Credit, Foreclosures, Timothy Kingcade Posts

Zombie Foreclosures: Debt that Won’t Die

There is a new foreclosure trend surfacing in the housing market called “zombie foreclosures.” This is where homeowners move out of homes after receiving notice of foreclosure and find out months or even years later that either: the auction never took place or the bank never transferred the deed. If this occurs, the borrower is technically still the owner and still owes property taxes and homeowner’s association fees. Since the housing market crashed in 2008, there are nearly two million foreclosures that have been lingering in the court system but have never completed the foreclosure process.

Analysts estimate that there are tens of thousands of zombie foreclosure cases. Typically, zombie foreclosures occur in low-income areas because the banks have had difficulty selling the properties in these areas. As a result, the banks delay actually taking over the deed to avoid paying property taxes. If this happens to a borrower, it can take years before they find out they still technically own the property. This has been extremely damaging to borrowers who are already suffering, financially.

A number of recent lawsuits have been filed against banks for faulty foreclosure practices. If you find yourself in a similar situation, you should contact a foreclosure defense attorney immediately. You should also contact a community advocacy group such as NeighborWorks America or NCRC.

To read more on this story visit: http://money.cnn.com/2013/02/20/real_estate/zombie-foreclosures/index.html?iid=SF_PF_River

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Property Insurance Rates Greater Concern for Florida Homeowners than Property Taxes

A nonpartisan organization, Leadership Florida, recently released a survey that found 46 percent of Floridians say property insurance puts a greater stress on their finances than property taxes. In 2008, 36 percent of Floridians found property insurance was a greater stress on their finances and 31 percent cited property taxes.
Since 2008, property taxes have decreased along with property values due to the housing market crash; however, property insurance costs continue to rise. Many insurers have requested rate increases in the double-digit range in 2012, which have been approved. The growing rates could result in a political liability for Florida lawmakers in upcoming elections.
To read more on this story visit: http://www.heraldtribune.com/article/20121021/ARTICLE/310219990/-1/sports?p=all&tc=pgall&tc=ar
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.