Posts Tagged: ‘foreclosures in Florida’

Banks Propose $25 Billion Deal to U.S. State Officials to help Victims of Deceptive Foreclosure Practices

January 29, 2012 Posted by kingcade

The five major mortgage lending banks, Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial have proposed a deal to U.S. state officials that could re-shape the structure of mortgage lending and better protect homeowners from foreclosure malpractice.

Since the housing market crash of 2007, almost eight million American homes have been foreclosed on. A reportedly 11 million homeowners in America owe more than half of what their home is currently worth. Under the proposed deal, those who are eligible will receive a check for approximately $1,800, but it is doubtful they will get their homes back. The purpose of the reserve accounts will be to help those who have been victims of deceptive foreclosure practices.

Under the proposed $25 Billion deal:
• $17 billion would go toward reducing the principal that struggling homeowners owe on their mortgages.
• $5 billion would be placed in a reserve account for various state and federal programs; a portion of that money would cover the $1,800 checks sent to those homeowners affected by the deceptive practices.
• $3 billion would be to help homeowners refinance at 5.25 percent.
To read more on this story visit: http://abcnews.go.com/Business/wireStory/25b-nationwide-mortgage-deal-states-15421108#.TyGfg5jl1SU

Choosing the right attorney can make the difference between whether or not you can keep your home. A well qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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.

The Obama Administration Announces Modifications to the Home Affordable Refinance Program to Help Underwater Homeowners

November 29, 2011 Posted by kingcade

South Florida has embraced the new modifications being made to the Home Affordable Refinance Program (HARP), which include eliminating some appraisals and loosening underwriting requirements, making it easier for underwater homeowners to alleviate their mortgages. To qualify homeowners must be current on their payments, and the mortgages must be backed by Fannie Mae or Freddie Mac.
These revisions are projected to help tens of thousands of South Florida homeowners who have not qualified for other government relief programs. The government is doing away with a cap that prevented borrowers whose mortgages exceed 125 percent of the value of their homes from being eligible for the program. Other changes include reduced risk for lenders and lower fees for borrowers. Nearly half of all single family homes with a mortgage in Palm Beach, Broward and Miami-Dade counties are worth less than what is owed, according to third-quarter data from real estate website Zillow.com. People who otherwise may have been tempted to walk away from their homes will be able to qualify for some of the lowest mortgage rates on record and possibly pay off their homes faster.
To read more on this story visit:
http://www.sun-sentinel.com/business/fl-harp-revisions-20111115,0,4175968.story?track=rss

Choosing the right attorney can make the difference between whether or not you can keep your home. A well qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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.

Law Firms Nationwide Descend on Florida to capture Growing Foreclosure Business

November 14, 2011 Posted by kingcade

Law firms from Atlanta, North Carolina, Massachusetts, New Jersey, and Philadelphia are heading south to take over files from the Law Offices of David J. Stern and Ben-Ezra & Katz, previously two of Florida’s largest foreclosure firms. David J. Stern and Ben-Ezra Katz’s law offices abandoned business after being investigated for possible foreclosure fraud, leaving tens of thousands of cases in need of representation. The new law firms are being handed between 3,500 and 5,000 transfer files at $1,200 to $1,400 per file, according to a legal headhunter. Many of these foreclosure firms are placing their South Florida central offices in the Fort Lauderdale area. Fannie Mae and Freddie Mac’s plan is to spread out the cases among more firms, instead of a few large ones, preventing any streamlining.

Since being under the congressional spotlight, Fannie Mae is being proactive to ensure firms maintain proper procedures and are even sitting in on lawyer interviews at firms. Fannie Mae is using new criteria when choosing new firms to contract with. This new criteria requires firms to be in good standing with the Florida Bar and local bar associations, demonstrate experience in handling foreclosures, provide quality and cost-efficient work, posses diversity and overall capacity to handle the foreclosure volume, among other considerations. Despite new legislation to monitor foreclosure firms, without some sort of program in place to teach young lawyers how to conduct themselves properly– the same problems will exist.

To read more on this story visit:
http://www.law.com/jsp/article.jsp?id=1202517889234&Law_Firms_Descend_on_Florida_to_Take_Over_Foreclosure_Business&slreturn=1

Choosing the right attorney can make the difference between whether or not you can keep your home. A well qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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.

 

President Obama Announces New Program to help ‘Underwater’ Homeowners Reduce their Monthly Mortgage Payments

November 3, 2011 Posted by kingcade

The Obama administration recently unveiled a new government program aimed to provide assistance to ‘underwater’ homeowners who owe more than their properties are worth and help reduce their monthly mortgage payments. The goal of the program is to keep families in their homes and lower interest rates for responsible lenders. Those who qualify for the program will be eligible to refinance their mortgages at a new low rate, near 4 percent.

This plan is part of what the Obama administration calls the “We Can’t Wait” campaign. In order to be eligible for the program homeowner loans must be backed by Fannie Mae and Freddie Mac. Final details will be published in mid-November 2011. The plan comes as an official revision to the Home Affordable Refinance Program (HARP), which began at the start of Obama’s term. It was initially designed to provide assistance to as many as 5 million homeowners; of which only 822,000 (one-tenth) have been helped by the program.

However, HARP had several barriers that resulted in its lack of success. These barriers included: limiting the program to lenders owing 25 percent more than the worth of their home, upfront fees, and banks concerns that they would be ultimately responsible in the case of a default. Officials backing Obama’s new program hope this will reallocate money and help stimulate economic growth and development.

To read more on this story visit:
http://www.washingtonpost.com/business/economy/fhfa-announces-new-program-to-help-underwater-homeowners/2011/10/24/gIQAG1oUCM_story.html

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.

Trend Alert: Decline in Foreclosure Activity in U.S. Metro Areas

August 11, 2011 Posted by kingcade

It has been reported that the nation’s largest metropolitan areas are seeing a sharp drop in foreclosure activity as banks take longer to move against homeowners who are behind on their mortgage payments. According to Realty Trac Inc. in the first half of this year, 84 percent of metropolitan areas with a population of at least 200,000 saw their foreclosure rate drop versus the same period last year.

In total, foreclosure activity declined in 178 of the country’s 211 largest metropolitan areas during the first six months of the year. The decline is due to delays in the foreclosure process as lenders work through foreclosure documentation problems that first surfaced last fall. Those problems prompted them to resubmit paperwork on many properties that had been slated for foreclosure and led to a slew of government investigations of the mortgage industry. Mortgage banks also have put off taking action against newly delinquent borrowers in order to try loan modifications or other tactics aimed at avoiding foreclosure.

This has resulted in some 1.7 million potential foreclosures being held up. The slowdown in foreclosure activity has been pronounced in states like Florida, New York, Maryland, New Jersey, Connecticut, Massachusetts and Illinois, where courts play a major role in the foreclosure process and are only beginning to sort through the backlog of cases.

To read more on the story visit:
http://www.miamiherald.com/2011/07/28/2334318/foreclosure-activity-down-in-most.html#ixzz1TN8bmNlB

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.