Posts Tagged: ‘Foreclosures’

Quicken Loans Fast Becoming the New Mortgage Lending Machine

January 23, 2017 Posted by kingcade

In the years since the housing market crash, many of the nation’s largest banks have strengthened their underwriting processes and become more conservative with their mortgage-lending activities.  However, Quicken Loans has pushed forward, becoming the second-largest retail mortgage lender originating $96 billion in mortgages last year — an eight-fold increase from 2008.

In a federal false-claims lawsuit filed in 2015, the Department of Justice accused Quicken Loans of misrepresenting borrowers’ incomes and credit scores, in order to qualify for Federal Housing Administration insurance.  As a result, when those loans defaulted, the government says the taxpayers — not Quicken loans — suffered millions of dollars in losses.

In the years since the financial crisis, Quicken has emerged as a leader in the nation’s “shadow-banking system,” a network of non-bank financial institutions that has gained significant ground against its more regulated bank counterparts in providing mortgage loans.

The increase in regulation and decreased profits forced the nation’s banks out.  Non-banks, like Quicken, quickly filled the gap.

Former executives have described Quicken Loans as a technology company that sells mortgages. The 3,500 mortgage bankers who work the phones are the life-blood of the company. Many new employees come in with little to no background in financial services. According to an inside source, one employee joined after delivering pizzas to the Quicken Loans office and becoming interested in working there.

Critics say these shadow banks, by focusing on the riskier end of the mortgage market, may be reviving the same circumstances that resulted in so many defaults and foreclosures.

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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.

Trending: High-End Homes See More Foreclosures

March 10, 2015 Posted by kingcade

The national foreclosure rate fell to 1.4% in December 2014, the lowest rate since March 2008, according to CoreLogic. However, foreclosures involving mortgages of $750,000 plus remain at a higher rate of 2.5%. After the housing market crash of 2008, foreclosure percentages have reached as high as 6.8% in May of 2012. Economists agree that it appears the market is on the mend. However, struggling homeowners with more expensive mortgages are recovering less quickly than others.

Before the housing market crashed, homeowners with $750,000 plus mortgages had lower rates of foreclosure than average. The recession has changed all that. CoreLogic data shows that in January 2006, the national average foreclosure rate was .1% and the foreclosure rate for $750,000 plus mortgages was .05%.

Some experts believe the higher foreclosure rate for “wealthier” homeowners is linked to the stock market crash and the subsequent housing market crash in 2008. Another contributing factor is that most states with higher stock in luxury homes also have the highest foreclosure rates since the crash. For example the three states with the highest foreclosure rates are New Jersey with a rate of 5.2%, New York with a rate of 4.0% and Florida with a rate of 3.7%. All of which have a large concentration of high-end real estate.

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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.

Struggling Florida Homeowners Get a Break: No Default Notice Means No Foreclosure, Fourth DCA Rules

March 5, 2015 Posted by kingcade

The Fourth District Court of Appeal has sided with the homeowners in a case involving Deutsche Bank and a mistake over the notice of default in a foreclosure case. A mailing address proved to be the bank’s downfall in an attempt to recover a house in Port St. Lucie, well-known for being one of the hardest hit cities following the housing collapse.

The attorney for the family argued the bank violated terms of the mortgage by sending the notice of default to a post office box as opposed to the property address, which was the official address listed on the mortgage. Even though the house was vacant at the time, the appeals court agreed and remanded the case to the trial court for dismissal.

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.

Related Resources:
http://www.dailybusinessreview.com/home/id=1202719610201?kw=No%20Default%20Notice%20Means%20No%20Foreclosure%2C%204th%20DCA%20Rules&et=editorial&bu=Daily%20Business%20Review&cn=20150305&src=EMC-Email&pt=Real%20Estate%20Update

Lawsuit aims to stop collection attempts on mortgage debt from old foreclosures

August 22, 2014 Posted by kingcade

A lawsuit filed last week in federal court is hoping to block collection attempts on unpaid mortgage debt from foreclosures that took place years ago. A deadline change in the state’s law started a mass filing this year of deficiency judgment claims against defaulted borrowers, including at least 110 lawsuits in Palm Beach County since June 1.

The problem is that the claims violate the Fair Debt Collection Practices Act in cases where the suit is filed in Florida, but the borrower has since moved out of state. There is a class action lawsuit being sought in the Middle District of Florida on behalf of Massachusetts resident Richard Simpson, who lost a Jacksonville home to foreclosure in 2009.

Simpson was sued for a $26,651 deficiency in February, but many of the claims are for amounts greater than that. It is typically the difference between what the home is sold for at auction and the remaining mortgage debt.

The goal is to sue the out-of-state defendants who have just 20 days to respond, and then get a default judgment when they do not respond on time. Approximately 10,000 deficiency judgment claims have been filed in Florida.

Many homeowners are taken completely by surprise, unaware that the banks have a right to do this. Deficiency judgments used to be so rare that underwater homeowners simply took the chance and walked away, thinking the worst thing that could happen is that they lose their home.

A change in Florida law that went into effect July 1, 2013, reduced the timeline that banks and mortgage companies have to file for a deficiency judgment from five years to one year after a foreclosure is final, which is when the home is sold at auction.

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.

Related Resources: http://www.mypalmbeachpost.com/news/business/real-estate/lawsuit-aims-to-stop-collection-mortgage-debt-from/ng464/#5234aa19.3828699.735463

Foreclosures hit Pre-Crisis Low

August 14, 2014 Posted by kingcade

The number of home loans that entered foreclosure in the second quarter this year hit its lowest level since early 2006, just before the housing crisis, according to data released by the Mortgage Bankers Association. Housing experts attribute the low rate to an improving job market and higher home prices, another sign that the mortgage crisis is behind us- for now. At the mortgage crisis’ worst point, in the third quarter of 2009, servicers started foreclosures on 1.42% of home loans. Last quarter, they began foreclosures on only 0.4% of loans, the lowest rate since the second quarter of 2006.

Delinquency rates- those that have at least one late payment but are not yet in the process of foreclosure- decreased to 6.04% after adjusting for seasonality, reaching its lowest level since the end of 2007. However, banks still have a number of already foreclosed-upon homes to work through particularly those in “judicial states,” where foreclosures must be processed through the court and tend to take longer.

Florida, New York and New Jersey accounted for more than 40% of all loans in foreclosure in the second quarter. These three states will have a significant impact on national figures moving forward.

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.

Related Resources: http://blogs.wsj.com/economics/2014/08/07/foreclosure-starts-hit-pre-crisis-low/