Posts Tagged: ‘Loan Modification’

Trump’s Treasury Secretary Pick Steven Mnuchin’s Bank Foreclosed on Elderly Woman who owed 27 cents

December 2, 2016 Posted by kingcade

Reports this week reveal that Donald Trump’s Treasury secretary nominee, Steven Mnuchin’s bank foreclosed on a 90-year-old Florida woman who owed just 27 cents.  The practices of OneWest Bank have come under scrutiny since the President-elect announced the onetime Goldman Sachs banker as his pick on Wednesday.  More than 36,000 foreclosures followed Mnuchin and partners’ purchase of failed bank IndyMac in 2009.

An 86-year-old California man has also come forward and claimed OneWest refused to modify the home equity loan on the longtime home he shared with his wife, even though they qualified three times for a government-backed modification.  The bank sold the couple’s home of 50 years in 2011.

Numerous other outcries similar to these drew more than 100 sign-waving and chanting protestors to Mnuchin’s $26 million mansion in Bel Air.

A Florida woman found herself facing a foreclosure by OneWest in 2014 after confusion about payments on her reverse mortgage, according to court papers.  She sent a check for $423 in response to a bill for $423.30, the documents showed.

The OneWest subsidiary responded by billing the Lakeland resident for $0.30, but she mistakenly sent a check back for only $0.03.  The foreclosure in Polk County Circuit Court is now being challenged by a nonprofit firm.

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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.

Florida Attorney General Filed Court Action to Stop Foreclosure Fraud

August 22, 2016 Posted by kingcade

A court action has been filed to stop foreclosure fraud.  Attorney General Pam Bondi filed the action to stop a group of non-lawyers from operating an illegitimate foreclosure defense and loan modification law firm.

“Florida homeowners facing the stress of foreclosure should not have to worry about scammers posing as lawyers and making false promises of relief to get what little money the homeowners may have. Thanks to the great work and dedication of my Consumer Protection Division, we will continue to fight foreclosure rescue fraud and protect homeowners,” said Attorney General Bondi.

The attorney general’s office alleges three men- Adam Forman, Joseph Hilton (a.k.a – Joseph Starr), and Victor Spagnuolo operated eight firms that were used to scam homeowners into paying large upfront fees for legal services.  Another problem, not one of them was an attorney.

The named firms are Asset Protection Law Firm, Heritage Law Group, Liberty Law Group, Consumer Legal Resources, Consumer Legal Advocates, Legal Referral Services, Galler Lehman Law and Selective Housing Solutions.

According to the office, the men also face possible criminal charges for the unlicensed practice of law from the Coral Springs Police Department, Boca Raton Police Department, the Broward County State Attorney’s Office and the United States Secret Service.

There were 37 complaints received from consumers about the defendants’ “deceptive and unfair practices.” Some of the allegations included misleading representations regarding the law firms’ expert legal services, charging unlawful up-front fees prior to the services being completed, failing to protect the consumers’ homes from foreclosure and failing to obtain loan modifications as promised.

Full restitution is being demanded for consumers who have been affected by the crime.  The complaint also seeks an injunction that will prevent the defendants from engaging in future loan modification, foreclosure defense and legal services.

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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.

Why more widowed homeowners are struggling to prevent foreclosure

May 5, 2016 Posted by kingcade

Consumer advocates say more widows and widowers nationwide are having trouble saving their homes from foreclosure.  Even though servicers will generally accept loan payments, surviving spouses who are not on the mortgage face increasing resistance when seeking loan modifications, once they have fallen behind on the mortgage payments.  This is often due to the loss of their spouse’s income.

Many are being told there is nothing they can do to prevent foreclosure.  Consumer advocates believe the problem dates back to practices done nearly a decade ago during the housing bubble.  These include a rise in “risky” first and second mortgages, many that were taken out by older Americans who previously avoided taking on new debt- and securitization of loans, which has increasingly put servicers in control of the foreclosure process.  Sometimes these servicers flat-out refuse to deal with the surviving spouse. Other times they give inaccurate information or require unnecessary documentation to prove ownership of the house, stalling a modification while the foreclosure moves forward.

Another roadblock for widowers- companies simply will not allow a modification until the surviving spouse assumes the loan, which cannot happen until the owner is current on the mortgage.  This growing problem has caught the attention of federal regulators and state lawmakers.  Rules are now being proposed to boost protections for surviving spouses.  The Consumer Financial Protection Bureau is preparing regulations this summer that will assist surviving spouses and other so-called successors-in-interest.

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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.

 

Widows, divorcees struggle with foreclosure rules

March 29, 2016 Posted by kingcade

According to a recent report from the National Consumer Law Center, widows as well as surviving family members and the recently divorced continue to struggle to stay in their homes.  It is estimated that thousands of homeowners, usually women who did not sign the original loan documents, are having trouble getting access to relief that the new federal guidelines have provided other homeowners since the foreclosure crisis.

The Federal Consumer Financial Protection Bureau is being urged to adopt rules that would expand protections to others who may have homeownership interest in a property, aside from just the borrower.  Every month of delay increases the interest that the homeowner owes, increasing the fees on the loan amount and decreasing the changes of a loan modification.

Federal regulators need to do more to educate borrowers.  Borrowers can fill out paperwork allowing lenders and mortgage companies to disclose financial and loan information to family members or spouses.  Many borrowers are unaware that they can agree to disclosures so family members and spouses communicate with lenders to avoid undue hardships after death.

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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.

South Florida Couple Accuses Wells Fargo of Fraud

March 3, 2015 Posted by kingcade

A South Florida couple claims that Wells Fargo engaged in fraud when it accepted thousands of dollars in exchange for a promise of a permanent loan modification, which was never delivered. The Federal lawsuit centers on the issue of a “Trial Period Plan.”

After falling on hard times, the couple received an offer from Wells Fargo called a Trial Period Plan. The letter began by stating, “”Wells Fargo Home Mortgage wants to continue to work with you to modify your mortgage.” According to the letter, the family “must make new monthly ‘trial period payments’ in place of (their) normal monthly mortgage payments” at a little more than $2,000 and “after all trial period payments are made, (their) mortgage will be permanently modified.”

After making three payments, and several more, Wells Fargo worked to reschedule the foreclosure sale and no permanent loan modification was granted.  “It felt like the rug got pulled out from under us. Because of the fact that we’ve given them everything and they still said, ‘No, you’re denied.’ It was very frustrating. Because you’re going through this modification process, you’re doing what the bank asks you to do because we’re told to trust the bank,” the family said.

The family’s attorney is accusing Wells Fargo of misleading the couple with broken promises, acting maliciously, and breach of contract. They are seeking injunctive relief to protect the ownership and title of their home and $75,000 in damages.

The lawsuit also alleges that Wells Fargo had “no intention of offering such permanent loan modification … by inducing Plaintiffs into making thousands of dollars of additional payment (that could not otherwise be collected) with the false promise of a loan modification Defendants, Wells Fargo, can collect more from the distressed homeowner, than the $4,000 maximum incentive payment collected under Defendant, Freddie Mac, loan modification program.”

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http://www.local10.com/news/south-florida-couple-claims-wells-fargo-engaged-in-fraud/31341328

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.