Posts Tagged: ‘Miami foreclosure defense attorney’

CFPB Penalizes Mortgage Servicing Company with $1.15 million Fine for Illegal Foreclosure Practices

June 23, 2017 Posted by kingcade

The Consumer Financial Protection Bureau announced it will fine Fay Servicing more than $1 million for illegal foreclosure practices.  An investigation found the mortgage servicing company was “keeping borrowers in the dark” about their foreclosure prevention options.

The Bureau stated, “Fay Servicing illegally launched or moved forward with the foreclosure process while borrowers were actively seeking help to save their homes.”  The investigation further unveiled that Fay Servicing violated the bureau’s mortgage servicing rules related to borrowers’ foreclosure rights.

The CFPB’s mortgage servicing rules state that servicers must keep borrowers informed about requirements, options, and rights throughout the process of applying for foreclosure relief.  In addition, the servicer must provide certain protections from foreclosure proceedings during the application process in certain cases.

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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.

 

Wells Fargo Accused of Making Improper Changes to Mortgages

June 20, 2017 Posted by kingcade

A new class action lawsuit accuses Wells Fargo of making unauthorized changes to home loans held by customers in bankruptcy.  The changes, which typically lowered monthly mortgage payments, appeared to benefit borrowers at first- but the details reveal the changes would extend the terms of the borrowers’ loans for decades, which means they would have monthly payments for far longer and owe the bank much more.

Any change to a payment plan for a person in bankruptcy is subject to approval by the court and the other parties involved.  But according to the lawsuit, Wells Fargo went ahead and made these changes to the home loans without such approval.

This puts borrowers in bankruptcy at risk of defaulting on the commitments they have made to the courts and could make them vulnerable to foreclosure. According to court documents, Wells Fargo has been putting through these un-requested changes to borrowers’ loans since 2015.

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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.

How to Protect Yourself if Renting during a Foreclosure

June 14, 2017 Posted by kingcade

Imagine paying your rent on time every month and learning that your landlord is not paying the mortgage.  Many tenants find out too late that the home they are renting is in foreclosure.  This has become a common problem, particularly in South Florida.  If you find yourself in this situation, there are some immediate steps you can take to help protect yourself.

You received a letter from the lender’s attorney advising you about the pending foreclosure.  You should call that attorney and ask the following questions:

  • When and where will the foreclosure sale take place?
  • Can you start making your rent payment directly to the lender, or place it in escrow?
  • If the lender purchases the property at the foreclosure sale, will they allow you to reside at the property? If so, for how long?

If you are interested in purchasing the property, at a foreclosure sale it is possible to get a good deal if you are the top bidder.  However, before moving forward you should discuss it with your own attorney.  A title search will need to be performed before the sale.  You will need to know what your rights and obligations will be before purchasing the property.

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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.

Seniors Filing More Reverse Mortgage Complaints with CFPB

June 7, 2017 Posted by kingcade

Consumers 62 years of age and older face a unique set of financial difficulties- one of their main concerns is servicing issues with reverse mortgages, according to the Monthly Complaint Report released by the Consumer Financial Protection Bureau (CFPB).

“Servicing problems with reverse mortgages,” topped the list of complaints among consumers at least 62 years of age, according to the report.  These problems oftentimes lead to unexpected foreclosure.

The most-cited concerns were “difficulty with changing the loan terms” and “problems communicating with loan servicers.” In addition to mortgage complaints, seniors also reporter difficulty recovering funds after being financially scammed, fees charged for unauthorized add-on products and services, and confusion surrounding deferred-interest and zero-interest credit cards.

CFPB complaints from older consumers were most common in Florida, California, Texas. The three states accounted for nearly 25 percent of all complaints since 2011.

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.

 

Foreclosures at New Low, Mortgage Delinquencies Jump

May 31, 2017 Posted by kingcade

The number of first-lien mortgage delinquencies increased 13% last month, the largest increase since November 2008.  Month-over-month there were 241,000 additional borrowers past due on mortgage payments, according to data from Black Knight Financial. The delinquencies were mostly in their early-stage.

Active foreclosure inventory was at a 10-year low in April and the month also saw the fewest new foreclosure starts since January 2005, only 52,800, down 12.4% from March and 10% year-over-year.  Most improved by percentage were New Jersey (14%), Florida (13%), New York (13%), Nevada (11.7%), and DC (9.7%).

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.