Foreclosures

Foreclosures, Timothy Kingcade Posts

New Florida Rule to Expedite Foreclosure Cases

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The court system’s backlog of foreclosure cases in Florida has inspired a proposed rule that would expedite foreclosure cases by considering them “abandoned” if not set for hearing (or heard) within 90 days. South Florida courts have been flooded with foreclosure cases since the 2008 housing bubble burst and has been one of the hardest hit regions for foreclosures. In 2009, there were more than 64,000 foreclosure suits filed in Miami-Dade County alone.

In an attempt to conserve judicial resources, the court has proposed a new rule that will push cases through much faster by using an administrative order to automatically dispense homeowners’ motions as abandoned.

This rule will be devastating for homeowners trying to save their homes. Their cases will not be looked at individually and cases where lenders are looking to stop or delay the foreclosure process over objections will still be pushed through the system.

A recent change to the system has allowed case managers to perform administrative tasks that judges once performed. This has already caused a lot of cases to be pushed through the system that lenders themselves have attempted to stop.

The good news for homeowners is that the market is on the mend and the backlog of foreclosure cases is just a small portion of what it was in 2009 and 2010. Nonetheless, judges say that a docket of more than 20,000 foreclosure cases creates a crisis in the judicial system.

Click here to read more on Florida’s new proposed rule to expedite foreclosure cases.

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, Foreclosures, Timothy Kingcade Posts

Existing Home Sales Rise at a Slow Pace

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The New York Times reported that existing home sales rose slightly in February, approximately 1.2 percent. Economists were hoping to see a sharper increase in sales in the first quarter, but the current lack of inventory has slowed down the pace. The sluggish growth may halt the Federal Reserve from increasing mortgage interest rates in June.

Economists forecasted home re-sales to increase 4.90 million in February; however, the National Association of Realtors said that home re-sales rose to only 4.88 million.

The shortage in inventory is causing a rise in home prices and a decrease in houses on the market. The median price of an existing home was 7.5 percent higher than February of last year.

Traditionally, April to August is referred to as “spring selling season,” the busiest time of year for the housing market. However, economists are predicting that insufficient equity and uncertainty about the economy’s strength may cause potential sellers to stay in their homes longer.

Click here to read more about the slow rise in existing home sales.

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.

Florida Bar, Foreclosures, Timothy Kingcade Posts

4 Reasons to Sell your Home NOW

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If you are on the fence about selling your home, now may be the time to act.  According to Zillow.com, homes sell 15 percent faster in mid-March through mid-April and for two percent more than your average sale.

According to economists, it is a “seller’s market,” and below are four reasons why:

1.) Low housing supply. Perhaps the most significant reason to sell is because there is a lower number of homes on the market. According to the National Association of Realtors, the level of homes for sale in February was approximately 4.6. This means that it would take approximately four and a half months to sell all of the homes on the market. The normal market is a five to seven month supply of homes. A smaller inventory will oftentimes hike up home prices and spark bidding wars, which is great for sellers.

2.) Fewer cash buyers. Cash and investment buyers helped increase home sales over the last two years. Home prices are expected to grow slightly this year but with fewer cash buyers.  Economists look for price growth to stabilize.

3.) An increase in interest rates. The Federal Reserve recently hinted that higher interest rates are expected to happen sooner rather than later. While mortgage interest rates remain low, real estate experts predict that buyers will act now to take advantage of the lower mortgage rates.

4.) Rising rent prices. Nationwide, rent prices have increased 15 percent in the past five years in a study conducted in 70 metro areas across the country. Every time there is a jump in rent, more homebuyers enter the market.

Click here to read more on why now may be the perfect time to sell your home.

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, Foreclosures, Timothy Kingcade Posts

Home Prices Increase, Outpacing Wages

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According to RealtyTrac, home prices are rising 13 times faster than wage growth nationwide. From 2012-2014, median wages rose only 1.3% and median home prices climbed 17%. Low interest rates have helped keep buying an option. However, with wages not keeping pace with home prices in many of the markets analyzed, real estate experts believe this will result in another housing bubble.

On the flip side, homeowners who lost equity in their homes during the crash are likely rejoicing over the rapid increase. At the height of the crash, 13 million homeowners were underwater. Now the number is down to seven million.

According to the report, the markets with the highest rate of price appreciation compared to wage growth were:

• Merced, CA
• Memphis, TN
• Santa Cruz, CA
• Augusta, GA
• Palm Bay-Melbourne- Titusville, FL

First-time buyers often purchase starter homes, which according to RealtyTrac, have faced the biggest deficit in inventory. Rising home prices could be an incentive for more people to list their homes and ease up the tight inventory levels.

Click here to read more about rising home prices outpacing wages.

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, Foreclosures, Timothy Kingcade Posts

Florida Homeowners find a way to “Free” Foreclosed Homes

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States such as Florida, New Jersey and New York have a five or six year statute of limitations on foreclosure cases. This allows cases of foreclosure to potentially be thrown out of court if dragged on for five or more years. Many Florida homeowners are using this statute of limitations to stay in their homes without having to make another payment to their lender.

Many defaulting homeowners continue to live in their homes after the foreclosure process has begun. For example, Bank of America has started the foreclosure process on approximately 20,000 mortgages that have not been paid in five or more years and 90 percent of those homeowners are still living in their homes.

While the issue is still being argued in the court system, Florida attorneys say lenders have five years to file a foreclosure once a homeowner defaults on his or her mortgage. The lenders argue that the clock resets every time a homeowner misses a payment.

Florida attorneys argue that once a foreclosure case is dismissed for technical reasons, the lender cannot re-file a foreclosure on the home because the statute of limitations has passed. However, in these types of cases the lender can keep a lien on the home that must be paid off before it is sold.

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, Foreclosures, Timothy Kingcade Posts

Underwater Mortgages Decline in South Florida

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Recent data collected by Zillow.com shows that underwater mortgages, meaning homeowners who owe more than their home is worth, are declining in South Florida. Sixteen percent of homeowners in Palm Beach County are currently underwater on their mortgages. The previous year there were twenty four percent underwater. Nineteen percent of Broward County’s mortgages are underwater, down from twenty five percent in the fourth quarter of 2014.

Home values are on the rise in South Florida and as a result, negative equity is declining since its peak of forty percent in 2011. Negative equity occurs when the value of an asset, such as a home, falls below the value of the outstanding loan balance.

Another factor that real estate experts attribute to the decline in underwater mortgages is the decline in foreclosures in South Florida this year. According to analysts, South Florida is recovering better than most markets across the country since the housing bubble burst in 2008.

Click here to read more about the decline of underwater mortgages in South Florida.

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, Foreclosures, Timothy Kingcade Posts

Three Tips for Obtaining a Home Loan after Bankruptcy

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Many lenders steer clear of individuals who have recently filed for bankruptcy, which can prove frustrating for an anxious homebuyer. However, obtaining a home loan after bankruptcy is not impossible, if the borrower is prepared to pay a higher interest rate and offer a larger down payment.

Privlo, a private lender that is funded by venture and institutional capital recently financed a mortgage for a million dollar home in San Francisco for a retired firefighter who filed for bankruptcy just one year ago.

Privlo is just one of a handful of lenders that will offer these generous type loans to borrowers who have recently filed for bankruptcy. When borrowers use a lender such as Privlo, Citadel Servicing Corp., or Angel Oak Home Loans, they must be prepared to pay a higher interest rate and offer a larger down payment. The lenders will issue “non-prime” mortgages to borrowers whose finances do not meet the government’s underwriting standards.

The Federal Housing Administration and the Veterans Administration mortgage rules allow for certain borrowers to qualify for a mortgage in as little as two years after their bankruptcy is discharged.

Below are three tips for consumers looking to purchase a home after filing for bankruptcy:

• If only one spouse has filed for bankruptcy, do not put his or her name down on the mortgage application.
• Do your research and look at multiple lenders. Some lenders will be more lenient on their requirements depending on your circumstances.
• If you are considering a non-prime lender, check consumer reviews and talk to other borrowers.

Click here to read more on borrowing after bankruptcy.

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, Foreclosures, Timothy Kingcade Posts

South Floridians Gaining Confidence in the Housing Market

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A recent survey conducted by TD Bank revealed twenty eight percent of South Floridians are “very” or “extremely” likely to purchase a home in the next year or so, compared with only 9 percent in 2014. The survey polled 159 residents of South Florida, but was part of a larger national poll of 1,450 homeowners who purchased homes in the past ten years.

According to TD Bank, South Floridians are “finally finding the confidence to buy again” after the recession. Another survey from Zillow.com showed that South Florida renters are also gaining confidence in the housing market. The survey found that more than 161,000 renters in Palm Beach, Broward and Miami-Dade counties said they plan to buy within a year. South Florida will be a competitive housing market this year, with home prices ranging between $250,000 and $400,000. Nationwide, residents of South Florida, San Jose and San Francisco were most confident in the housing market, according to Zillow.

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, Credit, Foreclosures, Timothy Kingcade Posts

Government Debt Collectors Targeted for their Abusive Practices

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A recent CNN report found that special treatment is being given to debt collectors hired by government agencies. These collectors are charging steep fees and making threats, which include wage garnishment, foreclosure and even arrest. Other debt collection firms that are hired to go after credit card debt or auto loans are held accountable for such acts.

A senior member of the House Financial Services Committee is currently reviewing the report. He said he fears that low-income Americans are the most likely to suffer. The high fees leave many Americans unable to pay off their debts and afford their monthly bills.

The debt collectors are using power given to them by the government to pressure individuals into financial commitments they cannot afford. Unfortunately for consumers, the FTC admitted that the laws governing debt collection do not apply to the types of bills that government debt collectors pursue.

Click here to read more on this story.

If you are in a financial crisis and are considering filing 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.

Credit, Foreclosures, Timothy Kingcade Posts

Refinance with HARP before Mortgage Rates Increase

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The Home Affordable Refinance Program (HARP) is a program that was set up in 2009 to assist struggling homeowners in refinancing their homes- reducing mortgage payments by an average of $3,000 a year. It has also allowed homeowners to pay their mortgages off faster. Taking advantage of the benefits HARP has to offer can reduce your monthly mortgage payments and pay your mortgage off in less time.

How do you know if you qualify for HARP? If your mortgage is $625,000 or less, you most likely qualify for the program. HARP was created by the Government as a way to help the economy recover from the recession. Homeowners who have refinanced through HARP have saved an average of $250 a month. But you must act NOW!  These valuable benefits are set to expire at the end of this year.

Click here to read more about how to reduce your mortgage payments through HARP.

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.