Foreclosures

Foreclosures, Timothy Kingcade Posts

Supreme Court Examines Whether Miami Can Sue Banks over the Foreclosure Crisis

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Should Bank of America and Wells Fargo be held responsible for potentially billions of dollars in tax revenue Miami and other cities lost after property values plunged in minority neighborhoods due to questionable lending practices and foreclosures?

That’s just one of the tough questions U.S. Supreme Court justices asked in oral arguments over Bank of America v. Miami, which tests the limits of who can sue under the expansive Fair Housing Act.

A series of probing questions from Justice Elena Kagan, the daughter of a housing attorney who served as Solicitor General in the Obama administration said the FHA is “a very peculiar and distinctive kind of anti-discrimination statute that focuses on community harms, not individual injuries,” she said.

The banks had it tough. A pair of Supreme Court precedents established that the FHA extends standing, or the right to sue, “to the full limits of Article III” of the Constitution, including cities and even non-profit organizations dedicated to fighting housing discrimination.

Last year in Texas Dept. of Housing v. Inclusive Communities, Justice Anthony Kennedy upheld the disparate-impact theory in FHA suits, allowing plaintiffs to prove discrimination with statistics instead of direct evidence of discriminatory intent.

Given these precedents, attorney Neal Katyal, arguing for the banks, conceded from the outset that cities can sue under the FHA.  He argued Miami was pushing its theory too far, appropriating the injuries allegedly suffered by minority borrowers as its own.  That violated the idea of proximate cause as well as the requirement that the lending discrimination falls within the “zone of interest” the city can enforce.

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

Foreclosures, Timothy Kingcade Posts

NY Unveils Bill of Rights for Borrowers Facing Foreclosure

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The State of New York is taking the next step in its fight against abandoned foreclosures by introducing a consumer bill of rights for borrowers facing foreclosure. The state announced new laws earlier this year designed to reform the foreclosure process and address its issues with abandoned foreclosures, also referred to as zombie homes.

These new laws will help expedite rehabilitation, repair and improvement of these abandoned properties and further assists homeowners facing foreclosure.  Currently, New York has one of the longest foreclosure timelines in the nation, averaging 1,070 days to foreclose.

In addition, the new laws impose a pre-foreclosure duty on banks and servicers to maintain zombie homes, create an electronic registry of abandoned properties, and expedite foreclosure for vacant and abandoned properties to get those houses back on the market.

The consumer bill of rights, reminds consumers of the various rights they have before, during, and after the foreclosure process.

  • The bill of rights tells consumers that they can and should seek the assistance of a lawyer or a housing counselor if they are facing foreclosure.
  • The bill of rights tells borrowers that they have the right to stay in their home during the foreclosure process, unless or until a court orders them to vacate.
  • “If you abandon your home, the plaintiff (bank or mortgage servicer) may be able to foreclose on your property through an expedited process in court,” the bill of rights continues.
  • To prevent this outcome, stay in your home and carefully review and respond to documents you receive from the plaintiff or the court in your foreclosure case.
  • A failure to respond or appear in court when required to do so could make it easier for the servicer to show that your property is vacant and abandoned, which could put you at risk of an expedited foreclosure.

The bill of rights also walks borrowers through the various steps of the foreclosure process and their rights throughout, including their legal options and their right to seek “loss mitigation” options.

These new reforms help ensure borrowers facing foreclosure know their rights, that banks and service providers are held to their obligations and that neighborhoods are protected from zombie foreclosures as these are known to threaten property values and neighborhood safety.

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

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.

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.

Debt Relief, Foreclosures, Timothy Kingcade Posts

Number of Closed Foreclosures in Florida Rank Highest in the Nation

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Florida lenders are completing almost double the amount of foreclosures than any other state.  Florida recorded 53,084 closed foreclosures during the 12-month period ended in September, according to a report from the real estate data provider, CoreLogic.

That accounted for 13 percent of all the completed foreclosures nationwide and was almost double the 27,182 reported in the No. 2 state, Texas.

Florida, one of the states hardest hit by the real estate market crash, posted the sixth-highest inventory of homes in foreclosure in the U.S., with 1.6 percent of homes in some stage of distress.

While there are fewer new foreclosures being filed, Florida still has a sizable backlog of cases in the court system. The sunshine state has the fourth-longest average timeline, at 1,038 days, from to start to finish of a foreclosure.

In Florida, 3.8 percent of all home mortgages are considered seriously delinquent — at least 90 days past due — which tied for the fourth-highest rate in the nation. This number was down by more than one-third over the year.

CoreLogic’s CEO anticipates that heading into 2017, we will see that prices, performance and production — the three most important drivers of the real estate market — will all improve.

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.

 

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Mortgage Rates Surge after Donald Trump’s Election Win

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Mortgage giant Freddie Mac said that the average rate on a 30-year fixed rate loan rose to 4.03 percent, which is the highest rate since July 2015. It is up from 3.94 percent the previous week. Rates on 15-year home loans also rose to 3.25 percent, up from 3.14 percent last week, which is the highest rate since January.

Long-term mortgage rates have been increasing each week since Donald Trump was elected as President on November 8th. Experts believe that investors are fearful of the president-elect’s plan to cut taxes and spend massively on roads, bridges, airports and other infrastructure could provoke inflation. As a result, investors demand higher long-term rates and pay lower prices for bonds.

The anticipation of economic stimulus has also caused a surge in stock prices. On Wednesday, the Dow Jones industrial average closed above 19,000 for the first time.

However, rising mortgage rates pose a threat to the housing market and the economy. In the past, lower mortgage rates have fueled the real estate market by causing an increase in home sales. According to the National Association of Realtors, existing home sales rose two percent in October to a seasonally adjusted annual rate of 5.6 million, which was the highest rate since February 2007.

Real estate experts believe that mortgage rates will continue to rise until there is more understanding of where the economy and housing policies are headed during Trump’s presidency.

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.

Debt Relief, Foreclosures, Timothy Kingcade Posts

October Shows Surprising Increase in Foreclosures

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Foreclosure filings increased in October from the previous month in Southwest Florida and the recent Florida Supreme Court ruling could lead to even more foreclosures in the coming months.  Lenders reported 469 foreclosure actions last month in Sarasota, Manatee and Charlotte counties- up 33 percent from September.

According to the October 2016 Foreclosure Market Report from ATTOM Data Solutions, a total of 105,481 foreclosure filings, default notices, scheduled auctions or bank repossessions took place in October. This is up 27% from September’s 129-month low, but it is still down 8% from last year.

The state with the highest foreclosure rate is Delaware, with one in every 355 houses having a foreclosure filing, followed by New Jersey with one in every 564 housing units, Maryland with one in every 679 units, Illinois with one in every 704 units and South Carolina with one in every 801 units.

Florida could soon be joining the states with the highest number of foreclosures, given the October ruling by the state supreme court, which favors lenders and allows them to re-file a foreclosure action against a homeowner in default even if a previous foreclosure case against that homeowner was dismissed and that original foreclosure case was filed more than five years ago, outside the state’s statute of limitations for foreclosure.

The loans used in the housing recovery that are most susceptible to foreclosure are the FHA and VA with low down payments.  Data from ATTOM Data Solutions shows FHA and VA loans combined represent 49% of all active foreclosure inventory for loans originated in the seven years ending in 2015.

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.heraldtribune.com/news/20161110/foreclosure-filings-rise-in-october

http://www.housingwire.com/articles/38512-october-shows-surprising-30-increase-in-foreclosures

Foreclosures, Timothy Kingcade Posts

Florida Supreme Court Decision Could Cause a ‘New Wave’ of Foreclosures

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In a recent decision made by the Florida Supreme Court, servicers may now file new foreclosure actions against borrowers who won foreclosure cases more than five years ago if the borrowers default again within five years of the first case’s dismissal. That means the lender can make another attempt to collect, as long as it is within the next five-year period and the borrower had started paying again and then stopped.

The case, Lewis Brooke Bartram v. U.S Bank National Association was decided in favor of the mortgage servicers as borrowers argued a five-year statute of limitations should apply.

The court’s ruling, authored by Justice Barbra Pariente, determined that when foreclosure actions are dismissed, servicers and borrowers return to their ‘pre-foreclosure’ complaint status. This allows homeowners to continue to pay back their loans in installments, rather than all at once. But it also revives the lender’s right to seek acceleration and foreclosure based on any subsequent defaults, saying:

Accordingly, the statute of limitations does not continue to run on the amount due under the note and mortgage.

This decision is expected to cause a new wave of foreclosure cases within the next year or so, basically giving the banks a ‘do-over.’ The ruling applies to tens of thousands of foreclosures in South Florida alone, those hardest hit by the Great Recession.

Florida was ranked No. 1 in the country for completed foreclosures in 2015-16, with 55,000 actions, according to real estate data tracking firm CoreLogic.

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://floridapolitics.com/archives/226274-supreme-court-new-wave

http://www.dsnews.com/daily-dose/11-06-2016/state-spotlight-floridas-supreme-court-ruling-win-servicers

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Law Firm Sues Wells Fargo over Foreclosure Work

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A New Jersey law firm has filed a lawsuit against Wells Fargo, claiming that the bank’s delayed efforts to fix its robo-signing problems led to the law firm’s demise. The law firm, Zucker, Goldberg & Ackerman, claims to have helped the lender foreclose on thousands of homeowners.

The lawsuit alleges that Wells Fargo took several years to comply with a 2010 New Jersey Supreme Court order that called for lenders to show that they were properly submitting mortgage details before foreclosing on a property. The law firm has since laid off most of its 335 employees within the last year.

According to the law firm, Wells Fargo’s delay in responding to the 2010 court order caused significant financial problems for the firm. The lawsuit states that under the bank’s agreement with mortgage lenders, the law firm would advance most of the foreclosure-related expenses and be reimbursed later. The lawsuit also states that the lender has refused to pay more than $2.5 million for work that Zucker, Goldberg & Ackerman did for the bank.

The firm was hired to file court pleadings, ensure compliance with state and federal regulations and research information such as ownership, payment history and title history for each case, according to the lawsuit.

Wells Fargo’s spokesman Tom Goyda released a statement that said the bank disagrees “with the claims regarding fees owed to the firm” and said that the lawsuit’s other allegations “should not be viewed as credible.”

U.S. Bankruptcy Court Judge Christine Gravelle scheduled a hearing on December 21st.

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.

Bankruptcy Law, Debt Relief, Foreclosures, Timothy Kingcade Posts

Mortgage Fraud on the Rise- Florida Remaining the State with the Highest Risk

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Fraud is on the rise in the mortgage industry, with Florida remaining the state most at risk, according to new data from CoreLogic. More than 12,000 mortgage applications were estimated to have fraud associated with them, according to the company’s 2016 Mortgage Fraud Report.

The mortgage application fraud risk index was up 3.9% year over year from the second quarter of 2015, continuing an upward trend in fraud since 2010.

“This is consistent with the loosening of credit policy after historically tight credit policies post-crisis,” CoreLogic stated in its report. CoreLogic cited a number of factors contributing to the increase in fraud risk, including an increased share of purchase loans, the availability of higher loan-to-value mortgages and the loosening of GSE credit policies.

Florida had the highest application fraud risk, followed by New York, New Jersey, Hawaii and Washington, D.C.

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.

Credit, Debt Relief, Foreclosures

Florida Offers Homeowners Facing Foreclosure a Free Assistance Program

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According to CoreLogic, Florida had the highest number of completed foreclosures of any state last year, with a total of 57,000 foreclosed homes. South Florida led the state with 9,603 in September alone. As a result, the Florida Housing Finance Corporation is offering a free statewide assistance program designed to help homeowners facing foreclosure called the Foreclosure Counseling Program.

The program provides struggling homeowners with one-on-one counseling and financial education services. Residents in all 67 counties are eligible.

“Foreclosure is still an issue facing thousands of homeowners in every county of our state,” said Florida Housing Communications Director Cecka Rose Green. “As a participant in the FCP, homeowners can expect to receive extensive housing and financial counseling services that can help them save their homes and become more financially stable.”

The Florida Legislature allocated $10 million from the state’s National Mortgage Settlement funds to implement the program. More than 40 agencies are available to assist interested homeowners across the state.

Click here to read more on this story or click here to visit the Florida Housing website for a full list of participating agencies.

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.