Foreclosures Archives - Page 27 of 57 - Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

Trending: High-End Homes See More Foreclosures

Posted on March 10, 2015by Admin

The national foreclosure rate fell to 1.4% in December 2014, the lowest rate since March 2008, according to CoreLogic. However, foreclosures involving mortgages of $750,000 plus remain at a higher rate of 2.5%. After the housing market crash of 2008, foreclosure percentages have reached as high as 6.8% in May of 2012. Economists agree that it appears the market is on the mend. However, struggling homeowners with more expensive mortgages are recovering less quickly than others.

Before the housing market crashed, homeowners with $750,000 plus mortgages had lower rates of foreclosure than average. The recession has changed all that. CoreLogic data shows that in January 2006, the national average foreclosure rate was .1% and the foreclosure rate for $750,000 plus mortgages was .05%.

Some experts believe the higher foreclosure rate for “wealthier” homeowners is linked to the stock market crash and the subsequent housing market crash in 2008. Another contributing factor is that most states with higher stock in luxury homes also have the highest foreclosure rates since the crash. For example the three states with the highest foreclosure rates are New Jersey with a rate of 5.2%, New York with a rate of 4.0% and Florida with a rate of 3.7%. All of which have a large concentration of high-end real estate.

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.

Struggling Florida Homeowners Get a Break: No Default Notice Means No Foreclosure, Fourth DCA Rules

Posted on March 5, 2015by Admin

The Fourth District Court of Appeal has sided with the homeowners in a case involving Deutsche Bank and a mistake over the notice of default in a foreclosure case. A mailing address proved to be the bank’s downfall in an attempt to recover a house in Port St. Lucie, well-known for being one of the hardest hit cities following the housing collapse.

The attorney for the family argued the bank violated terms of the mortgage by sending the notice of default to a post office box as opposed to the property address, which was the official address listed on the mortgage. Even though the house was vacant at the time, the appeals court agreed and remanded the case to the trial court for dismissal.

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

Homeowners in Bankruptcy Receive $50 Million Settlement from JP Morgan Chase over Robo-Signing Allegations

Posted on March 4, 2015by Admin

JP Morgan Chase Bank has agreed to pay out over $50 million to more than 25,000 homeowners who are in bankruptcy as part of a settlement with the Dept. of Justice’s U.S. Trustee Program (USTP). The settlement will include cash payments, mortgage loan credits, and loan forgiveness to the homeowners in bankruptcy.

In addition the settlement, Chase has agreed to change its internal operations and have an independent compliance reviewer conduct oversight to ensure that Chase is complying with the terms of the settlement.

Chase acknowledged as part of the settlement that it filed more than 50,000 payment change notices in bankruptcy courts nationwide that were improperly signed by persons who had not checked the notices for accuracy, a practice commonly referred to as “robo-signing.” Chase also acknowledged that it failed to file timely, accurate mortgage payment change notices and provide timely, accurate escrow statements.

More than 25,000 of the notices were signed in the names of either former bank employees or employees who were not part of the accuracy checking process, and the remaining notices were signed by third party vendors on matters that were not related to the accuracy checking process, according to the Department of Justice.

The settlement is a strong warning sign to banks and mortgage servicers that they cannot continue to ignore legal requirements, compromise the integrity of the bankruptcy system and abuse customers who are in financial distress.

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.

Foreclosures, Timothy Kingcade Posts

South Florida Couple Accuses Wells Fargo of Fraud

Posted on March 3, 2015by Admin

A South Florida couple claims that Wells Fargo engaged in fraud when it accepted thousands of dollars in exchange for a promise of a permanent loan modification, which was never delivered. The Federal lawsuit centers on the issue of a “Trial Period Plan.”

After falling on hard times, the couple received an offer from Wells Fargo called a Trial Period Plan. The letter began by stating, “”Wells Fargo Home Mortgage wants to continue to work with you to modify your mortgage.” According to the letter, the family “must make new monthly ‘trial period payments’ in place of (their) normal monthly mortgage payments” at a little more than $2,000 and “after all trial period payments are made, (their) mortgage will be permanently modified.”

After making three payments, and several more, Wells Fargo worked to reschedule the foreclosure sale and no permanent loan modification was granted. “It felt like the rug got pulled out from under us. Because of the fact that we’ve given them everything and they still said, ‘No, you’re denied.’ It was very frustrating. Because you’re going through this modification process, you’re doing what the bank asks you to do because we’re told to trust the bank,” the family said.

The family’s attorney is accusing Wells Fargo of misleading the couple with broken promises, acting maliciously, and breach of contract. They are seeking injunctive relief to protect the ownership and title of their home and $75,000 in damages.

The lawsuit also alleges that Wells Fargo had “no intention of offering such permanent loan modification … by inducing Plaintiffs into making thousands of dollars of additional payment (that could not otherwise be collected) with the false promise of a loan modification Defendants, Wells Fargo, can collect more from the distressed homeowner, than the $4,000 maximum incentive payment collected under Defendant, Freddie Mac, loan modification program.”

Click here to read more on this story.
http://www.local10.com/news/south-florida-couple-claims-wells-fargo-engaged-in-fraud/31341328

Credit, Foreclosures, Timothy Kingcade Posts

Mortgage Rates Continue to Increase

Posted on February 26, 2015by Admin

Although the 30-year fixed-rate average is down year to date from 4.28 percent to 3.73 percent, mortgage rates moved higher again this week. One week ago the fixed rate average was 3.69 percent, up .04 percent. Earlier in February, the rate hit a 21-month low of 3.59 percent. The 15-year fixed-rate average also increased from 2.99 percent to 3.05 percent in the past week. The one-year ARM average moved higher to 2.45 percent, up .03 percent from last week.

With mortgage rates rising for the second consecutive week, housing starts declined 2 percent according to Len Kiefer, Freddie Mac deputy chief economist. However, Kiefer said home builders are remaining confident in new home sales. In addition to housing starts, home loan applications were also down approximately 13 percent last week. The refinance index decreased 16 percent while the purchase index dropped 7 percent. Economists say it is no coincidence that mortgage rates hit the highest number of 2015 and home loan applications dropped sharply, particularly for refinances.

Click here to read more on the rise in mortgage rates this week.

Credit, Foreclosures, Timothy Kingcade Posts

Who will Claim $380 Million in Unspent Foreclosure-Abuse Money?

Posted on February 24, 2015by Admin

After a 2013 settlement, the Federal Reserve and Office of Comptroller of the Currency are attempting to reissue checks to borrowers whose homes were improperly foreclosed on between 2009 and 2010. The nearly 600,000 checks being reissued range from several hundred dollars to $125,000. In many cases, the Federal Reserve is reissuing these checks to updated addresses. Approximately $3.1 billion dollars has already been cashed or deposited by homeowners who suffered from the foreclosure-related abuse.

An independent review of the banks’ foreclosure practices was conducted in 2011 and found that bank employees were processing foreclosure cases without personally verifying accounts. It was also discovered that the banks were improperly denying loan assistance to homeowners, made errors in assistance plans and charged improper fees. Ultimately, fifteen banks signed the multi-billion dollar settlement leading the Federal Reserve to reimburse some 4.2 million borrowers.

Click here to read more on who will be claiming the $380 million in Unspent Foreclosure-Abuse Money.

Foreclosures, Timothy Kingcade Posts

Number of reverse mortgage complaints show consumers confused by loan terms

Posted on February 13, 2015by Admin

The Consumer Financial Bureau released a report highlighting the most common consumer complaints about reverse mortgages. A reverse mortgage allows a borrower, 62 years or older, to access the equity they have built up in their homes and defer payment of the loan until they pass away, sell or move out. The report details the approximately 1,200 reverse mortgage complaints the CFPB received between December 2011 and December 2014.

The most frequent complaint involved older consumers and their families demonstrating confusion about the terms and requirements of reverse mortgage loans. Many complaints showed a disconnect between consumer expectations and the way a reverse mortgage actually works.

For example, many consumers are frustrated when they are unable to refinance their loans because there is insufficient remaining equity in their homes. The CFPB reports these complaints suggest that some homeowners may not understand that the loan proceeds as well as the accrued interest on the loan overtime will substantially decrease the amount of available equity. Another complaint was over struggles with foreclosure due to issues with property taxes and homeowners’ insurance. Even though reverse mortgages require no monthly payments, borrowers are still responsible for property taxes and homeowners’ insurance. The CFPB reports the most frequent complaint involved consumers trying to add additional borrowers to the loan in order to extend the term of the loan.

To ensure that potential reverse mortgage borrowers and their families are prepared for the unexpected, the CFPB has the following advice for borrowers:

Verify who is on the loan: If two borrowers took out a reverse mortgage, they should verify with the reverse mortgage company’s loan records to ensure accuracy.
Plan ahead for the non-borrowing spouse: For those who took out a HECM reverse mortgage in the name of only one spouse before Aug. 4, 2014, they should contact their loan servicer to find out if the non-borrowing spouse can qualify for a payment deferral. If the answer is no, they should make an immediate plan in the event the borrowing spouse passes away first. If the reverse mortgage was taken out after Aug. 4, 2014, new changes to the HECM program allow the non-borrowing spouse to remain in the home, if certain conditions are met.
Plan ahead for other family members. Consumers should make sure that any children or family members living in the home know what to expect when the reverse mortgage comes due. When a borrower dies, heirs can sell the home, repay the loan balance or pay 95 percent of the property’s assessed value. If those members want to keep the home, the borrower should contact their reverse mortgage company to have them explain all of their options in greater detail.

Click here to read more on this story.

http://consumerist.com/2015/02/09/reverse-mortgage-complaints-show-consumers-confused-by-loan-terms/

Foreclosures, Timothy Kingcade Posts

U.S. Service Members Receive $123 Million in Foreclosure Relief

Posted on February 11, 2015by Admin

U.S. armed service members will receive $123.4 million as a first round of payments, in conjunction with the $25 billion nationwide mortgage settlement reached in February 2012. The U.S. Justice Department announced that 666 service members and their co-borrowers will receive $88 million from JPMorgan Chase & Co, Wells Fargo & Co, Citigroup Inc and Ally Financial Inc, under a federal law that protects service members from foreclosures.

Lenders have been accused of violating the Servicemembers Civil Relief Act that prohibits non-judicial foreclosures against service members who are on or have recently left active duty, and took out their mortgages before their service started. The foreclosures at issue took place between January 1, 2006 and April 4, 2012.

Acting Associate Attorney General Stuart Delery had this to say, “Service members should never have to worry about losing their home to an illegal foreclosure while they are serving our country.”

Click here to read more on this story.
http://www.reuters.com/article/2015/02/09/us-foreclosures-military-idUSKBN0LD2KQ20150209

Foreclosures, Timothy Kingcade Posts

HARP: The Government Refinance Program the Banks Don’t want you to know about

Posted on February 10, 2015by Admin

Despite being launched in 2009, less than 0.5% of people have taken advantage of the Home Affordable Refinance Program (HARP). Few people know about it and even less know how to use it. HARP is designed to help homeowners obtain a more affordable, stable mortgage. It provides a bailout to help millions of homeowners save a significant amount of money by lowering their mortgage payments. Those who have taken advantage of the program have reduced their mortgage payments by as much as $3,000 a year.

The program expires in 2015, but there’s still time to get signed up. If you qualify and refinance through HARP, you may be able to take advantage of a number of significant benefits, including:

• Eliminating up to 15 years of mortgage payments and interest;

• Changing to a lower monthly payment;

• Refinancing at historically low rates.

Banks do not want you to benefit from the program, because it allows homeowners to switch lenders, taking millions out of their pockets and putting it back into the pockets of everyday people. If you feel like your mortgage interest rate is too high with your current lender, it probably is. HARP can help you switch to a new lender, one prepared to offer you today’s low rates, and you could save big. HARP is a government program and is totally free, so you have nothing to lose.

Click here to see if you qualify.

Credit, Foreclosures, Timothy Kingcade Posts

Mortgage Advice from Dave Ramsey: Is a 30-year mortgage a bad option?

Posted on February 9, 2015by Admin

According to financial guru, Dave Ramsey, you are better off with a 15-year mortgage. His reasoning… “The 30-year mortgage robs your future. It enables borrowers to buy more house than they can afford by spreading the payments out over a longer term. In addition, those homeowners paid tens- even hundreds of thousands of dollars more in interest.”

Dave recommends getting a 15-year mortgage with “at least a 10% down payment and monthly payments that are no more than 25% of your take-home pay. This is a great way to ensure you build wealth quickly and avoid paying a mortgage into your retirement. Paying off your mortgage completely will free up income later for other investments and allow you to live more comfortably as you age.

If you have already committed to a 30-year mortgage loan, there’s still time for you to save and be mortgage free by retirement. Some homeowners have been able to switch to a 15-year mortgage with extremely low interest rates. However, if you cannot afford the 15-year repayment plan comfortably, do not risk it.

Instead, look into the Home Affordable Refinance Plan (HARP), a government-backed program that offers low mortgage rates and was designed to reduce mortgage payments and put money back in your pocket. If you owe less than $650,000 on your mortgage, the chances of qualifying for this program can be high. Homeowners who have refinanced have saved an average of $250 per month.

Click here to read more on this story.

http://www.bills.com/dave-ramseys-advice-on-mortgage/?utm_source=taboola&utm_adgroup=agg_desktoptablet&utm_term=coinhead_30flatout_agg&utm_medium=businessweek

Related Resources:

http://www.bills.com/dave-ramseys-advice-on-mortgage/?utm_source=taboola&utm_adgroup=agg_desktoptablet&utm_term=coinhead_30flatout_agg&utm_medium=businessweek