Foreclosures Archives - Page 15 of 56

From a $150 HOA fee to Foreclosure

Posted on September 6, 2016by Admin

One missed HOA payment could cost a Hillsborough family their home. The family is taking on the Rivercrest Community Association, who just sold their $300,000 home at auction. The family claims they had no warning. Now the fight to save their home could very well leave them homeless.

The family has called their Rivercrest neighborhood home since 2005, when they bought if for around $270,000. The HOA put a foreclosure lien on the house and recently sold it at auction for $19,000. The family’s cut: $14,000.

The family said they had been paying their annual dues, but say they did not get a notice that the HOA was missing a 2009 payment for four years. In that time, $150 turned into $750 then $3,000 in fees. They agreed to a payment plan with HOA lawyers. The HOA’s law firm, Bush Ross landed in a class-action suit accused of violating the Fair Debt Collection Practices Act.

The family received $300 from the settlement and thought they no longer owed the past dues, so they stopped paying. They were scheduled to make a plea to a Hillsborough County judge on August 31. The Clerk’s Office told the media that court documents from April gave the family a month to pay their then-$4,300 balance or the home would be auctioned.

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

Florida Court Upholds City’s Rights to Place Liens on Zombie Foreclosure Homes

Posted on September 2, 2016by Admin

A state appeals court recently ruled that liens placed on foreclosed homes cannot be discharged when the home goes through a judicial sale. The decision comes from the Fourth District Court of Appeal of the State of Florida, which upheld a lower court’s ruling that liens placed on abandoned properties by Florida cities for code violations cannot be terminated once the home is sold through the judicial process.

The decision is meaningful to Florida cities because the state currently has the third highest total of zombie foreclosures, which are homes that have been foreclosed on and abandoned by the homeowner but not yet sold.

Florida has 2,467 zombie foreclosures as of the second quarter of this year, ranking behind New Jersey, which has 4,003 zombie homes, and New York, which has 3,352 zombie homes, according to data from RealtyTrac.

The court’s full decision can be read here.

Related Resources:

http://www.housingwire.com/articles/37891-florida-court-upholds-citys-rights-to-place-liens-on-zombie-homes

Debt Relief, Foreclosures, Timothy Kingcade Posts

FHA’s New Guidelines Help Struggling Homeowners Remain in their Homes

Posted on August 31, 2016by Admin

New procedures put in place by the Federal Housing Administration (FHA) will help strengthen the process mortgage services currently use and help struggling families stay in their homes and avoid foreclosure.

The updated procedures will streamline the process servicers use to engage borrowers, specifically when evaluating them for the FHA-Home Affordable Modification Program (FHA-HAMP). These changes will reduce the number of steps that a servicer and borrower must take to resolve a delinquency and enter into a loss mitigation home retention product. In addition, FHA is removing certain obstacles that will allow servicers greater flexibility for evaluating an unemployed borrower for a special forbearance agreement.

Here is what homeowners need to know about the new provisions. Specifically, the FHA will:

Require servicers to convert successful 3-month trial modifications into permanent modifications within 60 days instead of the average four-to-six months;
Allow borrowers with three missed mortgage payments to qualify for a partial claim to bring their payments current versus the previous requirement for a minimum of four missed payments;
End the traditional stand-alone Loan Modification option so struggling borrowers can access the FHA-HAMP option, to receive payment relief quicker;
Eliminate the required 12-month term for FHA’s special forbearance option. This will allow servicers to offer this option to more unemployed households.

Related Resources:

www.fhfa.gov

https://rismedia.com/2016/08/28/fha-streamlines-process-to-help-delinquent-homeowners-stay-in-homes/

Foreclosures, Timothy Kingcade Posts

Florida Attorney General Filed Court Action to Stop Foreclosure Fraud

Posted on August 22, 2016by Admin

A court action has been filed to stop foreclosure fraud. Attorney General Pam Bondi filed the action to stop a group of non-lawyers from operating an illegitimate foreclosure defense and loan modification law firm.

“Florida homeowners facing the stress of foreclosure should not have to worry about scammers posing as lawyers and making false promises of relief to get what little money the homeowners may have. Thanks to the great work and dedication of my Consumer Protection Division, we will continue to fight foreclosure rescue fraud and protect homeowners,” said Attorney General Bondi.

The attorney general’s office alleges three men- Adam Forman, Joseph Hilton (a.k.a – Joseph Starr), and Victor Spagnuolo operated eight firms that were used to scam homeowners into paying large upfront fees for legal services. Another problem, not one of them was an attorney.

The named firms are Asset Protection Law Firm, Heritage Law Group, Liberty Law Group, Consumer Legal Resources, Consumer Legal Advocates, Legal Referral Services, Galler Lehman Law and Selective Housing Solutions.

According to the office, the men also face possible criminal charges for the unlicensed practice of law from the Coral Springs Police Department, Boca Raton Police Department, the Broward County State Attorney’s Office and the United States Secret Service.

There were 37 complaints received from consumers about the defendants’ “deceptive and unfair practices.” Some of the allegations included misleading representations regarding the law firms’ expert legal services, charging unlawful up-front fees prior to the services being completed, failing to protect the consumers’ homes from foreclosure and failing to obtain loan modifications as promised.

Full restitution is being demanded for consumers who have been affected by the crime. The complaint also seeks an injunction that will prevent the defendants from engaging in future loan modification, foreclosure defense and legal services.

Click here to read more on this story.

Bankruptcy Law, Debt Relief, Foreclosures, Timothy Kingcade Posts

Unauthorized Practice of Law by National Bankruptcy Law Firm

Posted on August 18, 2016by Admin

A woman filed a Chapter 13 petition signed by attorney Joseph Kosko, a former partner in the law firm of Volks Anwalt, who solicited her via direct mail. After the law firm missed numerous deadlines, the bankruptcy court held a contempt hearing regarding the representation by Kosko, Volks Anwalt, and its sole owner and managing partner, Jessica McClean.

The court issued a Notice of Deficient Filing on November 9, 2015 because the Debtor’s petition was a “bare bones” filing and did not contain all of the required schedules, statements, summaries, declarations, and local forms. Federal Rule of Bankruptcy Procedure (“Bankruptcy Rule” or “Rule”) 1007(c) requires any missing documents to be filed within 14 days of the filing of the petition or, in this case, by Friday, November 20, 2015.

The bankruptcy court found that Volks Anwalt’s business plan developed by McClean included a marketing strategy that used direct mailings targeting individuals subject to foreclosure. In the specific case, Kosko and Volks Anwalt not only failed to file the bankruptcy in time to save the woman’s home, but also failed to include her Social Security number in pleadings, did not provide her with the proper disclosures required by 11 U.S.C. §§ 342 and 527, nor intended to appear at her §341 Meeting of Creditors.

Volks Anwalt operates in 43 states. As of February 2016, the firm had handled approximately 400 bankruptcy cases since it opened in May 2015. The bankruptcy court found that Kosko violated the North Carolina Rules of Professional Conduct in terms of competence, diligence and failure to communicate with the client. In addition, Kosko, McClean and Volks Anwalt had engaged in the unauthorized practice of law, as McClean is only licensed in Florida and New York.

In the end, the court disbarred Kosko from practicing in bankruptcy court for one year, McClean for five years, and ordered all fees be emitted. Kosko and Volks Anwalt must pay the client $5,000.00.

To read the opinion in its entirety, click here.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of 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.

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

New Mortgage Rules Aim to Stop Wrongful Foreclosures

Posted on August 10, 2016by Admin

Last week the Consumer Financial Protection Bureau (CFPB) approved new rules that will help prevent borrowers from being improperly foreclosed on by their mortgage lenders. The recently approved rules build on the current regulations that were created in the aftermath of the housing bust. The original rules required mortgage lenders to grant certain foreclosure protections to a struggling borrower once over the life of the loan. The new rules will require mortgage lenders to provide protections more than once, offering them to borrowers who make current payments after they have worked out an agreement to avoid foreclosure.

“This change will be particularly helpful for borrowers who obtain a permanent loan modification and later suffer an unrelated hardship – such as the loss of a job or the death of a family member – that could otherwise cause them to face foreclosure,” the CFPB said in a statement outlining the new rules.

In addition, the rules expand surviving family members’ protections and require mortgage lenders to give borrowers who have filed bankruptcy information about possible options. The rules also prohibit servicers from taking legal steps once borrowers have completed loss mitigation applications.

The rules come after a June report from the CFPB revealed that some servicers were giving homeowners wrong or outdated information or no information at all.

Click here for more on this story.

Credit, Foreclosures, Timothy Kingcade Posts

Mortgage Rates Fall to Record Low

Posted on August 9, 2016by Admin

The national average 30-year fixed home mortgage rate fell to 3.36 percent last week. The number matches the record low reached in December 2012, according to Bankrate.com. It is down seven points from the last week in July. With a 30-year fixed-rate mortgage of 3.36%, a homeowner would pay approximately $441 per month in principal and interest for every $100,000 borrowed.

Financial experts believe low mortgage rates mean that now is the best time to re-finance. Many homeowners and homebuyers have both benefited from the drop in mortgage rates, according to Bloomberg.com.

The average 15-year fixed-rate mortgage is down four points from the previous week at 2.65%. With shorter-term loans such as 15-years, homebuyers pay more per month but save thousands of dollars in the long run.

If you are considering refinancing your home or purchasing a new home, make sure you get your paperwork in order beforehand. Mortgage lenders have strict requirements on paperwork including copies of proof of income, debts, assets, etc.

Related Resources:

http://www.bankrate.com/financing/mortgages/mortgage-rates-monday-august-1/

http://www.bloomberg.com/news/articles/2016-08-01/u-s-mortgage-rates-fall-to-lowest-on-record-chart

Debt Relief, Foreclosures, Timothy Kingcade Posts

Condo Associations Scam South Florida Consumers

Posted on August 3, 2016by Admin

According to the Miami Herald, condo associations are scamming South Florida consumers and residents with exorbitantly high application fees. The Florida state laws permit condo association to charge people a maximum of $100 per person who are applying to rent or buy a unit. The law also states that married couples should be treated as one person and prohibits charges for dependent children or consumers who are renewing their leases. The fee is nonrefundable and covers costs such as background checks and credit checks. However, recent reports have revealed that associations are charging anywhere from $125 to $625 per person.

Further investigation by the Miami Herald also proved that some associations are tacking on additional charges, sometimes several hundred dollars or more, for “move-in fees” or “pet fees.” In fact, the Herald reported that nearly half of all listings in Miami-Dade County charged application fees that exceeded $100.

In addition to the cap on application fees, the Florida Condominium Act also prohibits associations from charging fees that exceed $100 for transfers such as sales, mortgages, leases, sublets or any other unit transfers.

Click here for more on this story.

Debt Relief, Foreclosures, Timothy Kingcade Posts

New York Attorney General Fights Against Zombie Foreclosure Crisis

Posted on August 1, 2016by Admin

New York Attorney General Eric Schneiderman recently announced a grant initiative to fight against the zombie foreclosure crisis. The growing problem has affected hundreds of neighborhoods and towns across the state of New York since the housing bubble burst. The initiative known as, the Zombie Remediation and Prevention Initiative, will give $13 million in grants to local governments across the state through a competitive application process.

The 100 communities dealing with the greatest problems of zombie foreclosures and vacant homes have been invited to apply for the funds. The money will address housing vacancy and the damage to property value in neighborhoods by supporting municipalities’ capacity for housing code enforcement, tracking and monitoring vacant properties and providing legal enforcement to ensure banks and mortgage companies comply with local and state law.

The initiative will also have preventative benefits due to the requirement of communities to develop innovative programs and policies and connect at-risk homeowners to services so they can avoid foreclosure. It also coincides with the recent enactment of the Abandoned Property Neighborhood Relief Act.

The initiative will be funded by the $3.2 billion settlement agreement with Morgan Stanley that was settled in February. The settlement resulted in $550 million in cash and consumer relief for New York residents.

“Too many communities across this state have been hit hard by the proliferation of zombie properties. This new grant initiative puts tools directly in the hands of towns and cities across the state to reverse course, rebuild from the foreclosure crisis and put zombie homes in the rear-view mirror,” Attorney General Schneiderman said.

Click here to read more on this story.

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Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Florida Foreclosure Improvement Still Lagging Behind the National Average

Posted on July 29, 2016by Admin

The nationwide foreclosure filings rate has shown signs of improvement in the first half of 2016. However, the improvement rate in Florida, New Jersey, Illinois, New York and Indiana is still significantly lower than the pre-recession rates and seem to be lagging behind the rest of the country. RealtyTrac released the data from the first two quarters of 2016 that reveal that foreclosure filings are were down 20 percent compared to the previous two quarters in 2015.

Although the foreclosure filings rate is still 21 percent higher than the normal rates, there were 15 states in the first half of 2016 with foreclosure rates that were significantly lower than “pre-housing bust” levels including: Arizona, California, Colorado, Nevada and Michigan.

According to RealtyTrac Vice President Daren Blomquist, the obvious divide between states is largely due to the fact that some states require foreclosures to take place in court, such as Florida. He went on to say, “the root issue that created the dysfunctional foreclosures processes was sloppy and improper documentation on the part of the banks.” Blomquist said that in non-judicial states, “it wasn’t an issue because there wasn’t oversight.”

Click here to read more on this story.