Foreclosures

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

Comparing Rates when Refinancing Could Save You $24k

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If you are considering refinancing your mortgage, you would be cheating yourself if you did not shop the mortgage lenders, first.  If you were car shopping, would you visit only one dealer?  If purchasing an airline ticket, would you make your selection from just one airline?

A new study by LendingTree revealed that homeowners who shopped around saved significant amounts of money. On average, those who compared at least two different mortgage lenders saved up to $11,000. Those who compared three lenders saved up to $16,000 over the life of the loan. Those who compared five different mortgage lenders had the potential to save up to $24,000 because of the difference in interest rates.

The study also revealed that there are available interest rates as low as 2.63 percent. Rates have recently reached historically low numbers, but they are steadily climbing.  Now is the perfect time to refinance and maximize your savings.

Click here to read more on how you can save thousands when refinancing.

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, Florida Bar, Foreclosures, Timothy Kingcade Posts

Palm Beach Judge Withdraws Foreclosure “Speed Up” Rule

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Chief Palm Beach Circuit Judge Jeffrey Colbath withdrew his latest proposed rule aimed at speeding up foreclosure cases. This rule came after the Florida Supreme Court local rules advisory committee rejected the 2014 administrative order intended to sweep through the backlog of foreclosure cases. The rule is based on the idea that a docket of more than 20,000 foreclosure cases created a crisis and would deplete judicial resources.

If Judge Colbath’s rule had gone into effect, lenders and borrowers would have 60 days after motions are filed to respond. After that, judges would be allowed to make decisions based on the filings alone. Judges would have also had the discretion to waive the requirement where attorneys must make two phone calls to attempt to resolve issues. The proposed rule would require them to “make reasonable efforts to speak to one another.”

Judge Colbath’s withdrawal came just one day before Circuit Judge Richard Oftedal issued a standing order with the intent to accomplish the same thing.

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

30-Year Mortgage Interest Rates Rise to 3.67 Percent

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After months of historically low interest rates, Freddie Mac released that the average 30-year mortgage rates rose slightly last week to 3.67 percent, up from 3.66 percent. The average 15-year mortgage rate rose from 2.93 percent to 2.94 percent. This time last year, the average 30-year mortgage rate was 4.27 percent and the 15-year rate was 3.33 percent.

The record low rate was in November and December of 2012, when the average 30-year rate reached 3.35 percent and the 15-year rate dropped to 2.66 percent. Rates remained low through the first quarter even though the Federal Reserve ended its monthly bond purchases last October, designed to maintain long-term rates. The Federal Reserve recently released that short-term rates will not rise any time soon after more than six years at zero.

Recent hiring gains have failed to create a stronger housing market. Home construction is down 2.5 percent from March 2014, according to the Commerce Department. Although the economy has experienced steady job growth, low mortgage rates and cheaper gas, the real estate market has yet to experience a significant boost.

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

FTC Uncovers another Mortgage Relief Scam

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According to the Federal Trade Commission, the company “Wealth Education” deceptively promised mortgage relief services to financially distressed homeowners. The company charged hefty upfront fees and advised homeowners to take steps that ultimately led them into foreclosure.

The Los Angeles-based company has been one of many scammers that used the housing market crash of 2008 to take advantage of struggling homeowners. The company allegedly used a variety of names and sold phony services that promised to lower homeowners’ mortgage payments or refund their money. According to the FTC, the company never made good on its promise. The company charged rates as high as $5,000 and never issued a refund when it failed to provide homeowners with lower mortgage payments.

It is illegal for companies to charge upfront fees for the promise of a mortgage modification. Companies can only charge fees if you have an acceptable written offer from the lender.

Wealth Education was also advising homeowners to stop communication with their lenders. This would delay victims from figuring out the scam and cause them to stop making payments, which in turn resulted in their homes going into foreclosure.

Click here to read more on this latest mortgage relief scam.

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

Stricter Requirements for Reverse Mortgages Coming Soon

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Beginning April 27th, 2015, the government is imposing stricter requirements when it comes to reverse mortgages. Reverse mortgages are available to seniors 62 years of age and older whose homes have equity they want to convert into cash. There is no repayment required until the borrower sells the house, moves out or dies. Loan recipients are responsible for paying property taxes, hazard insurance premiums and keeping the home in reasonable condition.

For the past 30 years, The Federal Housing Administration has had lenient standards for reverse mortgages. If a homeowner qualified with their age and equity, they were pretty much guaranteed a loan.  The revised application process will be similar to a new mortgage application.

During the recession, many reverse mortgage holders failed to pay the required property taxes and hazard insurance premiums. In addition, the real estate market tanked, creating huge losses on defaulted and foreclosed properties. The FHA’s losses were so significant that the Treasury Department had to provide the Administration with a $1.7 billion bailout in 2013.

As a result, after April 27th, 2015, applicants will be required to demonstrate both the “willingness” and “capacity” to meet their financial obligations before obtaining a reverse mortgage. Lenders will pull borrowers’ credit reports and credit scores, just as they do for home loan mortgages.

Homeowners will have to prove that they have paid their real estate taxes and homeowner association fees on time for the past 24 months. They will also have to show proof of employment, income and other financial assets.

Click here to read more on the upcoming changes to reverse mortgages.

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

Home Buyers Obtain Mortgages After Foreclosure

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Nearly five million American families lost their homes to foreclosure between 2007 and 2014. Foreclosures can have a negative impact on your credit score, but that doesn’t disqualify you from purchasing a home, again. Events such as foreclosure can stay on your credit report for up to seven years, but if you stay financially responsible after foreclosure, you can obtain another mortgage in seven years or less.

Homeowners who lost their homes in the early years of the housing crisis are starting to see the black marks erased from their credit reports, improving their chances of owning a home. Fair Isaac Corp., the developer of FICO credit scores estimated there were 910,000 homeowners who had foreclosure proceedings filed against them, between October 2007 and October 2008. Of those consumers, approximately 264,400 had the foreclosure erased from their credit reports by October 2014.

Some of the larger mortgage lenders, such as Bank of America Corp. and J.P. Morgan Chase & Co., are still hesitant to lend to borrowers who have a foreclosure on their credit report. Many of the large lenders were hit hardest with mortgage-related penalties and have since implemented tougher credit requirements on borrowers.

Click here to read more on purchasing a home after foreclosure.

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

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.