Month: December 2016

Foreclosures, Timothy Kingcade Posts

Trump’s Treasury Secretary Pick Steven Mnuchin’s Bank Foreclosed on Elderly Woman who owed 27 cents

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Reports this week reveal that Donald Trump’s Treasury secretary nominee, Steven Mnuchin’s bank foreclosed on a 90-year-old Florida woman who owed just 27 cents.  The practices of OneWest Bank have come under scrutiny since the President-elect announced the onetime Goldman Sachs banker as his pick on Wednesday.  More than 36,000 foreclosures followed Mnuchin and partners’ purchase of failed bank IndyMac in 2009.

An 86-year-old California man has also come forward and claimed OneWest refused to modify the home equity loan on the longtime home he shared with his wife, even though they qualified three times for a government-backed modification.  The bank sold the couple’s home of 50 years in 2011.

Numerous other outcries similar to these drew more than 100 sign-waving and chanting protestors to Mnuchin’s $26 million mansion in Bel Air.

A Florida woman found herself facing a foreclosure by OneWest in 2014 after confusion about payments on her reverse mortgage, according to court papers.  She sent a check for $423 in response to a bill for $423.30, the documents showed.

The OneWest subsidiary responded by billing the Lakeland resident for $0.30, but she mistakenly sent a check back for only $0.03.  The foreclosure in Polk County Circuit Court is now being challenged by a nonprofit firm.

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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.

Bankruptcy Law, Debt Relief, Student Loans, Timothy Kingcade Posts

Bankrupt Student Can Discharge Debt because it “Technically” Was Not a Loan

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A financial agreement between a student and an educational institution is not considered a student loan and as a result in the bankruptcy case ( D’Youville Coll. v. Tucker (In re Tucker), the borrower was able to discharge her debt.

Judge Michael J. Kaplan of the U.S. Bankruptcy Court for the Western District of New York concluded that because the debt was not “an education benefit overpayment or a loan,” the exception to discharge under Bankruptcy Code Section 523(a)(8)(A)(ii) does not apply.

The financial agreement entered into between both parties was “no more than an agreement to pay for tuition, fees and other registration costs (whatever they turn out to be), at some unspecified future time, and not for an ‘educational benefit overpayment or loan’ as contemplated in §523(a)(8)(A)(i), the court said.

This case is similar to two other recent cases in the Western District of New York, with the exception that in this one, there was no promissory note signed by the debtor.

Exceptions to discharge under the Bankruptcy Code are construed narrowly and a creditor must prove by a preponderance of the evidence that its claim falls within one of those exceptions.

The court sided with the borrower in this case because it did not find a specific amount due in the financial agreement. The agreement contained a monthly interest provision and indicated that an adjustment would be made for financial aid received at a later time.

The financial agreement between the parties was “nothing more than a running account,” the court said.

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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, 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.