Foreclosures Archives - Page 43 of 57 - Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

Credit, Foreclosures, Timothy Kingcade Posts

Florida Leads the Nation in Foreclosures

Posted on January 21, 2013by Admin

Florida led the nation with the highest number of foreclosures throughout 2012. One in 32 Florida homes received a foreclosure filing last year. However, according to RealtyTrac the housing market crash that began six years ago is winding down. The first six years of the housing crisis, Nevada held the number one foreclosure rate in the country. During 2012, Nevada fell to number two with one in 37 homes receiving a foreclosure filing. California and Utah both held top five spots during 2011 and both fell off the ‘top’ list last year, which suggests the Western states might be healing a bit faster than the East.

Foreclosures in Florida stalled during 2011 after the “robo-signing scandal” surfaced. They picked back up during 2012 after the $26 billion deal was signed in February between the five largest mortgage lenders and 49 state attorney generals. Since 2007, more than 91,000 homes have been foreclosed on in Palm Beach and Broward counties alone. The Consumer Financial Protection Bureau released new rules last week that are intended to protect consumers from risky mortgages and hopefully guard the economy from another housing market crash.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Consumer Groups Criticize New Mortgage Rules

Posted on January 17, 2013by Admin

The Consumer Financial Protection Bureau (CFPB) announced its new mortgage rules last week that would protect borrowers from risky mortgages. Some consumer groups are criticizing the rules with the argument that these rules only protect the banks. One of the CFPB’s new rules is that lenders cannot issue mortgages to those who do not have the “ability-to-repay.” This rule states that borrowers must be able to prove they can afford the loans. The new rules will also end the outbreak of multi-million dollar lawsuits against lenders for wrongful foreclosure practices.

Consumer groups argue that the rules provide a legal shield for banks that is detrimental to borrowers. The CFPB has also installed a “qualified mortgage” standard, meaning that when a loan meets the lending criteria, it will become a “qualified mortgage.” This standard protects banks from lawsuits filed by borrowers or buyers of mortgage-backed bonds. According to consumer groups, this standard will make it possible for lenders to issue unaffordable loans that still meet the “ability-to-repay” criteria. Lower-income borrowers will be at risk of losing their home and destroying their credit, but unable to take legal action.

To read more on this story visit: http://money.cnn.com/2013/01/10/real_estate/mortgage-rules/index.html

Foreclosures, Timothy Kingcade Posts

New Rule to Protect Borrowers From “Risky” Mortgages

Posted on January 15, 2013by Admin

The Consumer Financial Protection Bureau (CFPB) has adopted a new rule that will protect borrowers from risky mortgages. Although it will not immediately make mortgages easier to get, it will spell out what lenders must do to ensure their borrowers can afford their mortgages. Part of the reason the housing market burst was due to borrowers agreeing to mortgages they did not understand and could not afford. As a result, millions of homeowners have been foreclosed on and housing prices have dropped more than 30 percent since 2006.

The rule will go into effect next year and prohibits qualified mortgages from:

• Containing “risky” provisions, such as terms that exceed 30 years, interest-only payments or payments where the principal amount increases (negative-amortization payments)

• Carrying fees and points in excess of 3 percent of the loan

• Issuing to borrowers who will spend more than 43 percent of their income on debt payments after the mortgage

There has already been some concern from consumer groups that the rule is too protective and does not help low-income borrowers. Some groups fear that the debt-to-income ratio of 43 percent is too high for most low-income households. The CFPB said that banks would be able to ease their standards over time, however it is necessary for now.

Credit, Foreclosures, Timothy Kingcade Posts

Bank Of America Settles with Fannie Mae For $11.6 Billion

Posted on January 9, 2013by Admin

Bank of America recently announced legal settlements exceeding $14 billion for its participation in fraudulent foreclosure processes and bad mortgages sold to its investors. BOA recently settled with federally backed mortgage giant, Fannie Mae, for $11.6 billion for selling bad mortgages to the company. BOA also agreed to stop collecting payments on $306 billion worth of mortgage loans to Nationstar Mortgage Holdings and Walter Investment Management Corp. Approximately $3 billion from the settlement were part of a deal between mortgage lenders and regulators to end a review of foreclosures mandated by the government. Experts say that the Bank’s agreement to the recent settlements is a step in the right direction.

Analysts estimate the lender’s settlements have amounted to $40 billion in mortgage-related settlements this past year. However, BOA is far from finished with legal troubles from its part in the real-estate crisis. The agreement does not settle the lawsuit brought forth by the U.S. Justice Department last year for bad loans sold to Fannie Mae and Freddie Mac. Also, Bank of America is still awaiting the court’s approval to settle for $8.5 billion with private investors.

Foreclosures, Timothy Kingcade Posts

Bill Filed to Speed Up Foreclosures in Florida

Posted on January 7, 2013by Admin

Last Thursday, Rep. Kathleen Passidomo filed a new bill proposing “faster foreclosures.” The bill offers many changes to civil procedures governing foreclosures. Florida has the highest foreclosure rate in the country and also one of the slowest. It currently takes more than 600 days for a foreclosure to run its course in Florida. However, many struggling homeowners rallied in Tallahassee last week to protest the faster foreclosure bill.

Paperwork problems have played a major role in the backlog of foreclosures in Florida for the past several years. The new bill would require lenders to certify they have the correct paperwork to legally foreclose. It also gives condo associations the ability to speed up the banks foreclosure proceedings if they are moving too slow. Condo associations have suffered major consequences from unpaid fees and abandoned homes since the housing market crash.

The bill Passidomo proposed also specifies that if a lender is sued for wrongful foreclosure practices, the lender can only be sued for monetary damages. The point of this is to eliminate any chance that the bank re-sells the home to a third-party, and then the family filing the lawsuit demands their home back in a settlement. A similar bill was proposed last year that passed in the Florida House but died in the Senate.

Credit, Foreclosures, Timothy Kingcade Posts

Why Short Sales Can Ruin Your Credit

Posted on January 3, 2013by Admin

There has been a longtime notion that opting for a short sale as opposed to a foreclosure is a way to avoid a major hit to your credit score. Most homeowners find out after the fact that a short sale has the same effect that a foreclosure will have on your FICO score. In a short sale, homeowners basically hand over their keys to the lenders. The home is then sold for less than is owed on the mortgage. Many struggling homeowners are under the impression that their cooperation will be rewarded with a lesser hit to their credit score. However, foreclosures and short sales are considered the same occurrence in the FICO formula for credit scores and can remove between 140 and 160 points from a score.

The FICO research showed 72% of those with a foreclosure later defaulted on another debt, compared with 55.1% of those with a short sale and 50.1% of those who arranged a deed in lieu of foreclosure, which means they voluntarily surrendered their keys to the bank rather than going through formal foreclosure. Following the mass amount of defaults on mortgages from the housing market crash, the rate of short sales has spiked. Rather than fighting foreclosure, homeowners seem to have surrendered to the banks. In most foreclosure cases, economic conditions are the reason homeowners are unable to keep up with their mortgage payments. A hefty percentage of homeowners’ mortgages are now ‘underwater,’ meaning they owe more on their mortgage than their home is worth. FICO’s reason for not altering the formula is based on the notion that homeowners who are foreclosed on or participate in a short sale, are more likely to default on another loan in the near future.

To read more on this story visit: http://money.msn.com/credit-rating/why-short-sales-trash-your-credit?page=2

Credit, Foreclosures, Timothy Kingcade Posts

Home Construction – Slow but Stable in November

Posted on December 27, 2012by Admin

Home construction rates while still up from last year, slowed down in November. However, the three percent decline in new home construction is small enough that the housing market remains at a stable recovery rate. Economists believe a major contributor to the decline was Hurricane Sandy, the late October storm that devastated the Northeastern part of the U.S. The Northeast home construction rates dropped 5.2 percent from October to November after Sandy.
Builder confidence was also lower in the Northeast compared with other parts of the country, which is measured by the amount of applications for new building permits. In November, the rate of applications filed was down five percent compared with 2011 levels. The rest of the country saw major increases in applications. On average, applications for new permits increased 26.8 percent compared with November 2011 and 3.6 percent compared with the previous month.
In addition to home construction rates, the housing market has shown other signs of recovery, such as lower inventory, lower interest rates and lower foreclosure rates. An improving job market has also helped boost the economy.
To read more on this story visit: http://money.cnn.com/2012/12/19/real_estate/home-building-permits/index.html
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

‘Mortgage to Lease’ Provides Alternative to Foreclosure for some Struggling Homeowners

Posted on December 25, 2012by Admin

For homeowners who are struggling to afford their monthly mortgage payments, ‘mortgage to lease’ or ‘deed for lease’ is an option for a select few. Fannie Mae introduced a rent-back program in 2009, and this year, both Bank of America and CitiMortgage announced that they would try a similar approach in a handful of markets. The programs are basically an extension of what’s known as “deed in lieu of foreclosure.” In this process, the lender agrees not to foreclose if the homeowners simply hand over the deed to their property.
The new element is a rental option: after relinquishing the deed, homeowners who meet certain requirements may sign a lease to stay on as renters for one to three years (depending on the lender). This option is a good fit for families seeking to stay in their homes and keep their children in the same school district. Borrowers benefit because a deed-in-lieu looks better than a foreclosure on a credit report, and outstanding mortgage debt is forgiven.
To qualify, applicants must not be more than 11 payments past due on their mortgage, and must be able to pay fair-market rent without spending more than 31 percent of their gross income. Properties with second mortgages are ineligible, as are properties in areas where zoning or homeowners’ associations prohibit rentals. The condition of the property is also a factor.
To read more on this story visit: http://www.nytimes.com/2012/09/30/realestate/mortgages-the-rental-alternative-to-foreclosure.html?ref=foreclosures&utm_source=contactology&utm_medium=email&utm_campaign=InChargeInsiderMarch&_r=1&
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.

Credit, Foreclosures, Timothy Kingcade Posts

Walking Away from your Underwater Mortgage Becoming More Socially Acceptable?

Posted on December 24, 2012by Admin

Five years after the mortgage crisis and the housing bubble burst, more Americans are deciding that it’s okay to walk away from their underwater mortgage payments. In a recent survey conducted by JZ Analytics for ID Analytics, 32% of more than 1,000 respondents said they “believe homeowners should be able to strategically default on their mortgages without any consequences.”
Today, there’s obviously still a social stigma to walking away from an underwater home, given that the other two-thirds of respondents didn’t find it acceptable. In addition to shame and guilt, people also have to face a sense of loss, since most people are emotionally attached to their homes. There are practical considerations, too: the stress of being hounded by collectors, the knowledge that you are ruining your credit, and the possibility of being sued by the lender.
There is also community pressure to avoid foreclosure. Defaults can hurt nearby property values a 2010 study revealed. Despite all of this, attitudes have clearly changed. The idea that only ‘deadbeats’ default on their mortgage payments is a thing of the past. The ID Analytics survey found that 17% of Americans know someone who has strategically defaulted on a mortgage. What’s more, many people now recognize that companies are often able to declare bankruptcy and either shed or restructure their debts without long-term consequences.
To read more on this story visit: http://business.time.com/2012/10/15/is-the-stigma-of-ditching-your-underwater-mortgage-fading/?utm_source=contactology&utm_medium=email&utm_campaign=InChargeInsiderMarch
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

Economists Forecast Growth in 2013

Posted on December 20, 2012by Admin

Economists are hopeful for a modest growth in 2013 as the housing market continues to stabilize. The economy saw a 2.2 percent growth during 2012 and economists expect a 2.1 percent growth rate during 2013. Although it is a good sign for economic recovery, it is at such a slow pace that it will not have much effect on the unemployment rate. Economists from the National Association of Business Economics (NABE) say they expect the unemployment rate to level off next year to around 7.7 percent.
Economists have seen a slight stunt in economic growth during the October-December quarter and believe Hurricane Sandy is the cause. The Gross Domestic Product (GDP) or the country’s output of goods and services has sharply declined during this quarter. However, if we go over the fiscal cliff in two weeks, this will likely cause even more damage to the economy. Economists say their anticipated growth rate is based on the hope that the federal government will find a solution to avoid tax and spending cuts.
NABE expects the growth in 2013 to include:
• 165,000 jobs added to the job market
• The inflation rate to increase 1.8 percent
• A 75 percent increase in long-term interest rates
To read more on this story visit: http://www.miamiherald.com/2012/12/17/3145564/economists-forecasting-moderate.html
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.