Posts Tagged: ‘Foreclosure Filings’

Florida Foreclosure Improvement Still Lagging Behind the National Average

July 29, 2016 Posted by kingcade

The nationwide foreclosure filings rate has shown signs of improvement in the first half of 2016. However, the improvement rate in Florida, New Jersey, Illinois, New York and Indiana is still significantly lower than the pre-recession rates and seem to be lagging behind the rest of the country. RealtyTrac released the data from the first two quarters of 2016 that reveal that foreclosure filings are were down 20 percent compared to the previous two quarters in 2015.

Although the foreclosure filings rate is still 21 percent higher than the normal rates, there were 15 states in the first half of 2016 with foreclosure rates that were significantly lower than “pre-housing bust” levels including: Arizona, California, Colorado, Nevada and Michigan.

According to RealtyTrac Vice President Daren Blomquist, the obvious divide between states is largely due to the fact that some states require foreclosures to take place in court, such as Florida. He went on to say, “the root issue that created the dysfunctional foreclosures processes was sloppy and improper documentation on the part of the banks.” Blomquist said that in non-judicial states, “it wasn’t an issue because there wasn’t oversight.”

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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.

RealtyTrac Reports Foreclosure Activity “Flat” in May

June 24, 2016 Posted by kingcade

Foreclosure filings, which include default notices, scheduled auctions and bank repossessions were reported on 100,841 properties in May, a number virtually unchanged when compared to April and a decrease of 21% from a year ago.  RealtyTrac’s U.S. Foreclosure Market Report reveals May was the eighth consecutive month with a “year-over-year” decrease.

Florida, New Jersey, Maryland, Delaware and Nevada were the states with the highest number of foreclosure filings for the month.

A total of 42,279 properties started the foreclosure process in May, down 3% from the previous month and down 18% from the previous year, according to RealtyTrac’s report. It was the 11th consecutive month with a year-over-year decrease.

A total of 34,014 bank repossessions were completed in May, up 1% from the previous month but still down 24% from a year ago. It was the third consecutive month with a year-over-year decrease in bank repossessions.

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.

Trend Alert in Foreclosures: Courts Becoming More Homeowner Friendly

October 14, 2013 Posted by kingcade

According to a panel of circuit judges, tougher standards for getting evidence into record is having an effect on the number of new residential foreclosures being filed in the State of Florida. The new law that took effect July 1 requires plaintiffs to acknowledge in foreclosure complaints that all documentation needed to prove a case is in their possession. The August 28th decision from the Fourth District Court of Appeal requires that banks’ expert witnesses have direct knowledge of the authenticity of records being submitted for evidence.

The silver lining for homeowners is the new Florida law and recent appellate decisions have made lenders hesitant about filing new cases. Homeowners are getting dismissals based on the lenders’ inability to show they have standing and the statute of limitations expiring five years after the notice of default. This has been particularly evident in Palm Beach County where new filings dropped 61 percent in July from the previous year.

Click here to read more on courts becoming more homeowner friendly in foreclosures.

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.

Foreclosure Crisis Only Halfway Over

November 29, 2011 Posted by kingcade

The latest data on home foreclosures and delinquencies reflect that the foreclosure crisis is only about half way over. The pace of new home foreclosures increased in the third quarter and the number of borrowers falling behind on their payments eased a bit, according to the Mortgage Bankers Association. The good news was that the rate of borrowers who have fallen three or more months behind on their payments has dropped to about 3.5 percent of all mortgages. That is down from a peak of 5 percent in late 2009. But it is still three and a half times the “normal” rate of about 1 percent that prevailed before the mortgage meltdown hit in late 2007.
Borrowers with subprime adjustable mortgages saw the biggest jump in new foreclosures in the third quarter. Some 4.65 percent of those subprime loans entered into foreclosure. Underwater borrowers simply walking away from their home and no longer making mortgage payments have complicated the housing market recovery process. The most critical variable affecting the pace of such defaults was the length of time a given home was in the foreclosure process. The longer the process takes, the longer the idea ‘strategic default’ has to spread from one borrower to another.

A lot depends on recovery of the economy and creating jobs fast enough to get people back to work and decrease the 9 percent unemployment rate. Continued improvement in home sales and prices will depend heavily on the volume of foreclosed homes coming back on the market.

To read more on this story visit:
http://bottomline.msnbc.msn.com/_news/2011/11/17/8859967-foreclosure-crisis-only-about-halfway-over

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.

Another Robo-signing Law Firm Brought to Justice

November 3, 2011 Posted by kingcade

One of the largest foreclosure mills in the country, Steven J. Baum, P.C., in Amherst, New York is required to pay $2 million and make significant reforms as a result of a settlement agreement reached on October 6, 2011. Most significantly, Baum employees may no longer sign mortgage assignments as officers of Mortgage Electronic Registration Systems, Inc. (“MERS”).

Tens of thousands of homeowners have lost their homes in cases where Baum employees signed mortgage assignments as officers of MERS. In most cases, these employees assigned mortgages to mortgage-backed trusts so that the trusts could foreclose; even though such transfers did not take place on the dates and in the manner set forth on the Baum assignments.

These Baum Assignments appear throughout the New York courts, but often in the Courts of other states as well. Two million is also the amount paid by the Law Offices of Marshall Watson in Florida, whose associates engaged in similar practices of signing as MERS officers, assigning mortgages after foreclosure actions were initiated.

This is a first-of-its-kind settlement and further relief may be forthcoming, from both criminal prosecutions, the NY Bar, and from private class action and RICO lawsuits brought by private litigants.

To read more on this story visit: http://frauddigest.com/fraud.php?ident=4729

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 this topic or 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.