Tag: foreclosure backlog

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Active Foreclosure Backlog is Clearing Out

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The rate of foreclosures was down in 2015 compared to the previous five years. As a result, foreclosure inventory was down to its pre-recession level, meaning the backlog of foreclosures in the court systems are continuing to clear out at a substantial rate.

Nearly half the residential mortgage loans that were in foreclosure at the beginning of 2015 were either liquidated or returned to current status by the end of the year. Active foreclosures at the end of the year were less than a third of what it was during the peak of the housing market crisis, five years ago, according to a report released by the Black Knight Financial Services.

Approximately 880,000 residential mortgage loans were in active foreclosure at the beginning of 2015. Out of those, 484,000 were at least two years delinquent. By the end of the year, 47 percent of the total number of loans in active foreclosure had either returned to performing status or were liquidated. This is 1.5 percent higher than the previous year.

Active foreclosure inventory went from 880,000 at the beginning of the year to 689,000 at the end of the year. This is the first time the foreclosure rate has ended the year below 700,000 since 2006.

However, consumers are not out of the woods just yet. The remaining foreclosure volume was still two and a half times the “normal” level at the end of 2015, even with the declines.

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.

Foreclosures, Timothy Kingcade Posts

New Florida Rule to Expedite Foreclosure Cases

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The court system’s backlog of foreclosure cases in Florida has inspired a proposed rule that would expedite foreclosure cases by considering them “abandoned” if not set for hearing (or heard) within 90 days. South Florida courts have been flooded with foreclosure cases since the 2008 housing bubble burst and has been one of the hardest hit regions for foreclosures. In 2009, there were more than 64,000 foreclosure suits filed in Miami-Dade County alone.

In an attempt to conserve judicial resources, the court has proposed a new rule that will push cases through much faster by using an administrative order to automatically dispense homeowners’ motions as abandoned.

This rule will be devastating for homeowners trying to save their homes. Their cases will not be looked at individually and cases where lenders are looking to stop or delay the foreclosure process over objections will still be pushed through the system.

A recent change to the system has allowed case managers to perform administrative tasks that judges once performed. This has already caused a lot of cases to be pushed through the system that lenders themselves have attempted to stop.

The good news for homeowners is that the market is on the mend and the backlog of foreclosure cases is just a small portion of what it was in 2009 and 2010. Nonetheless, judges say that a docket of more than 20,000 foreclosure cases creates a crisis in the judicial system.

Click here to read more on Florida’s new proposed rule to expedite foreclosure 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.