Posts Tagged: ‘Mortgage Relief’

Credit Card Debt Approaches Post Recession Levels

October 26, 2016 Posted by kingcade

 According to the Household Debt and Credit report released by the Federal Reserve Bank, total household debt balances grew slowly throughout the second quarter of this year. As of June 30, 2016, total household debt had reached $12.29 trillion, up $35 billion from the first quarter of 2016.

At the same time, the nation’s cumulative credit card balance reached $729 billion, which is up $17 billion from the first quarter. While still below its peak of $866 billion in the fourth quarter of 2008, economists say that the numbers are on track to reach pre-recession levels of credit card debt around the second quarter of 2017. However, economists also say that conditions might change and previous numbers do not necessarily mean we will enter into another recession.

While credit card debt is up, credit card usage is actually down substantially from previous highs. Credit card usage peaked in 2008 at 68 percent of borrowers, then swiftly declined to 59 percent during the recession due to banks reactively and proactively closing accounts.

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If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

The Consumer Financial Protection Bureau Handled One Million Complaints in Five Years

September 30, 2016 Posted by kingcade

The Consumer Financial Protection Bureau (CFPB) recently published the September 2016 Monthly Complaint report. The report revealed that more than five years after opening its doors, the CFPB has handled more than one million complaints.

“Since opening our doors in 2011, we have handled over one million complaints from consumers about their problems with financial products and services. Not only have we achieved substantial relief for consumers, but hearing directly from consumers is fundamental to our mission. We can better protect all consumers because of what we learn from those who have submitted complaints and shared their experiences with us,” said CFPB Director Richard Cordray.

The CFPB was initially handling complaints regarding credit cards, upon opening its doors in July 2011. However, it later expanded to handle complaints in several other areas of finance, such as: mortgages, bank accounts and services, private student loans, vehicle and other consumers loans, credit reporting, money transfers, debt collection and payday loans.

Debt collection recently surpassed mortgages to become the top complaint the CFPB receives. Out of the one million complaints, the CFPB has received 244,008 mortgage complaints and 264,123 complaints regarding debt collection.

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If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com

New York Attorney General Fights Against Zombie Foreclosure Crisis

August 1, 2016 Posted by kingcade

New York Attorney General Eric Schneiderman recently announced a grant initiative to fight against the zombie foreclosure crisis. The growing problem has affected hundreds of neighborhoods and towns across the state of New York since the housing bubble burst. The initiative known as, the Zombie Remediation and Prevention Initiative, will give $13 million in grants to local governments across the state through a competitive application process.

The 100 communities dealing with the greatest problems of zombie foreclosures and vacant homes have been invited to apply for the funds. The money will address housing vacancy and the damage to property value in neighborhoods by supporting municipalities’ capacity for housing code enforcement, tracking and monitoring vacant properties and providing legal enforcement to ensure banks and mortgage companies comply with local and state law.

The initiative will also have preventative benefits due to the requirement of communities to develop innovative programs and policies and connect at-risk homeowners to services so they can avoid foreclosure. It also coincides with the recent enactment of the Abandoned Property Neighborhood Relief Act.

The initiative will be funded by the $3.2 billion settlement agreement with Morgan Stanley that was settled in February. The settlement resulted in $550 million in cash and consumer relief for New York residents.

“Too many communities across this state have been hit hard by the proliferation of zombie properties. This new grant initiative puts tools directly in the hands of towns and cities across the state to reverse course, rebuild from the foreclosure crisis and put zombie homes in the rear-view mirror,” Attorney General Schneiderman said.

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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.

 

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