Posts Tagged: ‘Consumer Settlement’

New Credit Card Transaction Fees in 40 States

January 29, 2013 Posted by kingcade

As of Sunday, 40 states in the U.S. will now charge merchants and retailers a “checkout” surcharge fee of 4% on credit card transactions. The fees are a result of the $7.25 billion settlement last June between credit card issuers and merchants. Part of the settlement stated that credit card issuers would reduce merchant’s fees for eight months. Now that the agreement has expired, credit card issuers are charging merchants a higher percentage. As a result, some merchants are charging consumers between 1.5 and 4 percent of the total purchase on all credit card transactions in order to cover the increase on credit card processing costs.

Another part of the settlement allows merchants and retailers to charge tax on its customers. According to the National Retail Federation, the vast majority of retailers do not want to surcharge consumers. Many of them have joined a petition in favor of consumers’ interests. The petition claims that charging taxes would punish the consumers, rather than the credit card companies for their wrongdoings.

It is still illegal to charge the fee in the following ten states: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.

To read more on this story visit: http://www.ibtimes.com/new-credit-card-transaction-fees-list-states-charging-4-surcharge-checkout-fee-1042384

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.

HSBC Settles Foreclosure Suit for $249 Million

January 22, 2013 Posted by kingcade

HSBC settled with the Federal Reserve and the Office of the Comptroller of the Currency for $249 million last Friday for alleged foreclosure abuses. The settlement will offer $96 million in direct cash payments and $153 million in other forms of relief such as loan modifications and forgiveness of deficiency judgments. The terms of the settlement are similar to other recent multi-million dollar foreclosure abuse settlements. Initially, $3.6 million in cash relief will be issued to nearly 4.2 million homeowners for as much as $125,000 each.

HSBC and 13 other banks were issued an enforcement action for charging excessive fees, wrongfully foreclosing on borrowers and using improper documents in April 2011. As a result, the banks were forced to hire independent consultants to investigate the foreclosure abuses and provide compensation for victims, a process known as Independent Foreclosure Review. This process was later abandoned when it proved to be slow moving and expensive. The settlement is expected to provide relief to foreclosure abuse victims much faster and avoid future lawsuits.

To read more on this story visit: http://money.cnn.com/2013/01/18/investing/hsbc-foreclosure/index.html

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.

Florida Receives $3.6 Billion in Mortgage Relief

November 30, 2012 Posted by kingcade

One of the largest consumer financial protection settlements occurred earlier this year and as a result, Florida homeowners received more than $3.6 billion in mortgage relief.  Between March 1st and September 30th, more than 309,000 borrowers across the nation received some sort of mortgage relief. According to a report by Joseph Smith who monitors the settlement, the average relief per homeowner was about $84,385. As of September 30th, approximately 48,998 Floridians have received relief. On average, Floridians received $73,663, which is about $10,700 less than borrowers in other states.

 

The settlement was between 49 states and the five largest mortgage lenders for a total of $26.1 billion. According to Smith, around $13.1 billion of that relief came in the form of short sales. Banks have cut homeowners’ mortgage balances nationwide by $6.3 billion as a part of the settlement. Refinancing home loans accounted for approximately $1.4 billion. Banks participated in trial loan modifications equivalent to $4.2 billion. Also, as part of the settlement, banks erased $2.6 billion in first-lien loans and $2.8 billion in second-lien loans.

 

To read more on this story visit: http://www.miamiherald.com/2012/11/19/3105335/distressed-florida-homeowners.html

 

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.