Posts Tagged: ‘Florida foreclosures’

Foreclosures Drop to Lowest Level in More than 10 Years

September 4, 2017 Posted by kingcade

There were fewer loans in the month of July than any month in more than 10 years, according to a new report from Black Knight Financial Services.  There were 398,000 properties in foreclosure pre-sale in July, which is down 12,000 from June and down more than 150,000 from the same time period last year, a decline of 28%.

The month of July also marked the first time that the number of loans in foreclosure was below 400,000 since February 2007.  While foreclosures are down, loans in delinquency increased slightly month-over-month in July, but 2017’s total is still below last year’s numbers.

The number of properties that are 90 or more days past due, but not in foreclosure was 555,000 in July, which is still 140,000 lower than last year.

Black Knight’s report shows that there were 2.38 million properties that are 30 or more days past due or in foreclosure in July, which is up 42,000 from June, but down 452,000 from the previous year.

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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 Foreclosures Down 33 Percent

July 26, 2017 Posted by kingcade

The increase in home prices and a stable job market have caused foreclosures to decline across South Florida.  The first half of this year, 12,463 homes were in some stage of foreclosure, down 33 percent from a year ago and 56 percent from the same period in 2015, according to ATTOM Data Solutions.

Miami-Dade, Broward and Palm Beach will close out the year with a fraction of the total that occurred during the 2009 peek of the housing crisis, when there were 172,854 properties in the process of foreclosure.  Statewide, foreclosures are down 34 percent from a year ago and 56 percent from 2015.

South Florida is on pace to finish 2017 with a foreclosure rate of about 1 percent.  Numbers have not been that low in Miami-Dade, Broward and Palm Beach since 2006.

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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.

 

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.

 

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.

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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.

Trump’s Treasury Secretary Pick Steven Mnuchin’s Bank Foreclosed on Elderly Woman who owed 27 cents

December 2, 2016 Posted by kingcade

Reports this week reveal that Donald Trump’s Treasury secretary nominee, Steven Mnuchin’s bank foreclosed on a 90-year-old Florida woman who owed just 27 cents.  The practices of OneWest Bank have come under scrutiny since the President-elect announced the onetime Goldman Sachs banker as his pick on Wednesday.  More than 36,000 foreclosures followed Mnuchin and partners’ purchase of failed bank IndyMac in 2009.

An 86-year-old California man has also come forward and claimed OneWest refused to modify the home equity loan on the longtime home he shared with his wife, even though they qualified three times for a government-backed modification.  The bank sold the couple’s home of 50 years in 2011.

Numerous other outcries similar to these drew more than 100 sign-waving and chanting protestors to Mnuchin’s $26 million mansion in Bel Air.

A Florida woman found herself facing a foreclosure by OneWest in 2014 after confusion about payments on her reverse mortgage, according to court papers.  She sent a check for $423 in response to a bill for $423.30, the documents showed.

The OneWest subsidiary responded by billing the Lakeland resident for $0.30, but she mistakenly sent a check back for only $0.03.  The foreclosure in Polk County Circuit Court is now being challenged by a nonprofit firm.

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.