Foreclosures

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

New Lawsuit Accuses Ocwen Financial Corp. of filing bad foreclosures… Again

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A lawsuit filed by the State of Florida alleges Ocwen Financial Corp.’s errors have resulted in “significant harm to borrowers, including but not limited to improper late fees, inaccurate negative credit reporting and borrower frustration.”

Twenty states have filed similar actions, along with the federal Consumer Financial Protection Bureau. The Florida lawsuit, filed by the state Attorney General and the Florida Office of Financial Regulation, says the West Palm Beach-based company filed illegal foreclosures, mishandled loan modifications, misapplied mortgage payments, failed to pay insurance premiums from escrow and collected excessive fees.

“When Ocwen has sent escrow statements, in many instances the escrow statements have contained inaccurate information pertaining to the borrowers’ account histories, escrow balances, and escrow payments,” the lawsuit said.

The complaint filed in federal court in West Palm Beach alleges violations of the Real Estate Settlement Procedures Act, the Florida Deceptive and Unfair Trade Practices Act and Chapter 494, Florida Statutes.

This is not the first time Ocwen has been accused of foreclosure misconduct. In 2014, a court approved a $2.1 billion settlement between Ocwen and 49 states, as well as the District of Columbia and the Consumer Financial Protection Bureau, to address allegations of Ocwen’s mortgage servicing misconduct.

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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.

 

Debt Relief, Foreclosures, Timothy Kingcade Posts

Florida Couple Triumphs in Foreclosure Appeal

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A Florida couple won an appeal in a foreclosure ruling by the 4th District Court of Appeal of Florida.  The appeals court determined the couple had a valid case and overturned the trial court’s decision, favoring the borrowers and that the bank, “failed to establish standing.”

In 2008, the couple defaulted on a loan three years after they signed a mortgage with the original lender, Bankers Mortgage Trust Inc. The couple was accused of two counts: 1. mortgage foreclosure and 2. “reestablishing” a note that was allegedly lost. A piece of paper attached to the copy of the note approved the new owner of the loan from the original lender to GreenPoint Mortgage Funding Inc. The claim about the lost note was dismissed after the bank failed to prove that it was the “legal and/or equitable owner and holder of the Note and Mortgage and (had) the right to enforce the loan documents.”

It didn’t help the bank when their sole witness, Pamela Bingham, who worked as a home lending research officer, couldn’t determine when the approval for GreenPoint Mortgage to take over the loan was included in the note or whether it was on the back or on another piece of paper, according to court documents.

The couple filed an appeal alleging the bank never provided valid evidence that it received the note from the original lender, and therefore it could not win the case as a non-holder in position with the rights of the holder.

“There was nothing, however, connecting the bank the endorsee of the note, GreenPoint Mortgage, to EMC Mortgage or the Bank,” according to the court. “In other words, the Bank failed to prove the series of transactions through which it purportedly acquired the note from the endorsee.”

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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, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Why are mortgages getting cheaper?

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The average rate of a 30-year fixed mortgage fell to 4.08% this week, the fourth consecutive week of declines and the lowest level this year, according to Freddie Mac.

A higher Federal Funds rate makes it more expensive for banks to borrow money, which can translate into higher borrowing rates for consumers. But recent global uncertainty and signs that the White House might not be as productive with its agenda as many thought has caused yields to recently fall. The 10-year Treasury yield is around 2.23%, down from around 2.62% nearly a month ago. Mortgage rates have moved lower as well.

Freddie Mac predicts that we will see rates increase to around 4.5% by the end of the year.  Potential home buyers should welcome the drop in rates with open arms as the busy buying season heats up.

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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, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

U.S. Bankruptcy Judge Fines Bank of America $45 Million

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Judge Christopher Klein of the U.S. Bankruptcy Court in Sacramento issued a $45 million fine against Bank of America Corp., calling the treatment of a California couple who fought to save their home “brazen” and “heartless.” According to Judge Klein, the bank’s mortgage modification process and mistaken foreclosure on Erik and Renee Sundquist’s home left them in a “state of battle-fatigued demoralization.”

“It is apparent that the engine of Bank of America’s problem in this case is one of corporate culture… not rogue employees betraying an upstanding employer,” Judge Klein said. He added that he hopes the fine is large enough that it will not be “laughed off in the boardroom as petty cash or ‘chump change’.” Most of the money from the fine will go to law schools and consumer advocacy organizations.

The Sundquists’ financial troubles started in 2008 after their construction business closed down due to the economic downturn. The couple later bought a cheaper home outside of Sacramento and borrowed approximately $590,000 from a lender that was later taken over by Bank of America. After which, the bank promised them that they could request lower monthly payments. However, in 2009 when the couple stopped making payments, Bank of America officials said they would not consider a loan modification. Over the next few years, the couple requested loan modifications approximately 20 times. Each time their requests were “routinely either lost or declared insufficient, or incomplete or stale or in need of resubmission or denied without comprehensible explanation,” the ruling said.

In 2010 the couple filed for bankruptcy which halts foreclosure sales. However, the bank still improperly took over the home and gave them a three-day eviction notice. A few weeks after the couple moved out, Ms. Sundquist was hospitalized with stress-related heart attack symptoms.

Bank of America later reversed the sale but never formally notified the couple of the change. According to the ruling, they moved back in several months later.

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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, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

New Home Sales Surge to Seven-Month High in February

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Last month, new single-family home sales jumped to a seven-month high. The hike suggests the housing market recovery is stable despite the challenges of high prices, increased mortgage rates and tight inventories. According to the Commerce Department, new home sales increased 6.1 percent to a seasonally adjusted annual rate of 592,000 units last month, the highest level since July of last year.

New home sales were up 12.8 percent when compared to February of last year. Economists believe the hike in sales is partially due to the unseasonably warm weather across most of the country. In the Northeast region, new single-family homes dropped 21.4 percent. However, in the Midwest, sales were up 30.8 percent and in the South sales were up 3.6 percent.

Fortunately, high mortgage rates have not had a negative impact on home sales this year, largely due to a tightening labor market that is improving employment opportunities for young adults. The market is also benefitting from a shortage of properties for sale in most areas.

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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, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

What the Fed Rate Hike Means for Homebuyers

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Last week the Federal Reserve increased its benchmark interest rate by one-quarter of a percentage point. This marked the second increase in three months and the third increase since 2015. As a result, mortgage rates have already increased. The average rate of a 30-year fixed mortgage jumped to a 2017 high of 4.21 percent, up from 3.68 percent last year.

What this means for house hunters is that buying a home is going to be more expensive. “That is going to create a bit of sticker shock for some buyers looking to buy this spring,” said Len Kiefer, deputy chief economist at Freddie Mac.

Fortunately, the changes in the Federal Reserve benchmark interest rate are somewhat predictable. The market expects two more Fed rate hikes before the end of the year. However, another increase is not likely in the next few weeks.

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://money.cnn.com/2017/03/15/pf/fed-rate-hike-mortgage-rates/index.html?iid=SF_LN

http://www.cnbc.com/2017/03/15/fed-raises-rates-at-march-meeting.html

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Foreclosure Activity Hits 11-Year Low

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During the month of February, foreclosure activity dropped to an 11-year low, according to new data from ATTOM Data Solutions. This was the lowest point since November 2005 and the 17th consecutive month of annual decreases.

Although the nationwide average significantly dropped, there were 10 states that experienced an increase in foreclosure activity in February. States that saw the largest increase include: New Jersey with an increase of 16 percent, Delaware with 14 percent, Louisiana with 12 percent, Alabama with 10 percent and Hawaii with eight percent.

Foreclosure starts were also down 13 percent from February of last year, however some states experienced an annual increase including: Alabama with an increase of 40 percent in foreclosure starts, Texas with an increase of 26 percent, New Jersey with an increase of 24 percent, Florida with an increase of 12 percent, Illinois with an increase of 11 percent and Arizona with an increase of nine percent.

ATTOM Senior Vice President Daren Blomquist said there are two major reasons why some states are still seeing an increase in foreclosure starts. The first reason is due to the backlog stemming from the housing crisis. States such as Florida and New Jersey are still experiencing distress from the bubble-era. The second reason is due to the newly relaxed lending standards in some areas.

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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.

Debt Relief, Foreclosures, Timothy Kingcade Posts

Foreclosure Inventory Hits “Pre-Crisis” Level

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According to CoreLogic, 21,000 U.S. home foreclosures were completed in the month of December.  This number is equal to the average number of monthly foreclosures for the first time since the housing market crashed in 2007.

The five states with the highest number of completed foreclosures in the past 12 months were Florida (45,000), Michigan (30,000), Texas (24,000), Ohio (21,000) and California (19,000). The five with the fewest foreclosures in the prior 12 months through December were North Dakota (182), District of Columbia (254), West Virginia (312), Montana (630) and Alaska (668).

Of the 10 largest U.S. metro areas, the foreclosure inventory was highest in the New York area, at 2.5%. The Miami metro area’s foreclosure inventory totaled 2.0%, with the Las Vegas metro and Chicago each at 1.1%. The lowest totals were posted in the San Francisco (0.1%) area and in Denver (0.2%).

Foreclosure and delinquency trends continue to move in the right direction, a result of increasing employment levels, stricter underwriting standards and higher home prices over the past few years, according to CoreLogic’s CEO Anand Nallathambi.  Further declines in foreclosure and delinquency rates are expected in 2017.

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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.

 

Debt Relief, Foreclosures, Timothy Kingcade Posts

The Foreclosure Litigation Strategy Targeting Florida Seniors

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A new defense strategy by lenders is targeting a growing number of low-income seniors.  It involves suing  to foreclose on government-guaranteed home loans under various defaults, then fast-tracking the lawsuits by filing motions for orders to show cause. These motions shift the burden of proof to the borrower, requiring them to appear in court and explain why a judge should not grant final judgment against them.

“All of a sudden, we saw a spate of foreclosures where the mortgage companies alleged the seniors no longer lived in the home,” said Gladys Gerson, supervising attorney for Coast to Coast Legal Aid of South Florida’s senior unit. “This has been happening around the state.”

A dozen more cases statewide have appeared targeting  low-income seniors.  Florida is ground zero for issues involving seniors, but experts believe this tactic is likely to spread to other states.

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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, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

South Florida Pair Arrested in Bank Fraud Scheme

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Authorities have apprehended two bank fraud suspects who reportedly owned $17 million worth of property in Florida and New York, then victimized tenants and residents who lived there.

Issak Almaleh, 63-years old and Antoaneta Lotova, 51-years old were arrested in Hollywood on charges of conspiracy to commit bank fraud, bank fraud, and other offenses.  The Sun-Sentinel reported the two chose properties in foreclosure that were owned by FDIC-insured banks.  Authorities say they filed fraudulent and forged warranty deeds to show the transfer of those properties to corporations they controlled.

Almaleh, who was a notary, would notarize the documents as genuinely signed by representatives of the financial institutions and Iotova would sign the documents on behalf of the companies they controlled, officials said. This allowed them (with the help of police) to evict residents from their home and change the locks on the properties.  The tenants were informed by the bank that their lease agreements were invalid and that they needed to vacate the property, officials said.

The two remain in jail.

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.

Related Resources:

http://tampa.cbslocal.com/2017/01/26/south-florida-pair-arrested-in-17-million-bank-fraud-scheme/