Posts Tagged: ‘RealtyTrac’

RealtyTrac Reports Foreclosure Activity “Flat” in May

June 24, 2016 Posted by kingcade

Foreclosure filings, which include default notices, scheduled auctions and bank repossessions were reported on 100,841 properties in May, a number virtually unchanged when compared to April and a decrease of 21% from a year ago.  RealtyTrac’s U.S. Foreclosure Market Report reveals May was the eighth consecutive month with a “year-over-year” decrease.

Florida, New Jersey, Maryland, Delaware and Nevada were the states with the highest number of foreclosure filings for the month.

A total of 42,279 properties started the foreclosure process in May, down 3% from the previous month and down 18% from the previous year, according to RealtyTrac’s report. It was the 11th consecutive month with a year-over-year decrease.

A total of 34,014 bank repossessions were completed in May, up 1% from the previous month but still down 24% from a year ago. It was the third consecutive month with a year-over-year decrease in bank repossessions.

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.

Zombie Foreclosures: What Homeowners Need to Know

June 9, 2016 Posted by kingcade

If you are facing foreclosure, it’s a good idea to not move out of your home too quickly- you could be haunted by what’s called a “zombie foreclosure.”  Some homeowners quickly pack up and leave after receiving a foreclosure notice because they assume the bank will take over the property immediately.  However, in some cases, the bank does not always move so fast.  While the bank is finishing up the foreclosure process, the home can sit vacant for months while still in the homeowner’s name.

A zombie foreclosure can lead to devastating consequences for the homeowner.  Oftentimes, these occur in low-income areas where the lender is not too anxious to assume the responsibility and upkeep of the property, along with paying the taxes.  If squatters occupy the property or it falls into severe disrepair, the bank may ultimately wash its hands of the property.

Other times, the property may have been part of the robo-signing scandal and the foreclosure cannot be completed, the sale was never held, the paperwork was lost, or the title was never officially transferred into the new owner’s name.  All of these circumstances result in the title remaining in the foreclosed homeowner’s name.

The states with the highest number of zombie properties include Florida, Illinois, New York and New Jersey, according to RealtyTrac.  Zombie foreclosures can spell disaster for homeowners.  Since the title is never transferred out of the foreclosed homeowner’s name, they are on the hook for certain debts and expenses like property taxes, HOA dues and maintenance fees for upkeep of the property.  These  debts can go unpaid for years, without the homeowner even knowing they have a legal obligation to pay them, further damaging their credit.

If you leave your property and the title is never transferred out of your name, the following things can happen (among others):

  • The tax collector can come and collect from you back property taxes;
  • The HOA may file a lawsuit to recover unpaid dues;
  • You can incur fines for not complying with housing codes and ordinances;
  • You can incur bills for yard maintenance, repairs, trash and graffiti removal, etc.

So how can homeowners avoid a zombie foreclosure?  Remain in your home for as long as possible during a foreclosure.  You will be less likely to become a victim of a zombie foreclosure if you stay through the entire foreclosure process and wait for an official notice to vacate before moving out.  Confirm the title has been transferred out of your name.  You can do this by going to the county recorder’s office where the property is located to make sure a new deed has been recorded.  You can also check your local county recorder’s website.  It is important to do this because in some cases the bank is not legally required to inform you that the foreclosure has stopped.

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.

Related Resources:

http://www.nolo.com/legal-encyclopedia/zombie-foreclosures.html

 

Foreclosure Filings Hit Nine-Year Low

January 26, 2016 Posted by kingcade

The U.S. reportedly had 1,083,572 foreclosures in 2015, down three percent from 2014, according to RealtyTrac. This is the lowest annual total since 2006. The report includes default notices, scheduled auctions and bank repossessions.

Last year was also the second consecutive year where the annual foreclosure rate was below one percent of all housing units. Data showed that one in every 122 homes or 0.82 percent had at least one foreclosure filing in 2015.

The report also showed data for individual months, revealing that December 2015 foreclosure filings were down one percent from the previous month. It was also the sixth consecutive month foreclosure filings decreased.

RealtyTrac’s Vice President, Daren Blomquist said, “In 2015 we saw a return to normal, healthy foreclosure activity in many markets even as banks continued to clean up some of the last vestiges of distress left over from the last housing crisis.”

Florida was among the top five states with the highest rate of foreclosure in 2015 with 1.77 percent. New Jersey was the only state with a higher percentage of housing units in foreclosure at 1.91 percent. Maryland followed closely with 1.60 percent, Nevada with 1.40 percent and Illinois with 1.26 percent.

Tampa, Jacksonville and Miami reportedly had the highest foreclosure rates of any of the metro areas in Florida.

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 Filings Fall in South Florida

December 10, 2015 Posted by kingcade

South Florida had a sharp decrease in foreclosure filings in November, losing its spot on the “Top 10 states with the highest number of foreclosures,” according to RealtyTrac’s foreclosure report.  There was one foreclosure filing per 645 homes in South Florida, ranking 12th among metro areas. The region once had the highest foreclosure rate in the nation.  However, with property values rising, homeowners who were previously underwater have been able to refinance or sell their homes.

Banks are continuing to work through the backlog of foreclosures.  The recent numbers mean the share of active foreclosures tied to the housing bubble burst are shrinking, with 59 percent of all loans in foreclosure originated between 2004 and 2008.   It continues to decrease from 61 percent earlier this year and 75 percent two years ago, according to Daren Blomquist, VP of RealtyTrac.

There were 3,824 South Florida foreclosure filings in November, down 38.9 percent from the same month a year ago.  This total includes new lawsuits, judgments and repossessions.  Repossessions accounted for the largest amount at 1,845, as most of the foreclosures are in their final stages.

Atlantic City, New Jersey led the nation in foreclosure filings with one foreclosure every 307 homes.

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.

 

Florida Leads Nation in Foreclosures…Again

July 21, 2014 Posted by kingcade

A recent report released by RealtyTrac revealed Florida’s foreclosure rate was the nation’s highest for the first half of 2014. According to the report, 1 in 74 Florida homes had a foreclosure filing in the first six months of the year and more than 121,000 properties had a foreclosure filing- the most of any state. This number was down 22 percent from a year earlier.

Miami had the nation’s highest metro area foreclosure rate, with 1 in 61 homes in foreclosure for the first half of the year. Orlando, Port St. Lucie, the Space Coast and Tampa followed, having the top five foreclosure rates by metro areas.

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.

Related Resources:
http://www.nbcmiami.com/news/local/Florida-Leads-Nation-in-Foreclosures-So-Far-This-Year-267912031.html