Posts Tagged: ‘mortgage lenders’

New Mortgage Rules Aim to Stop Wrongful Foreclosures

August 10, 2016 Posted by kingcade

Last week the Consumer Financial Protection Bureau (CFPB) approved new rules that will help prevent borrowers from being improperly foreclosed on by their mortgage lenders. The recently approved rules build on the current regulations that were created in the aftermath of the housing bust. The original rules required mortgage lenders to grant certain foreclosure protections to a struggling borrower once over the life of the loan. The new rules will require mortgage lenders to provide protections more than once, offering them to borrowers who make current payments after they have worked out an agreement to avoid foreclosure.

“This change will be particularly helpful for borrowers who obtain a permanent loan modification and later suffer an unrelated hardship – such as the loss of a job or the death of a family member – that could otherwise cause them to face foreclosure,” the CFPB said in a statement outlining the new rules.

In addition, the rules expand surviving family members’ protections and require mortgage lenders to give borrowers who have filed bankruptcy information about possible options. The rules also prohibit servicers from taking legal steps once borrowers have completed loss mitigation applications.

The rules come after a June report from the CFPB revealed that some servicers were giving homeowners wrong or outdated information or no information at all.

Click here for 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.

 

 

 

Three Tips for Obtaining a Home Loan after Bankruptcy

March 24, 2015 Posted by kingcade

Many lenders steer clear of individuals who have recently filed for bankruptcy, which can prove frustrating for an anxious homebuyer. However, obtaining a home loan after bankruptcy is not impossible, if the borrower is prepared to pay a higher interest rate and offer a larger down payment.

Privlo, a private lender that is funded by venture and institutional capital recently financed a mortgage for a million dollar home in San Francisco for a retired firefighter who filed for bankruptcy just one year ago.

Privlo is just one of a handful of lenders that will offer these generous type loans to borrowers who have recently filed for bankruptcy. When borrowers use a lender such as Privlo, Citadel Servicing Corp., or Angel Oak Home Loans, they must be prepared to pay a higher interest rate and offer a larger down payment. The lenders will issue “non-prime” mortgages to borrowers whose finances do not meet the government’s underwriting standards.

The Federal Housing Administration and the Veterans Administration mortgage rules allow for certain borrowers to qualify for a mortgage in as little as two years after their bankruptcy is discharged.

Below are three tips for consumers looking to purchase a home after filing for bankruptcy:

• If only one spouse has filed for bankruptcy, do not put his or her name down on the mortgage application.
• Do your research and look at multiple lenders. Some lenders will be more lenient on their requirements depending on your circumstances.
• If you are considering a non-prime lender, check consumer reviews and talk to other borrowers.

Click here to read more on borrowing after bankruptcy.

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 Receives $3.6 Billion in Mortgage Relief

November 30, 2012 Posted by kingcade

One of the largest consumer financial protection settlements occurred earlier this year and as a result, Florida homeowners received more than $3.6 billion in mortgage relief.  Between March 1st and September 30th, more than 309,000 borrowers across the nation received some sort of mortgage relief. According to a report by Joseph Smith who monitors the settlement, the average relief per homeowner was about $84,385. As of September 30th, approximately 48,998 Floridians have received relief. On average, Floridians received $73,663, which is about $10,700 less than borrowers in other states.

 

The settlement was between 49 states and the five largest mortgage lenders for a total of $26.1 billion. According to Smith, around $13.1 billion of that relief came in the form of short sales. Banks have cut homeowners’ mortgage balances nationwide by $6.3 billion as a part of the settlement. Refinancing home loans accounted for approximately $1.4 billion. Banks participated in trial loan modifications equivalent to $4.2 billion. Also, as part of the settlement, banks erased $2.6 billion in first-lien loans and $2.8 billion in second-lien loans.

 

To read more on this story visit: http://www.miamiherald.com/2012/11/19/3105335/distressed-florida-homeowners.html

 

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.

Lenders Are Now Opting for Short Sales

April 26, 2012 Posted by kingcade

Short selling has become a popular trend in Florida, allowing lenders to sell properties for less than the remaining mortgage balance. In January 2012, short sales averaged 23.9 percent, a larger percentage than foreclosure sales nationwide, which averaged about 19.7 percent. In 2010, President Obama backed short sales by offering incentives to banks. The program offered banks a credit of $1,000 to proceed with a short sale. The program also offered another $1,000 credit to cut deals with financially troubled homeowners. In addition, $1,500 was offered to defaulted homeowners as a “relocation credit” if they agreed to a short sale.

A rise in mortgage defaults is causing more lenders in South Florida to choose short sales. The benefits for the lender include limiting legal fees and the carrying costs of owning the home. However, there is a downside; Lenders must absorb the cost of the shortfall. They can also be deterred by the significant amount of documentation required and the related processing costs. In a short sale, lenders lose an average of about 19 percent of the loan amount, compared with an average of 40 percent through a foreclosure, and a lender’s cost to own a foreclosed house often is about 1 percent of the property value, excluding depreciation.

To read more on this topic visit:

http://therealdeal.com/miami/blog/2012/04/17/for-first-time-short-sales-are-more-popular-than-foreclosure-sales-in-the-u-s/

http://therealdeal.com/miami/blog/2008/05/07/short-sales-one-but-not-always-best-answer/

http://therealdeal.com/miami/blog/2010/03/08/president-obama-turns-attention-to-short-sales-in-effort-to-prevent-foreclosures/

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.

Foreclosures increase in South Florida indicating Mortgage Lenders have worked through Paperwork Problems

October 18, 2011 Posted by kingcade

New reports from two industry experts indicate that lenders are beginning to speed up their home-repossession practices, which have been delayed due to last year’s “robo-signing” scandal.  Third-quarter foreclosure filings rose 13.2 percent to 9,170 in Miami-Dade County, compared to the previous quarter, according to data released Thursday by real estate research firm RealtyTrac. In Broward, total filings were up 36.9 percent in the third quarter to 7,712.

The increase in foreclosure filings is an indication that foreclosures delayed by the slowdown are beginning to work their way through the system. Current foreclosure totals are still far below last year’s numbers, but the trend is starting to shift upwards. The increase in new initial filings of foreclosure is a national trend; new default notices increased 14 percent nationwide in the third quarter.

To read more on this story visit: http://www.miamiherald.com/2011/10/13/2451238/foreclosure-filings-back-on-the.html#ixzz1ahVvm7Dd

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.