Foreclosures Archives - Page 30 of 56

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Miami Bankruptcy Attorney Timothy S. Kingcade Named a Florida Super Lawyer of 2014

Posted on June 10, 2014by Admin

MIAMI – Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade & Garcia, P.A. (www.miamibankruptcy.com) has been recognized as a Florida Super Lawyer in the area of consumer bankruptcy law. This prestigious honor was awarded to only six attorneys in the entire State of Florida.

“It is a true honor to have received this award,” said Timothy S. Kingcade. “It is a testament to the commitment my firm and I make every day to each and every one our clients.”

Attorney Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 filings and foreclosure defense cases for the Southern District of Florida. As an experienced CPA and proven bankruptcy attorney, Timothy Kingcade knows how to help clients take full advantage of their rights under bankruptcy protection to restart, rebuild and recover.

Super Lawyers is a listing of outstanding lawyers who have attained a high degree of peer recognition and professional achievement, representing the top 5% of Florida lawyers. The goal of the Super Lawyers selection process is to create a credible, comprehensive and diverse listing of lawyers to be used as a resource to assist lawyers and sophisticated consumers in the search for legal counsel.

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Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care. All partners and associates at Kingcade & Garcia, P.A. specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.

Foreclosures, Timothy Kingcade Posts

U.S. Investigates Possible Overcharging by Banks for Foreclosure Fees

Posted on June 2, 2014by Admin

An investigation is underway of at least five banks over whether they overcharged the government for expenses incurred during foreclosures on federally backed home loans, filings and interviews. The banks under investigation include: PNC Financial Services Group Inc, PHH Corp, MetLife Inc, Santander Holdings USA Inc and Citizens Financial Group Inc, the U.S. unit of Royal Bank of Scotland. The U.S. Attorney’s office is seeking information on claims on foreclosed loans insured by the Federal Housing Administration or guaranteed by Fannie Mae and Freddie Mac, according to Reuters.

Two of the banks, PNC and MetLife, said federal authorities are looking at foreclosure-related costs incurred by law firms. Foreclosures generally cost between $1,000 and $3,000, depending on the state and type of foreclosure, with the bulk going to legal fees. Other expenses, including posting and mailing notices, court filing costs and title searches are separate.

The law firms under investigation allegedly represented expenses that were much higher than their actual costs, in some cases by hundreds of dollars. One firm charged $150 for posting a notice on the door of a property in foreclosure, even though the market rate for the service is about $25, according to the allegations. Another allegedly inflated court filing costs.

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

North Miami Mayor Charged with Mortgage Fraud

Posted on May 20, 2014by Admin

Before being elected mayor of North Miami last year, Lucie Tondreau was the co-host of several radio programs that federal authorities say led to an $8 million mortgage fraud scheme. According to court documents, the future mayor co-hosted with Karl Oreste, a mortgage company owner, and used Creole-language to bring in “straw borrowers” who filed fake loan applications to purchase 20 homes across South Florida and then cut Tondreau in on the profits of the scam.

The mayor faces criminal charges and a potential suspension from office by Gov. Rick Scott. This is just the latest legal trouble for the mayor, as her campaign faced state scrutiny last year. Prosecutors linked online absentee-ballot requests made in bulk to her campaign office. Florida law prohibits ballot requests to come from anyone other than voters themselves or their family. Tondreau has denied any wrongdoing and has not been charged.

News of the federal charges have spread quickly through the community as Tondreau- the city’s first Haitian-American female mayor- has been a trusted voice on Creole-language radio and has built a reputation in the 80’s and 90’s as a vocal Haitian rights activist in South Florida.

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Foreclosures, Timothy Kingcade Posts

U.S. sees Fewer Foreclosures as Banks Reclaim more Homes

Posted on May 16, 2014by Admin

A report from RealtyTrac confirms foreclosure activity across the U.S. fell 1 percent last month, as banks scheduled fewer auctions and reclaimed more homes. The most recent drop, which includes foreclosure notices, scheduled auction and bank repossessions, is 20 percent below its year-ago level. It was also the 43rd consecutive month foreclosure activity was down on an annual basis.

Bank repossessions, still down 14 percent from a year ago, were up 4 percent in April, a likely result of the state and government interventions that slowed down the foreclosure process. In total, 30,056 homes were repossessed. According to real estate experts, the rise in bank repossessions is a sign that those markets are working through the final remnants of foreclosures left over from the housing market crash.

In Florida, one in every 400 homes is facing foreclosure and continues to have the highest rate in the nation, followed by Maryland, Delaware and Indiana. A total of 49,239 homes were scheduled for a foreclosure auction last month, down 3 percent from March and 21 percent from a year ago. It was the 41st straight month in which scheduled auctions were down on a year-on-year basis.

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Foreclosures, Timothy Kingcade Posts

Foreclosure: Bad for your Neighbor’s Health?

Posted on May 15, 2014by Admin

According to research published in the American Heart Association Journal, Circulation, the stress associated with living near a foreclosed home increases the chance of developing high blood pressure. Foreclosures are known for decreasing the property values of neighboring homes, but new research suggests it can also affect the health of your neighbors.

The study tracked 1,750 Massachusetts residents from 1987 through 2008 and found that each foreclosure within 100 meters of a person’s home affected their systolic blood pressure, the top number in the reading. According to the study, neighbors may be worried that foreclosures are hurting their home values or the safety of their communities, and that this anxiety can boost blood pressure. The study was controlled for age, income, education, race, sex and other factors, including whether the participants were taking blood-pressure medications. It also considered alcohol consumption and weight and found that both increased when there were foreclosures nearby.

Homes that lapse into foreclosure but are quickly purchased do not appear to lead to a rise in blood pressure, whereas homes that are seized by banks and stand vacant do, according to the study. The increase was not significant enough to present a huge health risk, but it does suggest that the housing crisis extends beyond the economy into the public health arena.

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Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

Top Five Home-Rescue Scams Revealed

Posted on May 5, 2014by Admin

A recent report, called “Foreclosure Rescue, Inc.” has documented the ongoing problems of fraudulent foreclosure rescue businesses and how these companies have plagued unsuspecting consumers following the housing crisis. The report by the Lawyers’ Committee for Civil Rights Under Law and the Loan Modification Scam Prevention Network says a database maintained by the committee has compiled more than 40,000 homeowner complaints since March 2010 from borrowers who say they have lost $90 million.

BEWARE of the following foreclosure-rescue scams:

1. Your modification is APPROVED! Send your payments to the following address… The homeowner is tricked into believing their lender has agreed to terms of a loan modification and is instructed to pay the “new” modified payment to the bogus company.

2. We volunteer all our hours with no payments. A purported non-profit agency contacts a homeowner, but after reviewing his or her mortgage sends the person to a law firm that the non-profit works with, which then begins collecting a fee.

3. You are eligible to join our lawsuit. Homeowners are told that they are eligible to join a lawsuit against their bank, but they have to pay an upfront fee and make monthly payments after that. The lawsuit is then never filed and the case goes nowhere.

4. Discount for military members and their families. Homeowners hesitant to pay for loan modification of foreclosure-rescue help are told they can use military discounts to get lower prices.

5. Pay us instead of your mortgage lender and we will protect you. Homeowners are told by the “foreclosure-rescue company” to make their mortgage payments to them and not their lender. Months later, they are blindsided by a foreclosure notice and out thousands of dollars.

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Foreclosures, Timothy Kingcade Posts

Foreclosure Rate on the Decline in U.S., Florida

Posted on April 24, 2014by Admin

According to a recent report by Black Knight Financial Services, the share of loans in foreclosure is down nearly 37 percent year-over-year, dropping to rates not seen since 2008. In Florida, 12 percent of homeowners with mortgages are not current with their payments, the third largest percentage in the nation of those behind on mortgage payments.

Less than 4 million people are not current on their mortgage payments- the lowest amount since November 2007. The report said Florida has had the second biggest improvement in the past six months, with a 20 percent reduction in delinquency. These levels have not been seen since October 2007, with foreclosures at a 7.5 year low. In addition, pre-payment rates have increased from last month to eight-tenth of a percentage point- not seen since 2008.

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http://www.bizjournals.com/jacksonville/news/2014/04/23/black-knight-report-foreclosure-rate-sinking-in-u.html

Foreclosures, Timothy Kingcade Posts

Homeowners may be unaware their homes are no longer in Foreclosure

Posted on April 21, 2014by Admin

A recent report from RealtyTrac confirms that an increasingly larger number of homes in the foreclosure process actually have positive equity. According to the report, the share of foreclosures with positive equity in the first quarter reached 35 percent, up from 31 percent in the previous quarter and 24 percent in the third quarter of 2013. This percentage includes borrowers who have defaulted on their loans or are in some other stage of the foreclosure process but their homes have not been taken over by the banks, yet.

The reason behind this can be attributed to timing. Once a foreclosure is initiated, it can sometimes take years to complete the process. As we have seen, a lot can happen to housing prices in a couple of years. Home prices have risen dramatically in the past couple of years; some that are still stuck in the foreclosure process have regained their equity.

Homeowners may be unaware of this, either because they have moved or have stopped keeping tabs on their home’s property value. A high-percentage of all homes in the foreclosure process are vacant. RealtyTrac has not cross-referenced to see how many of the vacant ones have positive equity.

Real estate experts agree that paying attention to home values can make all the difference. In certain cases, struggling borrowers may be able to hang onto their homes by refinancing. The latest numbers reveal 9.3 million homes, representing 19 percent of all properties with a mortgage, were seriously underwater in the fourth quarter. Florida has the second highest percentage of seriously underwater properties at 31%. Nevada has the highest share of underwater properties at 34%.

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Foreclosures, Timothy Kingcade Posts

Some Americans paid off credit cards while waiting on Foreclosure

Posted on April 16, 2014by Admin

The number of foreclosures during the recession helped some Americans pay off other debts, such as credit card bills, according to research from the Federal Reserve Bank of Philadelphia. Foreclosures peaked in 2009, and the timeline for processing them stretched out in some states for as much as three years, allowing many people to remain in their homes without paying a mortgage.

The economists looked at data from U.S. households that were already delinquent on at least one credit card before falling behind on mortgage payments and going into foreclosure from 2004 through 2010. Their research of more than 27,500 loans found people whose foreclosures took longer to process were more likely to pay off nonmortgage debt like credit cards.

However, the benefits are often short-lived. The results of the study indicate that the foreclosed consumers are less likely to stay current on all of their credit cards as they have to start making mortgage payments once the foreclosure ends.

Foreclosures, Timothy Kingcade Posts

Foreclosures and Short Sales Decline in South Florida

Posted on March 31, 2014by Admin

Distressed home sales have accounted for a smaller portion of the market across South Florida in 2013. Palm Beach County posted 3,598 transactions involving a short sale or foreclosure last year, representing 23 percent of all single-family home sales, according to data from the Realtors Association of the Palm Beaches.

Distressed home sales have been slowly shrinking over the past three years. In the condominium sector, 20 percent of sales involved a troubled mortgage in 2013, compared with 24 percent in 2012. Rising home prices have turned South Florida back into a seller’s market. Short sales and foreclosures are now selling for the list price and above.

With less distress in the market, thousands of underwater homeowners are now beginning to have equity. Federal lawmakers have even allowed the Mortgage Forgiveness Debt Relief Act to expire this year, meaning the amount of debt forgiven in the short sale or primary residence is considered income and taxable.

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