September marked the eighth straight month where single-family home prices rose on a national scale. The S&P/Case Shiller composite index measures 20 metropolitan areas such as Miami, New York, Chicago, Las Vegas and Los Angeles. On a seasonally adjusted basis, September showed a .4% average gain between the 20 metropolitan areas. The eight-month price gains are the longest running the housing market has seen since 2009, just after the market crashed. Home prices have already made a 3.0 percent rise this year, exceeding economists expectations of 2.9 percent over the entire year.
Signs continue to point to recovery for the housing market and the economy. Progress has not been limited to home prices; it has been seen in many areas during 2012 including: a stabilized job market, a decrease in real estate inventory and record-low mortgage rates.
To read more on this story visit: http://www.nbcnews.com/business/economywatch/home-prices-rise-again-housing-recovery-continues-1C7276579
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
Columbine Survivor Faces Foreclosure
Richard Castaldo survived the Columbine High School shootings 13 years ago after being shot. He attempted to put the massacre behind him when he moved to Los Angeles, California to pursue a career in music. However, the condo he invested in is now facing foreclosure after he fell behind on his mortgage payments in February. Castaldo was advised at the time of purchase to take an interest-only loan to buy the property, leaving him with mortgage payments he could not afford after the housing bubble burst.
Castaldo is currently seeking help from the group, Occupy LA. While at one of the group’s meetings, he met an attorney who is trying to help him not fall victim to fraudulent foreclosure practices. His house will be sold at an auction on December 6, 2012 if he and his attorney are unable to stop the process.
To read more on this story visit: http://usnews.nbcnews.com/_news/2012/11/27/15475241-columbine-survivor-turns-to-occupy-la-to-battle-foreclosure?lite
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.
Florida Receives $3.6 Billion in Mortgage Relief
One of the largest consumer financial protection settlements occurred earlier this year and as a result, Florida homeowners received more than $3.6 billion in mortgage relief. Between March 1st and September 30th, more than 309,000 borrowers across the nation received some sort of mortgage relief. According to a report by Joseph Smith who monitors the settlement, the average relief per homeowner was about $84,385. As of September 30th, approximately 48,998 Floridians have received relief. On average, Floridians received $73,663, which is about $10,700 less than borrowers in other states.
The settlement was between 49 states and the five largest mortgage lenders for a total of $26.1 billion. According to Smith, around $13.1 billion of that relief came in the form of short sales. Banks have cut homeowners’ mortgage balances nationwide by $6.3 billion as a part of the settlement. Refinancing home loans accounted for approximately $1.4 billion. Banks participated in trial loan modifications equivalent to $4.2 billion. Also, as part of the settlement, banks erased $2.6 billion in first-lien loans and $2.8 billion in second-lien loans.
To read more on this story visit: http://www.miamiherald.com/2012/11/19/3105335/distressed-florida-homeowners.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.
Two Florida Residents Sentenced for Foreclosure Rescue Schemes
Two Florida residents received sentencing on November 5, 2012 for their roles in a foreclosure rescue scheme that left a number of struggling families homeless. Pompano Beach, FL residents, Lisa Wright and Cathy Saffer, were each sentenced to more than 60 months in jail for charges of mail and wire fraud and conspiracy to commit mail and wire fraud. Florida Certified Public Accountant, Barrington Coombs, who was paid to participate in the scheme was also convicted and will receive his sentencing on December 7, 2012.
In the case that was investigated by the FBI, Wright and Saffer operated a company called Foreclosure Solutions Specialists from 2006 to 2009. The two women would seek out homeowners facing foreclosure, claiming the company could help keep homeowners in their homes. Wright and Saffer told homeowners that with their services, their homes would be sold to investors and that the families could remain in them. They also said that eventually they would be able to re-purchase their homes from the investors. Wright and Saffer designed bogus sales to straw buyers who were paid to participate in the scheme, rather than selling the homes to legitimate investors. Their mortgage transactions drew equity out of the homes, which they would keep and eventually the homes went into foreclosure.
U.S. Attorney for the Southern District of Florida, Wilfredo A. Ferrer is encouraging struggling homeowners to be cautious of companies such as Foreclosure Solutions Specialists. Ferrer said, “be wary of those whose promises seem too good to be true,” as more and more fraudsters are being investigated for schemes similar to this one.
To read more on this story visit: http://www.realestaterama.com/2012/11/05/two-florida-residents-sentenced-for-roles-in-foreclosure-rescue-scheme-ID017396.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.
Florida Holds Highest Foreclosure Rate for Two Consecutive Months
During the months of September and October, Florida’s foreclosure activity reportedly reached the highest in the country. In fact, during these months Florida’s rates were almost double the national average. According to RealtyTrac, one in every 312 homes was involved in the foreclosure process during this time. Nationally, only one in every 706 homes was going through foreclosure. During October, 28,783 Florida homes received a foreclosure notice.
Even though Florida had the highest foreclosure activity rate for two consecutive months, the state’s rates are actually down by 13 percent. In Palm Beach County alone, 1,418 new foreclosure cases were filed in September and 1,124 were filed in October. Experts believe that eventually the state’s foreclosure rates will reach a plateau.
To read more on this story visit: http://www.loansafe.org/florida-post-highest-foreclosure-activity-rate-for-2nd-consecutive-month
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. at www.miamibankruptcy.com.
Mortgage Rates Fall to New Lows
The housing market continues to show signs of recovery as average rates on fixed mortgages fell to new lows last week. Freddie Mac released that the average rate on 30-year loans fell to the lowest rate since 1971 at 3.34 percent. The rate was down from 3.40 percent the following week. The average fixed mortgage rate on 15-year loans was down from 2.69 percent the previous week to 2.65 percent last week.
Home prices, home sales, home construction and refinancing have all slowly increased this year. The Federal Reserve announced that tight lending standards have slowed down the economy’s recovery process. Chairman, Ben Bernanke said the banks were forced to raise their standards in 2008 after the housing market crashed. He went on to say that if banks would loosen lending standards now that things are improving, the economic recovery would speed up by boosting home sales.
To read more on this story visit: http://www.usatoday.com/story/money/business/2012/11/15/mortgge-rates/1706975/
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.
Fannie Mae & Freddie Mac Suspend Foreclosures in Sandy Affected Areas
Fannie Mae and Freddie Mac recently announced that both will temporarily suspend foreclosure proceedings in federally declared disaster areas due to Superstorm Sandy. Borrowers in these areas will receive a 90-day mandatory suspension on foreclosure sales and evictions. Freddie Mac announced that by issuing the suspension, the communities and neighborhoods could focus on a faster recovery from the storm.
Freddie and Fannie are also offering storm victims the option to postpone mortgage payments by phone for up to 12 months. The lenders did so in order to introduce a quicker and easier forbearance method to borrowers. Additionally, they have ordered their insurers to expedite payments on insurance claims to help borrowers with destroyed properties and daily living expenses such as hotel rooms. Fannie and Freddie will also alleviate restrictions on payments to contractors so that repairs can be done faster.
To read more on this story visit: http://money.cnn.com/2012/11/09/real_estate/foreclosure-storm-relief/index.html?iid=HP_River
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.
The Underemployed Seek Loan Modifications for Relief
Post recession, many Americans have either lost their jobs, are at lower paying jobs or have taken a pay cut at their current job. According to the Bureau of Labor Statistics, one in five Americans are earning at least 20 percent less since before the recession. As a result, homeowners are seeking relief through loan modifications on their mortgages. However, bank requirements are stiff and a low percentage of Americans are actually approved for a loan modification.
A common requirement is that the homeowners’ bills, including a mortgage payment, cannot exceed 45 percent of their total income. Many times homeowners will obtain a second job to meet this requirement. However, most banks require a homeowner to be at the job for a minimum of 12 months before applying for a loan modification. One thing homeowners can do to increase their chances of getting approved for a loan modification is to try and pay down any credit card debt before applying.
During 2012 many mortgage lenders initiated programs to help homeowners who are underwater on their mortgages. States across the country have also adopted their own programs to help struggling homeowners. The federal government has initiated the HARP program and the Federal Housing Authority Streamlined Refinancing program.
To read more on this story visit: http://www.nytimes.com/2012/09/23/realestate/mortgages-help-for-the-underemployed.html?ref=loanmodifications&_r=0
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.
The Housing Market’s Impact on Economic Recovery
Many Americans were worried by the lack of attention both presidential candidates devoted to the housing market in their campaigns this year. The collapse of the housing market was one of the main reasons for the recession in the first place. The housing market impacts the job market and many other sectors of the economy. When home sales are up, retail sales are up; this in turn has a positive impact on the stock market. When stocks go up, inventory becomes sparse, therefore developers begin to build and in turn, construction jobs are added to the economy.
Many parts of the country are now seeing economic growth in the housing sector. There are more buyers and inventory is low. In past recessions, such as during the 1970s and 1980s, housing played a major role in economic recovery. In the 1970s housing and cars accounted for 50 percent of the recovery and in the 1980s these accounted for one-third of the recovery. Today, housing and cars account for only 10 percent of the recovery. However, states such as Florida, Nevada, California, Arizona and Michigan- that were hit the hardest by the housing market crash- are seeing an increase in sales and home prices.
To read more on this story visit: http://www.npr.org/2012/10/27/163776531/bust-to-boom-why-housing-matters-economically
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 Expected to Deter Thousands of Voters in Upcoming Election
Thousands of foreclosure victims are expected to be absent from the polls next week, according to a study published by the University of California. The study showed that voter turnout was lower during the election in 2008 in areas struggling with higher foreclosure rates.
In every state, voter registration is tied to residency, but states vary in how a voter must establish their residency and re-register to vote. With some 1.3 million homes in some stage of foreclosure as of August 2012 and with approximately 3.8 million foreclosures already complete since September 2008, according to the market research firm CoreLogic, foreclosures could keep hundreds of thousands of voters away from the polls.
Swing states such as Ohio and Florida are also the hardest hit foreclosure states. Many voters are reportedly angry by the lack of discussion about the housing market problems by the candidates during their campaigns. This might also serve as a reason for low voter turnout by those affected by foreclosure.
To read more on this story visit: http://www.foxbusiness.com/personal-finance/2012/10/25/foreclosures-expected-to-deter-thousands-voters/
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.