Foreclosures Archives - Page 28 of 57 - Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

Foreclosures decreased in Broward, Palm Beach Counties last year

Posted on January 30, 2015by Admin

Foreclosure cases dropped sharply in South Florida last year, another sign the housing market is recovering. Broward County had 6,287 filings in 2014, a 42% decline from 2013 and Palm Beach County had 3,920 filings, down 55 percent from the previous year, according to RealtyTrac.

Some real estate experts predict a new wave of cases this year, but it will not be enough to derail the housing market recovery- and it may even be a good thing because it will put more homes on the market for avid buyers. Others argue that these foreclosed homes typically are not in good condition because of poor maintenance, and a fewer number of foreclosures and a steady increase in property values will reduce the number of “desperate sellers.” A decline in these desperate sellers could mean we see better quality homes hitting the market.

Although total filings fell 24 percent in Florida last year, the state still ranked No. 1 in foreclosures nationwide, with 2.3 percent of all Florida housing units receiving a notice in 2014.

Click here to read more on this story.
http://www.sun-sentinel.com/business/realestate/fl-realtytrac-foreclosures-20150115-story.html

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.

How to Bounce Back after Foreclosure

Posted on January 27, 2015by Admin

Going through a foreclosure can be a traumatic experience, but it doesn’t mean you can never own a home again. If you have recently been through a foreclosure, here are some ways you can bounce back and put yourself back on the path to homeownership.

• Clean up your credit. The first step on the road to recovery is rebuilding your credit score. According to a recent study by FICO, the higher your credit score before the foreclosure, the longer it takes to fully recover. For example, a homeowner with a credit score of 680 would take around three years to get back to their pre-foreclosure credit score. But a homeowner who started out with a score of 780 would require seven years after a foreclosure to return to their pre-foreclosure credit score. The best way to repair your credit is to keep using credit- RESPONSIBLY. To avoid missing a payment, set up automated payments. The biggest mistake people make is cutting up their credit cards or closing out lines of credit. This leaves you with a large gap in your credit history. Lenders want to see that you are using credit regularly in a responsible way.

• Putting in the time. You will need to find a lender willing to offer you a mortgage. Some government backed loans can help speed up the process. For many people, an FHA loan will be the quickest path back to homeownership. After a foreclosure, the government requires a three-year waiting period before you can qualify for another FHA-backed loan. Fannie Mae and Freddie Mac loans have an even longer wait time. Those lenders both require a seven year period before you will be considered for a new loan. There are exceptions. For example, if you can prove that the foreclosure was the result of an unexpected job loss or a death in the family.

• Tax Obligation. It comes as a shock to many that the federal government considers a forgiven debt as a form of income, which means you may have to pay income tax on a foreclosure. Congress passed a law in 2007 that exempted up to $2 million in forgiven debt in most cases of foreclosures. The law expired at the end of last year, but if your foreclosure was finalized before then, you will likely be in the clear. Even if you do not qualify under this act, there are other exceptions. For instance, in cases of bankruptcy the government will not pursue you.

Click here to read more on this story: http://www.foxnews.com/leisure/2015/01/23/how-to-bounce-back-after-foreclosure/

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Former NFL Player Receives Prison Sentence for Mortgage Fraud Scheme

Posted on January 26, 2015by Admin

Former Tampa Bay Buccaneers player, Jeffrey Charles Leroy Taylor, was sentenced to three years in prison for his part in a $7 million loan modification scheme that affected thousands of homeowners. In addition to his prison term, Taylor was ordered to pay more than $350,000 in restitution to the victims of the fraud.

Taylor, who also played football for the University of Miami and lives in Fort Lauderdale, pled guilty to the charges in late 2014. The scheme was reportedly organized by the operator of FHA All Day.com, Jason Vitulano, Housing Assistance Law Center and Safety Financial Corp. The defendants allegedly defrauded more than 2,000 struggling homeowners out of millions of dollars through fraudulent loan modifications in 2008 and 2009.

Taylor reportedly acted as the team manager of four telemarketers who made thousands of phone calls to homeowners offering to reduce their mortgage payments or stop the foreclosure process for a fee paid to FHA All Day.com.

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Foreclosures, Timothy Kingcade Posts

Housing Outlook 2015: Predictions from the Experts

Posted on January 5, 2015by Admin

It’s been an interesting year for the nation’s housing market. The ‘Polar Vortex’ was blamed for the decrease in home sales in early 2014. Price gains for previously owned homes slowed significantly. However, builder confidence for newly constructed, single-family homes has increased for six straight months. What does it all mean? Experts attribute these confusing signals to a shift out of rapid recovery and into a more stable phase that economists are calling the new normal.

Below are 10 predictions from the experts for the housing market in 2015:

1. Prices will rise more slowly. Housing price gains slowed dramatically in 2014 and are expected to continue in 2015. Easing housing inventory levels and the exit of investors from the market are helping put the brakes on home price escalation. Nationally, prices are near their spring 2005 levels.

2. Affordability will worsen. Unfortunately, for those looking to buy this year, slowing housing prices does not mean that home ownership will be more affordable. Housing experts predict homes are just 3% undervalued now, leaving little room for them to rise without becoming overvalued.

3. The buying frenzy will fade. With more investors leaving the market, the home buying process should be a bit easier in 2015, thanks to a lessened inventory and credit requirements. With rising prices, fewer bargains are on the market, making housing less attractive to investors.

4. Mortgage interest rates will rise. The Mortgage Bankers’ Association predicts that rates will rise to 5% by the end of 2015. For most of 2014 interest rates were flat or declining. A great reminder that economists can make predictions, but not to bet the farm on them.

5. Millennials overtake Gen X as homebuyers. Zillow predicts that by the end of 2015, Millennials (those under the age of 35) will overtake Gen X (35-50 years old) to become the largest group of homebuyers in the U.S.

6. Rent increase will outpace home value growth. Housing experts forecast that rents will rise 3.5% in 2015, outpacing the predicted 2.5% for annual home price gains. This, in turn, may push some Millennials to become buyers. The allure of fixed mortgage payments and a stable housing market is expected to entice more renters to become homebuyers.

7. Multi-family construction will dominate. Trulia’s research indicates that more people will try to sell their homes in 2015 and Realtor.com predicts that existing, or previously owned, home sales will grow 8% this year. The entry of these previously owned homes into the market could suppress the demand for more expensive newly constructed homes. The vacancy rate for single-family homes is still near its recession high, which is likely to further depress construction of new single-family homes. So builders will continue to meet the demand for apartments–and multifamily housing could have another strong year.

8. Builders shift to cheaper homes. In recent years, builders have chosen to build fewer, more expensive homes instead of cheaper homes in larger quantities. The trend—driven in part by a limited supply of land during the recovery–has left a price gap between more expensive new homes and less expensive existing homes. Experts agree that new home sales will top the 500,000 mark in 2015.

9. Foreclosures will match pre-recession levels. From January through November 2014, there were 1,256,070 foreclosure filings in the U.S., according to RealtyTrac, down about 17.2% from the same period the previous year, when there were 1,516,332 filings. In 2015, expect foreclosures to fall to pre-crisis levels.

10. The housing market will be driven by fundamentals. In 2015, the housing market is expected to be driven by underlying economic fundamentals (i.e. – job growth, incomes, and household formation). Mortgage interest rates and price recovery have driven the housing market for years, but now experts predict these factors will not be nearly as important as local economics in 2015.

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

A Win for Consumers! Elderly Couple Wins $1 Million in BOA Lawsuit over Harassing Debt Collection Calls

Posted on December 18, 2014by Admin

Nelson and Joyce Coniglio were called repeatedly and endured years of harassment after they fell behind on their mortgage payments in 2009. According to court documents, for more than four years the couple received approximately 700 collection calls from Bank of America’s automated robo calling system.

The automated system also dialed each number that the couple had available- home phone and cell phones, leaving messages on each one. The collection calls would come at all times of the day and night, leaving the 69-year-old couple completely overwhelmed and feeling helpless.

When Bank of America was not bombarding the couple with relentless and harassing phone calls, they were mailing them letters threatening foreclosure. The Coniglios say they even sent letters to the bank asking them to cease all phone calls, but the calls continued.

Fed up, the couple decided to take action, using the Fair Debt Collection Practices Act and the Telephone Consumer Protection Act, which outlines the manner in which these collection companies, agencies, and banks collect on money owed to them.

The judge awarded the elderly couple exactly $1,051,000 in monies due, including court costs and other attorney fees related to the suit.

Click here to read more on this story.

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. 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

Music Producer Jermaine Dupri Facing Foreclosure

Posted on December 12, 2014by Admin

Jermaine Dupri who has produced hits for artists including Usher and Mariah Carey is reportedly losing his multimillion dollar Atlanta mansion. Foreclosure documents reveal the songwriter / rapper failed to make monthly payments on the 19-room, 9,441-square-foot home. He reportedly owes $2.5 million.

Public records show the property is valued at nearly $3.7 million. This is not the first time the music producer has faced financial troubles. His mansion was up for foreclosure and set to be auctioned in 2011 and 2012. Both of those sales were canceled. Dupri has lived in the home for 10 years.

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Foreclosures, Timothy Kingcade Posts

Foreclosure Evictions on Hold for the Holidays

Posted on December 10, 2014by Admin

Homeowners in danger of losing their homes are getting an early Christmas present this year from Fannie Mae and Freddie Mac. The two mortgage giants are putting a temporary hold on all foreclosure-related evictions between December 17 and January 2, 2015.

While evictions will come to halt during this period, all legal and administrative proceedings will continue, including filing notices of default and scheduling auction sales. If a foreclosure sale is completed during this time, families will not be forced to leave their homes until after January 2, 2015.

JPMorgan Chase said it will also hold off on evictions until after the holidays. In the past, Citibank, Wells Fargo, Bank of America and other big mortgage lenders have also followed suit. These banks have yet to announce anything for this year.

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http://money.cnn.com/2014/12/09/real_estate/christmas-eviction-moratorium/

Foreclosures, Timothy Kingcade Posts

Ocwen Financial Corp. Accused of Illegal Foreclosure Practices

Posted on November 19, 2014by Admin

There were 700,000 foreclosures nationwide last year and some of those didn’t need to happen. Even six years after the housing market crash, mortgage companies are still making mistakes and foreclosing on homes when they should not be. Ocwen Financial Corp., one of the nation’s largest mortgage servicers, is under investigation in a new lawsuit over its treatment of homeowners facing foreclosure. The class action lawsuit alleges Ocwen has been charging mark-ups, illegal fees and unfairly pushing homeowners into foreclosure.

This is ironic; because for years Ocwen has claimed to help homeowners avoid foreclosure. They even trademarked the slogan, “Helping homeowners is what we do!”

The case has been filed in a federal court in Florida and is seeking class-action status. The lawsuit alleges that Ocwen is charging illegal fees. Ocwen, oftentimes follows a pattern, usually beginning with a small problem, a mix-up with an escrow account or a homeowner simply misses a few payments.

Ocwen has charged plaintiffs late fees that it was not permitted to charge under the terms of the mortgage agreement. The suit claims Ocwen also forced upon borrowers a second insurance policy through one of its own affiliates, and alleges that the company has been improperly steering profits to itself through this affiliate company.

One exhibit in the lawsuit is a plaintiff’s monthly statement asking for a payment of $73,000. Documents show that regulators are looking into thousands of loan-modification letters that likely caused homeowners “significant harm” because Ocwen back-dated them. Back-dating the letters made it look like the homeowners had missed their opportunity to avoid foreclosure.

Related Resources:

http://www.npr.org/2014/11/18/364131391/firm-accused-of-illegal-practices-that-push-families-into-foreclosure

Foreclosures, Timothy Kingcade Posts

Relaxed Mortgage-Lending Rules APPROVED!

Posted on October 27, 2014by Admin

Three U.S. agencies signed off this week on relaxed mortgage-lending rules. These new standards represent an effort to ensure more mortgage loans are available for borrowers. The Federal Reserve, Securities and Exchange Commission and Department of Housing and Urban Development approved the new rules for the mortgage-backed securities market, a day after three other agencies approved the standards.

The rules are intended to improve the quality of loans by giving banks a financial incentive to ensure mortgages can be repaid. The initial rules required that banks hold 5% of the risk of mortgages packaged and sold to investors or require a 20% borrower down payment. But regulators, concerned that overly stringent rules would harm the housing market’s recovery, recanted on the 20% down payment.

Instead, banks will be able to avoid the 5% risk-retention requirement if they verify a borrower’s ability to pay back the loan and comply with other requirements, such as ensuring borrowers’ debt payments do not exceed 43% of their income.

Officials say these standards are still sufficiently strong enough to prevent a repeat of some of the worst abuses from the housing market crisis, including loans in which the lender does nothing to verify a borrower’s income. The new rules, which go into effect in fall 2015, will be reviewed for its impact on the economy four years later, and every five years after that.

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http://online.wsj.com/articles/divided-sec-signs-off-on-relaxed-mortgage-lending-rules-1414009530

Foreclosures, Timothy Kingcade Posts

‘Condo Takeover Schemes’ – The New Foreclosure Threat?

Posted on October 20, 2014by Admin

In the wake of the foreclosure crisis, condo takeover tactics have emerged. Here’s how it works- Real estate investors buy up foreclosed condo units in a building, then take control of the building’s condo association, which allows them to set condo fees at whatever level they choose. By inflating these fees beyond what the occupants can afford many longtime condo owners are at risk of being priced out of their homes.

Condo owners in a Reading, Pennsylvania, subdivision were pushed out of their homes after a real estate development company bought up foreclosed units in the complex and then took control of the association. Using a Pennsylvania law, the investor then dissolved the condo association, allowing it to place the nearly 100 units in the complex for sale. The attorney who represented many of these condo owners told NBC that the developer offered the remaining owners buyouts valued at just one third of their mortgages. Finding that they are suddenly underwater, many of the owners lost their homes.

Housing experts say the practice fits with a broader trend of investors buying foreclosed properties, then hiking up rents and other fees, sometimes evicting longtime residents, usually renters, out of their homes.

Click here to read more on this story.
http://www.nbcnews.com/feature/in-plain-sight/condo-takeover-schemes-can-pose-new-foreclosure-threat-n215316