Posts Tagged: ‘Timothy Kingcade’

FTC and 11 States Announce “Operation Game of Loans” Targeting Deceptive Student Loan Debt Relief Scams

October 16, 2017 Posted by kingcade

The Federal Trade Commission (FTC) and 11 states have announced a first of its kind federal-state law enforcement initiative that targets deceptive student loan debt relief scams. The nationwide crackdown includes 36 actions by the FTC and state attorneys general against scammers who allegedly took more than $95 million in illegal upfront fees from struggling student loan borrowers over the years.

It is alleged in these actions that the defendants charged consumers illegal upfront fees, falsely promised to help reduce or forgive student loan debt and pretended to be affiliated with the government or loan servicers, a violation of the FTC’s Telemarketing Sales Rule and the FTC Act.

Operation Game of Loans also includes law enforcement actions by Colorado, Florida, Illinois, Kansas, Maryland, North Carolina, North Dakota, Oregon, Pennsylvania, Texas, Washington, and the District of Columbia.  Here is a recent case filed in Florida:

Student Debt Doctor (SDD): In an action filed in the U.S. District Court for the Southern District of Florida, the FTC charged that Fort Lauderdale-based SDD and its owner, Gary Brent White, Jr., collected at least $7 million from consumers struggling to pay student loan debt. According to the complaint, the defendants charged illegal upfront fees of $750 or more. Using social media, e-mail, and telemarketing, SDD promoted its services across the United States, in English and Spanish. SDD falsely promised loan forgiveness often in as little as five years or less, and told consumers not to communicate with their loan servicers. The defendants also fabricated income, unemployment status, and family size information on relief applications in order to qualify borrowers for eliminated or reduced monthly payments. The court entered a temporary restraining order (TROon October 3, 2017.

Click here to learn more about the five new cases filed against 30 defendants as part of Operation Game of Loans.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all 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 McMaken, 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 McMaken website at www.miamibankruptcy.com.

50% of Millennials Would Give Up this Fundamental Right to have Their Student Loan Debt Forgiven

October 12, 2017 Posted by kingcade

Student loan debt now stands at $1.33 trillion, according to the U.S. Department of Education and millennials pay on average $351 a month.  According to a recent survey, half of the nearly 500 respondents between the ages of 18 and 34 with student loan debt, said they would give up their ability to vote in the next two presidential elections if they could have their student loan debt forgiven.

Although, college graduates are more likely to vote than those with less education, half would prioritize their immediate financial well-being over their political beliefs.  Here are some tips for millennials struggling with student loan debt:

  • Know what you owe.
  • Millennials who have graduated and have jobs often qualify for better rates than when they had little to no income at the start of school.
  • Get help at work. A number of companies, including Fidelity and PwC, are offering employees help with paying down their student loan debt.
  • Seek forgiveness. Certain professions, such as public service jobs, offer student loan forgiveness. Others include public defenders, law enforcement officers, doctors, nurses and some teachers.  For example, teachers who work in low-income school districts and teach certain subjects may qualify for complete cancellation of their student loans.

Click here to read more on this story.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all 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 McMaken, 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 McMaken website at www.miamibankruptcy.com.

New Mortgage Demand Accompanied by Fraud Risks

October 11, 2017 Posted by kingcade

An increase in mortgage demand brings with it an increase in fraud risk, according to CoreLogic.   Analyzing only the data on purchase applications, from Q2 2016 to Q2 2017, the proportion of purchase transactions within the group increased from 55% to 66% of applications.

As a whole, during the second quarter of 2017, an estimated 13,404 mortgage applications or 0.82% of all mortgage applications contained fraud. This is compared to the second quarter of 2016 when mortgage application fraud was found on 12,718 applications, or 0.7% of all applications.

So where is the increase in fraud risk mainly coming from? CoreLogic identified the top three mortgage fraud indicators that are on the rise.

  1. Occupancy fraud risk

CoreLogic identified this as the No. 1 fraud risk.  Occupancy fraud occurs when the mortgage applicant deliberately misrepresents their intended use of the property (i.e. – primary residence, secondary residence, or investment property).  From the second quarter of 2016 to the second quarter of 2017, the occupancy- fraud indicator grew 7%.

  1. Transaction fraud risk

Transaction fraud risk increased 3.9% when compared to the same quarter last year.  This type of fraud occurs when the nature of the transaction is misrepresented, such as undisclosed agreements between parties and falsified down payments.

  1. Income risk fraud

Income fraud rounded out the top three and includes misrepresentation of the existence, continuance, source, or amount of income used to qualify for a mortgage.

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 McMaken website at www.miamibankruptcy.com.

Medical Debt the leading cause of Homelessness in South Florida

October 10, 2017 Posted by kingcade

Even with Obamacare still intact, a number of Floridians remain without health insurance.  Census surveys say that Florida has one of the highest uninsured populations in the nation, and of the top 25 metro areas, Miami ranks at the bottom three for healthcare coverage.

Medical debt now tops the list of reasons people become homeless in South Florida, according to a recent study. Drug addiction and mental health issues round out the top three.

The recent statistics come from addictions.com, where survey takers conducted in-person interviews with homeless people in South Florida this past July.  Interviewees overwhelmingly attributed hospital bills they could not pay or an addiction they could not overcome to the fact they were living on the streets.

Broward County’s homeless population has grown 6 percent since last year.  Of those surveyed, 42 percent said they had suffered a head injury and 33 percent said they had been beaten at one point while homeless.

In a number of states, the homeless have been helped by the expansion of Medicaid, and were able to receive healthcare for the first time in years.  Not the case in Florida, where state leaders denied the expansion of the program to cover 650,000 low-income residents.

Click here to read more on this story

Those who have experienced illness or injury and found themselves overwhelmed with medical debt should contact an experienced Miami bankruptcy attorney. In bankruptcy, medical bills are considered general unsecured debts just like credit cards. This means that medical bills do not receive priority treatment and can easily be discharged in bankruptcy. Bankruptcy laws were created to help people resolve overwhelming debt and gain a fresh financial start. Bankruptcy attorney 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 McMaken, 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.

Foreclosure Increase in August Double the Norm

October 9, 2017 Posted by kingcade

The rise in foreclosure filings for August was more than double the norm, according to Attom Data Solutions.

“There is often a seasonal monthly increase in foreclosure activity in August paralleling the seasonal slowdown in the overall real estate market, but the 14% month-over-month increase nationwide this August is more than twice the average 6% seasonal increase in August over the previous 10 years — the highest in fact since a 37% month-over-month increase in August 2007,” according to Attom Data Solutions Senior Vice President Daren Blomquist.

There were 75,115 properties in some stage of foreclosure (including default notices, scheduled auctions and bank repossessions) in August, compared with 66,112 in July and 95,132 in August 2016.

The five states with the most foreclosure activity were Florida with 8,237 filings, California with 7,479, New Jersey with 5,721, Illinois with 5,137 and Ohio with 4,540.

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 McMaken website at www.miamibankruptcy.com.