Foreclosures Archives - Page 2 of 5

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

Posted on March 5, 2015by Admin

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.

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

Posted on August 22, 2014by Admin

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.

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Foreclosures hit Pre-Crisis Low

Posted on August 14, 2014by Admin

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.

Foreclosures, Timothy Kingcade Posts

Florida Leads Nation in Foreclosures…Again

Posted on July 21, 2014by Admin

A recent report released by RealtyTrac revealed Florida’s foreclosure rate was the nation’s highest for the first half of 2014. According to the report, 1 in 74 Florida homes had a foreclosure filing in the first six months of the year and more than 121,000 properties had a foreclosure filing- the most of any state. This number was down 22 percent from a year earlier.

Miami had the nation’s highest metro area foreclosure rate, with 1 in 61 homes in foreclosure for the first half of the year. Orlando, Port St. Lucie, the Space Coast and Tampa followed, having the top five foreclosure rates by metro areas.

Foreclosures, Timothy Kingcade Posts

New Foreclosure Cases Rapidly Decline in South Florida

Posted on June 24, 2014by Admin

New foreclosure filings fell a whopping 75 percent across Broward County last month, another indication that the housing market crisis is a thing of the past. Broward had 275 new cases filed last month, compared with 1,087 in May 2013, according to RealtyTrac, Inc. It was the 10th month in a row that foreclosure filings have dropped. New cases also declined 75 percent last month in Palm Beach County.

Real estate experts attribute this drastic decline to the new state law that took effect last year, which resulted in lenders delaying foreclosure filings until they have all of their paperwork in order.

Florida had the nation’s highest foreclosure rate for the eight month in row, an indicator of just how hard the state was hit as a result of the housing market crisis.

Foreclosures, Timothy Kingcade Posts

U.S. Investigates Possible Overcharging by Banks for Foreclosure Fees

Posted on June 2, 2014by Admin

An investigation is underway of at least five banks over whether they overcharged the government for expenses incurred during foreclosures on federally backed home loans, filings and interviews. The banks under investigation include: PNC Financial Services Group Inc, PHH Corp, MetLife Inc, Santander Holdings USA Inc and Citizens Financial Group Inc, the U.S. unit of Royal Bank of Scotland. The U.S. Attorney’s office is seeking information on claims on foreclosed loans insured by the Federal Housing Administration or guaranteed by Fannie Mae and Freddie Mac, according to Reuters.

Two of the banks, PNC and MetLife, said federal authorities are looking at foreclosure-related costs incurred by law firms. Foreclosures generally cost between $1,000 and $3,000, depending on the state and type of foreclosure, with the bulk going to legal fees. Other expenses, including posting and mailing notices, court filing costs and title searches are separate.

The law firms under investigation allegedly represented expenses that were much higher than their actual costs, in some cases by hundreds of dollars. One firm charged $150 for posting a notice on the door of a property in foreclosure, even though the market rate for the service is about $25, according to the allegations. Another allegedly inflated court filing costs.

Foreclosures, Timothy Kingcade Posts

U.S. sees Fewer Foreclosures as Banks Reclaim more Homes

Posted on May 16, 2014by Admin

A report from RealtyTrac confirms foreclosure activity across the U.S. fell 1 percent last month, as banks scheduled fewer auctions and reclaimed more homes. The most recent drop, which includes foreclosure notices, scheduled auction and bank repossessions, is 20 percent below its year-ago level. It was also the 43rd consecutive month foreclosure activity was down on an annual basis.

Bank repossessions, still down 14 percent from a year ago, were up 4 percent in April, a likely result of the state and government interventions that slowed down the foreclosure process. In total, 30,056 homes were repossessed. According to real estate experts, the rise in bank repossessions is a sign that those markets are working through the final remnants of foreclosures left over from the housing market crash.

In Florida, one in every 400 homes is facing foreclosure and continues to have the highest rate in the nation, followed by Maryland, Delaware and Indiana. A total of 49,239 homes were scheduled for a foreclosure auction last month, down 3 percent from March and 21 percent from a year ago. It was the 41st straight month in which scheduled auctions were down on a year-on-year basis.

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Foreclosures, Timothy Kingcade Posts

Foreclosure Rate on the Decline in U.S., Florida

Posted on April 24, 2014by Admin

According to a recent report by Black Knight Financial Services, the share of loans in foreclosure is down nearly 37 percent year-over-year, dropping to rates not seen since 2008. In Florida, 12 percent of homeowners with mortgages are not current with their payments, the third largest percentage in the nation of those behind on mortgage payments.

Less than 4 million people are not current on their mortgage payments- the lowest amount since November 2007. The report said Florida has had the second biggest improvement in the past six months, with a 20 percent reduction in delinquency. These levels have not been seen since October 2007, with foreclosures at a 7.5 year low. In addition, pre-payment rates have increased from last month to eight-tenth of a percentage point- not seen since 2008.

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http://www.bizjournals.com/jacksonville/news/2014/04/23/black-knight-report-foreclosure-rate-sinking-in-u.html

Foreclosures, Timothy Kingcade Posts

Foreclosures and Short Sales Decline in South Florida

Posted on March 31, 2014by Admin

Distressed home sales have accounted for a smaller portion of the market across South Florida in 2013. Palm Beach County posted 3,598 transactions involving a short sale or foreclosure last year, representing 23 percent of all single-family home sales, according to data from the Realtors Association of the Palm Beaches.

Distressed home sales have been slowly shrinking over the past three years. In the condominium sector, 20 percent of sales involved a troubled mortgage in 2013, compared with 24 percent in 2012. Rising home prices have turned South Florida back into a seller’s market. Short sales and foreclosures are now selling for the list price and above.

With less distress in the market, thousands of underwater homeowners are now beginning to have equity. Federal lawmakers have even allowed the Mortgage Forgiveness Debt Relief Act to expire this year, meaning the amount of debt forgiven in the short sale or primary residence is considered income and taxable.

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Foreclosures, Timothy Kingcade Posts

Florida still No. 1 in Foreclosure Activity

Posted on March 14, 2014by Admin

The most recent data from RealtyTrac reveals that Florida remains the No. 1 state in the nation in foreclosure activity for the month of February. This activity includes initial filings, auction notices and lender repossessions. The number has dropped 24 percent from a year earlier.

One in every 372 residences in Florida received some sort of filing during the month of February; a rate more than three times the national average. In Miami, Fort Lauderdale and Pompano Beach, foreclosure activity fell 33 percent in February compared with a year earlier and was down 27 percent from the previous month.

Nine of the 10 major U.S. metro cities with the highest rate of foreclosure were in Florida. At the top of the list was Palm Bay-Melbourne-Titusville. Tampa ranked No. 2; Jacksonville, No. 3, and Miami, No. 4-with one in every 328 residences seeing some type of foreclosure activity during the month. Port St. Lucie was No. 5.

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