foreclosure-prevention Archives

5 Steps to Slow Down the Foreclosure Process in Florida

Posted on May 23, 2019by Admin

Receiving a notice of delinquency in the mail does not automatically mean that you are going to lose your home. Florida has what is called a judicial foreclosure process, which means that every homeowner is entitled to a hearing before the court to determine whether or not the bank is entitled to foreclose. The most important thing to remember is that the homeowner has rights. There are things you can do to slow down the foreclosure process and even keep your home, while getting your financial life back on track.

Educate yourself. Read over everything you have received from the lender, including the mortgage itself. Many notices will contain information on foreclosure prevention options. It is only after you have not paid your mortgage for a period of 90 days that foreclosure proceedings will start. Remember, Florida is a judicial foreclosure state, meaning the lender must file a lawsuit against you before moving forward with the proceedings.
Contact your lender. The lender will likely be willing to work with you as the foreclosure process can be lengthy and costly in Florida. There are different options they may extend to you, which include: refinancing, a repayment plan, forbearance or a loan modification.
Contact a HUD approved housing counselor. There are federally funded agencies in each state that work with a variety of lenders to secure affordable repayment options for struggling homeowners. But with this option, beware that there are many non-legitimate companies looking to scam borrowers. Research these options carefully and use caution. Make sure you are working with a free, federally approved agency.
Consider doing a short sale. If you do not see yourself being able to repay your mortgage with a loan modification or repayment plan, a short sale may be a good option.
Consider filing for bankruptcy. Filing for bankruptcy will not only eliminate your unsecured debt, but as soon as you file for bankruptcy an “automatic stay” goes into effect, which stops all collection attempts and halts the foreclosure process.

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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Debt Relief, Foreclosures, Timothy Kingcade Posts

Foreclosure Prevention Unknown After HAMP Expires

Posted on February 1, 2017by Admin

At the end of last month HAMP (The Home Affordable Modification Program) expired and Republican-led Washington has no intention of replacing it. So now it will be up to the private sector to address the lingering issues brought on by the financial crisis.

Banks and mortgage lenders say they are ready to step in with their own foreclosure-prevention programs, modeled on what they learned from the Obama administration’s effort. However, housing advocates are skeptical, as HAMP had its shortcomings. The program fell far short of the administration’s goals.

Specifically, banks and servicers routinely ignored the rules, consistently rejected eligible homeowners, processed applications at a snail’s pace and foreclosed on homeowners even when they made their modified payments on time, according to a series of audit reports for the Troubled Asset Relief Program.

Approximately 70 percent of those who applied for the loan modifications were turned down. Nearly 14 million homes went into foreclosure, according to ATTOM Data Solutions, which tracks foreclosure filings.

Even though the housing market has stabilized, the rate of delinquencies is at its lowest point since 2007, and home prices have risen in many places, there will always be homeowners and families in trouble because of job loss, illness and other unforeseen setbacks.

Click here to read more on this story.

Foreclosures, Timothy Kingcade Posts

117,088 Foreclosures Prevented in Second Quarter by Fannie Mae, Freddie Mac

Posted on October 16, 2013by Admin

According to the Federal Housing Finance Agency’s quarterly report, Fannie Mae and Freddie Mac completed approximately 117,000 foreclosure-prevention actions in the second quarter of 2013. The modifications, repayment and forbearance plans helped 75 percent of struggling homeowners manage their mortgage payments and keep their homes. The short sales and deeds-in-lieu allowed 25 percent of the borrowers to avoid foreclosure.

Additional findings from the second-quarter report included:

• One-third of the permanent loan modifications in the quarter included principal forbearance.
• More than half of the homeowners who received a permanent loan modification in the quarter had their monthly payment reduced by more than 30 percent.
• The number of Fannie Mae and Freddie Mac delinquent loans dropped nationally during the quarter. This was attributed to a drop in seriously delinquent loans.
• Borrowers who were more than 60 days delinquent on a Fannie Mae or Freddie Mac loan dropped 7 percent during the quarter.
• As of June 30, about 11 percent of the borrowers whose loan was modified in the third quarter of 2012 had missed two or more payments.

Click here to read more on the Federal Housing Finance Agency’s quarterly report.