Foreclosures Archives - Page 30 of 57 - Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

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.

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.

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.

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.

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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