Mortgage Loans Archives - FREE CONSULTATION

Applying for a Mortgage After Bankruptcy

Posted on July 22, 2020by Admin

One of the biggest worries that filers have when proceeding with a bankruptcy case is how the matter will affect their ability to obtain financing in the future, including a mortgage for a new home. While a bankruptcy case does impact a person’s credit score, all hope is not lost for eventually being able to purchase a home and obtain a mortgage. It depends a great deal on the success of the bankruptcy case and the consumer’s financial habits after the case is closed.

A Chapter 7 liquidation bankruptcy case is a much faster bankruptcy route that takes several months to finalize, while a Chapter 13 reorganization bankruptcy case can take between three to five years to finalize. A Chapter 7 bankruptcy case can stay on a person’s credit report for up to ten years from the date of filing, while a Chapter 13 bankruptcy case can stay on a person’s credit report for seven years from the date of filing or ten years if the bankruptcy is not completed or discharged.

Bankruptcy Law, Debt Relief, Foreclosures, Timothy Kingcade Posts

Quicken Loans Fast Becoming the New Mortgage Lending Machine

Posted on January 23, 2017by Admin

In the years since the housing market crash, many of the nation’s largest banks have strengthened their underwriting processes and become more conservative with their mortgage-lending activities. However, Quicken Loans has pushed forward, becoming the second-largest retail mortgage lender originating $96 billion in mortgages last year — an eight-fold increase from 2008.

In a federal false-claims lawsuit filed in 2015, the Department of Justice accused Quicken Loans of misrepresenting borrowers’ incomes and credit scores, in order to qualify for Federal Housing Administration insurance. As a result, when those loans defaulted, the government says the taxpayers — not Quicken loans — suffered millions of dollars in losses.

In the years since the financial crisis, Quicken has emerged as a leader in the nation’s “shadow-banking system,” a network of non-bank financial institutions that has gained significant ground against its more regulated bank counterparts in providing mortgage loans.

The increase in regulation and decreased profits forced the nation’s banks out. Non-banks, like Quicken, quickly filled the gap.

Former executives have described Quicken Loans as a technology company that sells mortgages. The 3,500 mortgage bankers who work the phones are the life-blood of the company. Many new employees come in with little to no background in financial services. According to an inside source, one employee joined after delivering pizzas to the Quicken Loans office and becoming interested in working there.

Critics say these shadow banks, by focusing on the riskier end of the mortgage market, may be reviving the same circumstances that resulted in so many defaults and foreclosures.

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, Timothy Kingcade Posts

Foreclosures and Delinquent Mortgages Decline in South Florida

Posted on February 5, 2016by Admin

A report released by CoreLogic revealed that the housing market is improving in South Florida. Both property foreclosures and delinquent mortgages are down from previous years.

The foreclosure rate in Broward County decreased 2.01 percent in November 2015 compared to November 2014. Approximately 2.55 percent of mortgages in Broward County were in foreclosure this year, down from 4.56 percent the previous year.

Palm Beach County had the lowest foreclosure rate at 1.95 percent. This is down from 3.49 percent the previous year. Miami-Dade County’s foreclosure rate dropped from 4.8 percent to 3.12 percent.

South Florida’s rate of improvement was higher than the average rate in the country. However, the actual number of foreclosures remained substantially higher in the area. The national foreclosure rate fell from 1.49 percent to 1.17 percent.

The number of mortgage loans that were at least 90 days delinquent also improved in South Florida and across the country. Broward County’s delinquency rate was 6.29 percent, down from 9.50 percent; Palm Beach County’s rate was 4.75 percent, down from 7.54 percent and Miami-Dade County’s rate dropped from 10.67 percent to 7.25 percent. The average rate across the country dropped from 4.14 percent to 3.25 percent.

The improvements in the market are good news for today’s buyers. Lenders are using a stricter underwriting process to avoid lending to risky borrowers, which experts attribute to the decrease in foreclosures. Property values are on the rise, restoring equity and confidence among homeowners and buyers.

Click here to read more on this story.

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Active Foreclosure Backlog is Clearing Out

Posted on February 3, 2016by Admin

The rate of foreclosures was down in 2015 compared to the previous five years. As a result, foreclosure inventory was down to its pre-recession level, meaning the backlog of foreclosures in the court systems are continuing to clear out at a substantial rate.

Nearly half the residential mortgage loans that were in foreclosure at the beginning of 2015 were either liquidated or returned to current status by the end of the year. Active foreclosures at the end of the year were less than a third of what it was during the peak of the housing market crisis, five years ago, according to a report released by the Black Knight Financial Services.

Approximately 880,000 residential mortgage loans were in active foreclosure at the beginning of 2015. Out of those, 484,000 were at least two years delinquent. By the end of the year, 47 percent of the total number of loans in active foreclosure had either returned to performing status or were liquidated. This is 1.5 percent higher than the previous year.

Active foreclosure inventory went from 880,000 at the beginning of the year to 689,000 at the end of the year. This is the first time the foreclosure rate has ended the year below 700,000 since 2006.

However, consumers are not out of the woods just yet. The remaining foreclosure volume was still two and a half times the “normal” level at the end of 2015, even with the declines.

Click here to read more on this story.

Timothy Kingcade Posts

JPMorgan and Credit Suisse Settle with SEC for $400 Million

Posted on November 22, 2012by Admin

JPMorgan and Credit Suisse will together pay more than $400 million to resolve allegations that they misled investors in mortgage-backed securities, the Securities and Exchange Commission announced Friday. JPMorgan will pay $297 million in the settlement. The lender was charged with misstating information regarding the delinquency status of mortgage loans that were part of a securities offering. They were also charged with allegations related to a 2008 Bear Stearns case where the lender was accused of failing to disclose its practice of collecting cash settlements from mortgages. As a result, they failed to pass on proceeds to the investors who purchased them. Credit Suisse was charged with similar allegations of misleading investors and also with misstatements in SEC filings. The lender will have to pay $120 million.
The banks did not admit or deny the charges against them and allegedly earned millions from the practices. JPMorgan reportedly earned $2.7 million and its investors lost $37 million. Bear Stearns allegedly earned $138 million and Credit Suisse, $55 million from settlement collections. JPMorgan has accumulated a number of problems since acquiring Bear Stearns that have cost the bank between $5 and $10 billion.
To read more on this story visit: http://money.cnn.com/2012/11/16/news/companies/jpmorgan-credit-suisse/index.html?iid=HP_LN
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.