Posts Tagged: ‘Miami Foreclosure Attorney’

With Foreclosures on the Decline, Loan Modifications Increase

September 20, 2016 Posted by kingcade

HOPE NOW, a private alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, has released its July 2016 loan modification data. It stated for the month of July that total non-foreclosure solutions (i.e. – the combination of total loan modifications, short sales, deeds in lieu and workout plans) were approximately 112,000. This compares to approximately 25,000 completed foreclosure sales for the month- a ratio of more than four mortgage solutions for every foreclosure sale.

The report states that approximately 5,700 short sales were completed in July 2016 compared to 6,300 in the month prior. This represents a decrease of approximately 10 percent. Short sales were reported to have approximately 5,700 completed in July 2016 in contrast to 7,700 in July 2015, a decrease of 26 percent.

The report also included an estimated 35,000 permanent loan modifications completed in July 2016, compared to 34,000 in July 2015. This was a reported increase of approximately 3 percent. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).

Of the permanent loan modifications completed in the month of July, the report shows that an estimated 23,000 were through proprietary programs and 12,081 were completed through HAMP. In addition, of the 23,000 proprietary modifications completed in July, 46 percent (or 10,437), reduced the monthly principal and interest payment by 10 percent or more.

Foreclosure starts reduced 5 percent month over month to approximately 51,000 in July from 54,000 in June. Additionally, foreclosure sales were reportedly about 25,000 in July from 29,000 in June. This was a decrease of 12 percent month over month. Likewise, foreclosure sales were approximately 25,000 in July 2016. This is compared to 28,000 in July 2015 which was a decrease of 9 percent.

While delinquencies continue to decline to “pre-crisis” levels and the data trends certainly suggest the market is recovering, there remains a portion of the population who still need assistance. These regions include: Florida, Georgia, New Jersey and California.

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 website at www.miamibankruptcy.com.

Foreclosure Activity Increases Nationwide in October

November 14, 2013 Posted by kingcade

According to RealtyTrac Inc., foreclosure filings in October- default notices, scheduled auctions and bank repossessions- were reported on 133,919 U.S. properties, a 2 percent increase from the previous month but a 28 percent decrease from a year ago. The report states that one in every 978 U.S. homes had a foreclosure filing during the month of October.

Among the nation’s 20 largest metro areas, the highest foreclosure rates were in Miami, Tampa, Chicago, Baltimore and Riverside-San Bernardino. The biggest annual increases in foreclosure activity were in Baltimore (up 296 percent for 13th consecutive month with an annual increase), Washington, D.C. (up 48 percent for fifth consecutive month with an annual increase), New York (up 20 percent for 16th consecutive month with an annual increase), Philadelphia (up 15 percent for eighth consecutive month with an annual increase), and Miami (up 7 percent for first annual increase after two consecutive months of annual decreases).

According to Daren Blomquist, vice president of RealtyTrac, this is attributed to the “backlog of delayed judicial foreclosures making their way through the pipeline, with many of these properties scheduled for public auction.”

States with the biggest annual increases in scheduled judicial foreclosure auctions included Maryland (up 177 percent), Delaware (up 142 percent), New York (up 98 percent), New Jersey (up 97 percent), Pennsylvania (up 58 percent), Connecticut (up 35 percent), and Florida (up 32 percent).

Miami posted the highest foreclosure rate: one in every 264 housing units with a foreclosure filing. Miami foreclosure activity in October increased 7 percent from a year ago boosted by a 51 percent jump in scheduled foreclosure auctions.

Click here to read more on the 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 website at www.miamibankruptcy.com.

Trend Watch: Foreclosure-related home sales drop in First Quarter

May 31, 2013 Posted by kingcade

Sales of South Florida homes in foreclosure declined in the first quarter, as buyers struggle to find properties in an improving housing market. Broward County had 3,157 foreclosure-related sales from January through March, down 3 percent from a year earlier, according to RealtyTrac Inc. In Palm Beach County, there were 2,704 sales, 13 percent lower than a year earlier. While distressed sales are down, prices are up. The average price of a foreclosure home in Broward during the first quarter was $139,988, an increase of 14 percent from a year earlier. In Palm Beach County, the average price jumped 21 percent to $136,196.

Click here to read more about the decline in foreclosure-related home sales.

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 website, www.miamibankruptcy.com.

Obama Announces Formation of New Taskforce Aimed at Holding Banks Accountable and compensating Victims of Foreclosure Malpractice

February 6, 2012 Posted by kingcade

President Obama addressed many issues dealing with the struggling U.S. economy in his state of the union speech last month. One of these included the formation of a new taskforce to monitor malpractice of banks regarding mortgages. Since the housing crash of 2007, millions have lost their homes, many as a result of the unfair practices by banks in processing foreclosure documents.

New York attorney general, Eric Schneiderman has been appointed to chair this new unit on ‘Mortgage Origination and Securitization Abuses.’ Schneiderman is well known for working on the settlement of the proposed deal between the states and the five large banks. The new unit will not only monitor the future actions of banks and hold accountable those who have participated in unfair practices in the past, but it will also compensate past victims of foreclosure malpractice.

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.

 

Governor Gone Crazy

October 4, 2011 Posted by kingcade

With Florida having the nation’s second-highest foreclosure rate and court proceedings taking an average of 638 days, the pressure has mounted for the state to eliminate courts from the foreclosure process. Supporters of the concept-which is used in nearly 30 states, say it will speed up the foreclosure process, get houses back onto the real estate market and boost the economy. Opponents say it puts property owners at the mercy of banks.

Governor Rick Scott, House Speaker Dean Cannon and Senate President Mike Haridopolos are proponents of new legislation which will change Florida laws so judges will no longer be necessary in the foreclosure process. Florida is one of the 20 states that require all foreclosures go through the court system.
Even in states where judges are not forced to preside over foreclosure cases, property owners can take the proceedings to court. However, with the filing fee being nearly $2,000 in the State of Florida, that’s cost prohibitive for most people struggling to keep their home and their finances intact. Taking away individuals’ property rights is denying their ability to access the courts.

This has not been the first attempt to eliminate courts from the foreclosure process. In 2010, the Florida Bankers Association pushed unsuccessfully to change the state’s law so judges did not need to sign off on foreclosures. Representative Darren Soto, D-Orlando, who fought against the 2010 legislation, said he will fight again if it returns in 2012.

To read more on this story visit:
http://www.tampabay.com/news/business/realestate/rick-scott-gop-look-at-taking-courts-out-of-florida-foreclosure-process/1192603

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.