Foreclosures Archives - Page 29 of 56

Miami Heat Star Dwayne Wade’s Suburban Home Facing Foreclosure

Posted on August 26, 2014by Admin

NBA star Dwayne Wade’s former suburban Chicago home is facing foreclosure. According to TMZ, the Miami Heat guard is worth approximately $100 million, and brings in roughly $30 million a year. So you are probably wondering, why the foreclosure? Wade lived in the 7,800 square foot home with his wife and children until 2007, when the couple divorced. Just last year Wade settled with his ex-wife for $5 million and relinquished ownership of the home.

His wife receives $25,000 a month in spousal support. After being awarded the house last year, Wade’s ex-wife stopped making payments on the mortgage and this month the bank filed a foreclosure notice for the $225,000 balance. Since Wade’s signature was on the original mortgage papers, the bank is asking him to pay up, but the NBA star’s attorney has stated that his client has no further payment obligations on the home.

The six bedroom, seven bathroom home is currently listed at $1.2 million. The South Holland home sits on a 3.2 acre lot, has a sports theater room, exercise room, a sauna, a pool and includes a two bedroom guest house. The listing also mentions that “some custom furniture may be for sale by the owner.”

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.

Lawsuit aims to stop collection attempts on mortgage debt from old foreclosures

Posted on August 22, 2014by Admin

A lawsuit filed last week in federal court is hoping to block collection attempts on unpaid mortgage debt from foreclosures that took place years ago. A deadline change in the state’s law started a mass filing this year of deficiency judgment claims against defaulted borrowers, including at least 110 lawsuits in Palm Beach County since June 1.

The problem is that the claims violate the Fair Debt Collection Practices Act in cases where the suit is filed in Florida, but the borrower has since moved out of state. There is a class action lawsuit being sought in the Middle District of Florida on behalf of Massachusetts resident Richard Simpson, who lost a Jacksonville home to foreclosure in 2009.

Simpson was sued for a $26,651 deficiency in February, but many of the claims are for amounts greater than that. It is typically the difference between what the home is sold for at auction and the remaining mortgage debt.

The goal is to sue the out-of-state defendants who have just 20 days to respond, and then get a default judgment when they do not respond on time. Approximately 10,000 deficiency judgment claims have been filed in Florida.

Many homeowners are taken completely by surprise, unaware that the banks have a right to do this. Deficiency judgments used to be so rare that underwater homeowners simply took the chance and walked away, thinking the worst thing that could happen is that they lose their home.

A change in Florida law that went into effect July 1, 2013, reduced the timeline that banks and mortgage companies have to file for a deficiency judgment from five years to one year after a foreclosure is final, which is when the home is sold at auction.

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Foreclosures hit Pre-Crisis Low

Posted on August 14, 2014by Admin

The number of home loans that entered foreclosure in the second quarter this year hit its lowest level since early 2006, just before the housing crisis, according to data released by the Mortgage Bankers Association. Housing experts attribute the low rate to an improving job market and higher home prices, another sign that the mortgage crisis is behind us- for now. At the mortgage crisis’ worst point, in the third quarter of 2009, servicers started foreclosures on 1.42% of home loans. Last quarter, they began foreclosures on only 0.4% of loans, the lowest rate since the second quarter of 2006.

Delinquency rates- those that have at least one late payment but are not yet in the process of foreclosure- decreased to 6.04% after adjusting for seasonality, reaching its lowest level since the end of 2007. However, banks still have a number of already foreclosed-upon homes to work through particularly those in “judicial states,” where foreclosures must be processed through the court and tend to take longer.

Florida, New York and New Jersey accounted for more than 40% of all loans in foreclosure in the second quarter. These three states will have a significant impact on national figures moving forward.

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Once Popular TV Star Facing Foreclosure

Posted on August 4, 2014by Admin

“The O.C.” star Mischa Barton is facing foreclosure on her Beverly Hills mansion. According to TMZ, Barton has been handed a default notice informing her that she has missed more than $100,000 in payments. She purchased the eight-bedroom, 11-bathroom mansion for $6.4 million in 2005, when “The O.C.” was at its height of popularity and took out a loan for $4.2 million. The show went off the air in 2007 and Barton has been trying to sell the property since 2010 for a reported $8.9 million. Her prior attempts to rent the home at a price of $35,000 a month were unsuccessful.

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

When should you consider bankruptcy?

Posted on July 29, 2014by Admin

Many consumers struggling to pay off credit card debt or medical bills wonder when the right time is to file for bankruptcy- or if bankruptcy is even the best option for them. It makes little sense to continue struggling against a mound of debt you are not even making a dent in with monthly payments– or maybe you are no longer able to afford those payments. A good rule thumb is, if it would take you five years or more to repay what you owe, you should consider filing for bankruptcy. Why five years? Because that is how long you would be required to make payments under a Chapter 13 repayment plan.

However, most consumers qualify for Chapter 7 bankruptcy, which is typically faster (takes approximately three to four months, as opposed to five years) and erases all of your credit card debt and medical bills. If lower interest rates would help you pay off the debt within five years, consider scheduling an appointment with a credit counselor associated with the National Foundation for Credit Counseling (www.nfcc.org). These nonprofits can set you up with debt management plans that may offer you lower rates on your credit card debt.

Many people feel an obligation to pay what they owe, even if in reality they will never be able to pay off the debt. Bankruptcy laws allow individuals to gain a fresh start, so they can take care of themselves and their families. If you are behind on your mortgage payments, filing for Chapter 7 bankruptcy can allow you to stay in your home and catch up on your payments or negotiate with your lender. This is all thanks to the automatic stay which immediately goes into effect and prohibits your mortgage lender from foreclosing on your home.

If you are in a 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, Foreclosures, Timothy Kingcade Posts

Former Bank of America Mortgage Employee Facing Prison Time for Taking Bribes

Posted on July 24, 2014by Admin

A former Bank of America mortgage employee has been sentenced to 30 months in prison for pocketing $1.2 million in payoffs to approve the sale of distressed properties for far less than their actual value.

Kevin Lauricella, 29, who has been cooperating with investigators, pled guilty to accepting bribes and falsifying bank records. He was sentenced by U.S. District Judge Otis D. Wright II in Los Angeles this week and was ordered to repay Bank of America $5.7 million in losses and to forfeit a Thousand Oaks home acquired through payouts from the criminal scheme.

Lauricella worked for a Bank of America division that handled delinquent home loans in 2010 and early 2011. During this time, lenders were overwhelmed by defaults on underwater mortgages, creating opportunities for insiders to exploit flaws in bank systems.

The crimes involved short sales. Lauricella collected bribes from so-called “flippers” who bought homes with the intent of quickly reselling them, Katzenstein admitted. He then issued approvals for short sales that were beyond his authority to approve, with sales prices far below the fair market value.

Lauricella made false entries in Bank of America’s computer system to make it appear that higher-ups had approved the short sales, Katzenstein said. When he pleaded guilty, Lauricella admitted approving fraudulent short sales for at least nine properties.

Related Resources:

http://www.latimes.com/la-fi-mortgage-bribe-sentencing-20140721-story.html

Foreclosures, Timothy Kingcade Posts

Florida Leads Nation in Foreclosures…Again

Posted on July 21, 2014by Admin

A recent report released by RealtyTrac revealed Florida’s foreclosure rate was the nation’s highest for the first half of 2014. According to the report, 1 in 74 Florida homes had a foreclosure filing in the first six months of the year and more than 121,000 properties had a foreclosure filing- the most of any state. This number was down 22 percent from a year earlier.

Miami had the nation’s highest metro area foreclosure rate, with 1 in 61 homes in foreclosure for the first half of the year. Orlando, Port St. Lucie, the Space Coast and Tampa followed, having the top five foreclosure rates by metro areas.

Foreclosures, Timothy Kingcade Posts

Mortgage Default Rates Hit Lowest Level since May 2006

Posted on July 3, 2014by Admin

Mortgage default rates hit their lowest level last month compared to bank cards and auto loans. These are some of the lowest levels seen since May 2006. Mortgage default rates continue their downward trend from 1.30% in October 2013 to .92% in May 2014.

In addition, consumer credit default rates decreased for the seventh consecutive month. According to the S&P/Experian Consumer Credit Default Indices, consumer credit decreased to the lowest default rate since May 2006, falling from 1.01 from 1.11 in April and 1.42 in May 2013.

Miami maintains the highest default rate of 1.74% while Dallas maintains the lowest rate of 0.77%. Chicago, Dallas, Los Angeles, Miami and New York remain below default rates seen a year ago.

Foreclosures, Timothy Kingcade Posts

New Foreclosure Cases Rapidly Decline in South Florida

Posted on June 24, 2014by Admin

New foreclosure filings fell a whopping 75 percent across Broward County last month, another indication that the housing market crisis is a thing of the past. Broward had 275 new cases filed last month, compared with 1,087 in May 2013, according to RealtyTrac, Inc. It was the 10th month in a row that foreclosure filings have dropped. New cases also declined 75 percent last month in Palm Beach County.

Real estate experts attribute this drastic decline to the new state law that took effect last year, which resulted in lenders delaying foreclosure filings until they have all of their paperwork in order.

Florida had the nation’s highest foreclosure rate for the eight month in row, an indicator of just how hard the state was hit as a result of the housing market crisis.

Credit, Foreclosures, Timothy Kingcade Posts

Florida Borrowers entitled to $40 Million from SunTrust Mortgage Abuse Settlement

Posted on June 19, 2014by Admin

Florida Attorney General Pam Bondi joined 48 other state attorneys general, the District of Columbia and other federal agencies in reaching a $550 million nationwide settlement with SunTrust over mortgage and foreclosure abuses.

The civil charges accuse SunTrust of improper documentation of loans, lost paperwork and robo-signing. Approximately 8,421 Florida borrowers who had SunTrust loans or lost their homes from 2008-2013 to foreclosure, can apply for a portion of the $40 million designated to the state. This money could take the form of a cash payout, principal reductions or refinancing of underwater mortgages.

SunTrust has the responsibility to contact borrowers and has agreed to the following terms:

• Making foreclosure a last resort and evaluating homeowners for other loss mitigation options, first.
• Restricting foreclosure while the homeowner is being considered for a loan modification.
• New procedures and timelines for reviewing loan modification applications.
• Providing homeowners with the right to appeal denials.
• Requiring a single point of contact for borrowers seeking information about their loans.
• Maintaining adequate staff to handle calls.