February 17, 2017 Posted by kingcade

Student loans are some of the most difficult to get rid of – even in bankruptcy.  But some attorneys are challenging the laws and creating hope for millions of struggling borrowers.  Bankruptcy attorneys in Florida and New Hampshire are filing cases in the hopes of establishing “paths” to help bankrupt borrowers and their attorneys better manage, even eliminate student loan debt in bankruptcy.

Congress exempted federal student loans from discharge in bankruptcy, except in extreme circumstances. Lawmakers extended that exemption in 2005 to private student loans as well. In order for borrowers to have their student debt discharged in bankruptcy, they must prove that the debt is causing them to suffer “undue hardship.”

Although Congress never defined the phrase “undue hardship,” a series of court rulings have created an undue hardship standard that is notoriously difficult to meet. So instead of trying to meet the standard, attorneys are turning to other legal strategies that challenge private lenders’ ability to collect on the loan and in the case of federal debt help borrowers better manage the loans while in bankruptcy.

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For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all 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.

Completed Foreclosures Drop 40%

February 16, 2017 Posted by kingcade

Homes in serious delinquency have fallen to the lowest level since 2007, according to a National Foreclosure Report released by CoreLogic.  Completed foreclosures dropped from 36,000 in December 2015 to 21,000 in December 2016.  The report revealed that foreclosure inventory dropped by 30% annually.

The foreclosure inventory represents the number of homes that are in some stage of foreclosure, while completed foreclosures reflect the total number of homes lost to foreclosure.

Foreclosure inventory dropped to just 0.8% of all homes with a mortgage in December, down from 1.2% in December 2015.

Homes in serious delinquency, defined as those 90 days or more past due including loans in foreclosure and REO, decreased 19.4% annually in December.  The states with the highest number of completed foreclosures in December 2016 included Florida with 45,000, followed by Michigan with 30,000, Texas with 24,000, Ohio with 21,000 and California with 19,000.

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.

Qualifying for a loan is getting harder for some consumers

February 15, 2017 Posted by kingcade

Banks are becoming more selective when it comes to approving loans for those with less than perfect credit.  The data is surprising as many consumers seem to be benefiting from job growth and lower debt levels.  However, 11.7% of banks have tightened their standards for auto loans in the first quarter, from 3.3% last year, according to the Federal Reserve and Deutsche Bank.

Credit card standards were strengthened by 8.3% of banks, compared to none in the fourth quarter.  With the economy in its eighth year of recovery, lenders are extending their reach to those with cash flow pressures, borrowers at low – and middle class income levels to increase revenue.

The share of delinquent personal loans and credit card debt increased in the third quarter to 3.53% and 1.33% respectively, according to TransUnion and UBS.  Out of those consumers surveyed, 18% said they expected to default on a loan payment in the next 12 months, up from 12% in December.

The number of subprime auto loans (those requiring a FICO score of 600 or lower) that were at least 90 days delinquent reached the highest level since 2010 in the third quarter at 6 million.  The number of bad loans were by auto finance companies, not banks.

Two-thirds of the households who earn less than $40,000 say financial concerns have increased over the past six months for them.  The latest numbers reflect the incomes of many low- to moderate-income working families are not keeping up with the costs of rising health insurance deductibles and monthly expenses.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all 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.