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.
Foreclosures
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.
Bank of America Sued for $1 Billion by Federal Government over Mortgage Losses
Last Wednesday, the federal government filed a civil lawsuit against Bank of America Corp. The lawsuit alleged that Bank of America misrepresented the quality of loans it sold to Fannie Mae and Freddie Mac, costing the federal government $1 billion in losses. The government is suing Bank of America under the Federal False Claims Act, which has become a popular tool for prosecutors seeking to hold banks accountable for alleged mortgage misdeeds and calls for triple damages when the government can show taxpayers were ripped off.
The government alleges Countrywide, which Bank of America acquired in 2008, dismembered quality control and checks on loan quality from 2007 to 2009, in a process called “the Hustle” that aimed to boost the speed at which it originated and sold loans to the companies. This procedure was created to speed up the selling process of mortgage loans. Wednesday’s suit was also brought under a federal statute known as the Financial Institutions Reform, Recovery and Enforcement Act, which was enacted in 1989 following a wave of bank failures triggered by the savings-and-loan crisis. This action isn’t Bank of America’s first False Claims Act suit. In February, Bank of America agreed to a $1 billion settlement of False Claims Act fraud allegations tied to Federal Housing Administration-backed loans brought by the Eastern District of New York. The bank settled without admitting wrongdoing.
To read more on this story visit: http://finance.yahoo.com/news/u-s–sues-bofa-for–1-billion-over-mortgage-losses-24401588.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.
Property Insurance Rates Greater Concern for Florida Homeowners than Property Taxes
A nonpartisan organization, Leadership Florida, recently released a survey that found 46 percent of Floridians say property insurance puts a greater stress on their finances than property taxes. In 2008, 36 percent of Floridians found property insurance was a greater stress on their finances and 31 percent cited property taxes.
Since 2008, property taxes have decreased along with property values due to the housing market crash; however, property insurance costs continue to rise. Many insurers have requested rate increases in the double-digit range in 2012, which have been approved. The growing rates could result in a political liability for Florida lawmakers in upcoming elections.
To read more on this story visit: http://www.heraldtribune.com/article/20121021/ARTICLE/310219990/-1/sports?p=all&tc=pgall&tc=ar
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.
Home Construction on the Rise
Home construction is on the rise in the U.S., which is good news for economic growth and recovery. The Commerce Department reports home construction rates during September were the highest seen in four years. The steady growth is due to record low mortgage rates, reduced home prices and a shortage of homes for sale on the market. Single-family home construction increased 11 percent in September and apartment construction increased 25.1 percent. Overall new construction has increased more than 38 percent in the past 12 months.
A rise in home construction rates will help boost the economy, not only from a housing market standpoint, but it will also create more jobs in construction, home improvement and retail. Employment in the construction industry took a major hit after the recession, dropping from six million employed in June 2009 to 5.46 million in January 2011. Housing is one of the most important contributors to economic recovery and economists expect the housing market will continue to improve for the next several years.
To read more on this story visit: http://www.wrex.com/story/19841616/us-housing-construction-up-15-percent-in-september.
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.
Housing Crisis Goes Unmentioned in Presidential Debates
The housing crisis is widely considered the reason for the recession that hit the U.S. economy hard in 2007. However, President Obama and Governor Romney have avoided mentioning their plans for the future of the housing market during their recent presidential debates. The silence from the candidates is especially shocking considering the hardest hit states are also the battleground states such as Florida, Nevada and Ohio.
The plans and programs implemented by the President Obama administration have been slow to make headway. President Obama has been scrutinized for the slow pace of the improving conditions. Economists believe this is the reason the housing market has gone unmentioned by both candidates because Governor Romney’s plan for improving the housing market has many similarities to Obama’s. The third and final debate will take place this evening in Boca Raton, FL, but it is unlikely the housing market will be mentioned. The primary focus will be on foreign policy.
To read more on this story visit:
http://www.sfgate.com/business/networth/article/Obama-Romney-skip-housing-in-debates-3957782.php#page-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.