Attorney General, Pam Bondi announced last week that 167,398 Floridians will be receiving applications in the mail for a payout after losing their homes to foreclosure between January 1, 2008 and December 31, 2011. The payout is a result of the $25 billion mortgage foreclosure settlement between 49 states and the five largest lenders in the U.S. Among the many agreements within the settlement, approximately $1.5 billion will go to two million Americans who lost their homes as a result of fraudulent foreclosure practices by lenders.
Borrowers have until January 18, 2013 to send in their applications for the payout. Applying for the payout is easy for those who are eligible. Borrowers simply have to sign the forms mailed to them and submit them by the January 18th deadline date. Borrowers are not required to prove any other financial hardship or give up any lawsuit rights in the future. Florida will be sending out applications until October 12, 2012.
To read more on this story visit: http://www.loansafe.org/florida-ag-pam-bondi-makes-announcement-that-victims-of-foreclosure-may-be-eligible-for-payment
For more information about eligibility visit: www.NationalMortgageSettlement.com
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
Big Banks Face Foreclosure to HOAs in South Florida
Since the housing market crash, South Florida has experienced a string of ‘foreclosure waves.’ This is where foreclosure filings skyrocket, forcing a large number of delinquent homeowners out of their homes. After a foreclosure is final, the bank is granted ownership of the property. Ownership means the bank is legally responsible for the full amount of maintenance fees and partial fees during the foreclosure proceedings.
As a result of the foreclosure waves, a new trend has developed where lenders are opting not to pay their HOA fees. As a result, Homeowners Associations’ have been forced to increase maintenance fees and cut back on security, in some cases. Homeowners who have faithfully paid their bills throughout the recession are now suffering the consequences. Some of the HOA residents in South Florida are paying up to a 25 percent increase in HOA fees due to the banks’ delinquencies.
It appears that oftentimes lenders are remaining intentionally delinquent on their fees until the house is sold. After the house is off the market, lenders use the money from the sale to pay off the accumulated HOA fees. The rate of HOA foreclosure suits against lenders has recently increased and the trend is expected to continue throughout the rest of this year.
Banks and HOAs have been at odds for some time over who is responsible for the maintenance fees. Some banks claim they are not liable for the fees because they are only the ‘trustee’ for the legal owner. Homeowners Associations’ claim the banks are making their own rules.
To read more on this story visit: http://www.sun-sentinel.com/business/realestate/fl-hoa-foreclose-banks-20120810,0,5206219.story?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.
Homeownership Rate at Nearly a 50-Year Low
During the second quarter of 2012, the Census Bureau showed homeownership rates declined to 65 percent, the lowest since 1965. Rates reached a peak of 69 percent during the boom of the housing market in 2005-2006. The ‘real rate’ subtracts homeowners who will soon face foreclosure due to delinquent mortgage payments.
The ‘real rates’ display a more accurate image of the financial stance of the housing market, considering how many foreclosure proceedings are backed up in the court system. The adjusted figures only go back to 1991 due to lack of tracking delinquencies and foreclosures before this time. Since there have been no major declines in the housing market before 1991, Sean Fergus of John Burns Real Estate Consulting said he believes the pattern is also accurate of ‘real rates.’
To view a chart displaying the information and read more on this story visit: http://www.businessweek.com/articles/2012-08-29/real-homeownership-rate-at-nearly-50-year-low#r=lr-fst
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.
Facing Foreclosure? Rent your Home from the Bank
CitiMortgage announced a plan to release a pilot program to help underwater homeowners stay in their homes. The ‘mortgage giant’ partnered with Carrington Mortgage Services LLC and together came up with a Home Rental Program where underwater homeowners could essentially rent their home from the bank as an alternative to foreclosure. The bank has already sold a reported $158 million in mortgages to Carrington to start the program. Bank of America released a similar successful program earlier this year.
The trial program will be offered to 500 homeowners from six states that have the most distressed housing markets: Arizona, California, Texas, Florida, Nevada and Georgia. Rent will vary from market to market, based on local rates.
Eligibility for the program requires homeowners:
• Be ineligible for loan modifications, but ability to make monthly payments
• Have a loan in the pilot portfolio serviced by Carrington
• Occupy the property
• Are underwater on mortgage
• Be delinquent for at least 120 days
CitiMortgage’s hope for the program is to not only aid individual families, but also jumpstart the recovery of the housing market by reducing the amount of vacant homes in neighborhoods. CitiMortgage’s CEO Sanjiv Das said that in order for the economy to recover, homes must be occupied. The Home Rental Program will assist in “neighborhood revitalization and stabilization efforts.”
To read more on this story visit: http://www.cbsnews.com/8301-505145_162-57490022/facing-foreclosure-rent-your-home-from-the-bank/
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 Market Improves a bit this Summer
July turned out to be a positive month for the housing market. Existing home sale and unit sale percentages significantly increased. From June to July existing home sales rose 2.3 percent and unit sales increased from 4.37 to 4.47 million according to the National Association of Realtors. Experts said these are all positive signs for both the housing market and the economy. The NAR attributed the improvement to two factors: the lowest interest rates since before the housing market crashed and a stable increase in the job market.
Although the numbers from July 2012 compared with 2011 are optimistic, senior economist at the Royal Bank of Scotland, Michelle Gillard, said she anticipates a gradual recovery for the housing market. Unit sales rose 10.4 percent from July 2011 to July 2012. Another positive sign for the economy is the prices of homes are also on the rise. The average price has increased 9.4 percent since last summer.
The housing market is still facing obstacles such as tight lending standards and lessening housing inventory due to sporadic foreclosure waves. The National Association of Realtors has requested that the government rapidly turn over foreclosed properties, in an attempt to speed up the recovery.
To read more on this story visit: http://economywatch.nbcnews.com/_news/2012/08/22/13413991-housing-market-improved-a-bit-in-summer?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.
Miami Bankruptcy Attorney Timothy S. Kingcade Discusses Bankruptcy Filing Trends in the Sun-Sentinel
MIAMI – Bankruptcy attorney Timothy S. Kingcade, Managing Partner of the Miami-based law firm of Kingcade & Garcia, P.A. (www.miamibankruptcy.com) recently discussed the reasons for the decline in bankruptcy filings in South Florida with Sun-Sentinel reporter, Paul Owers.
“Many people find the average attorney fee of $1,500 cost prohibitive,” said Timothy S. Kingcade. Also contributing to the decline, “Consumers do not feel as desperate, with so many facing financial troubles in recent years because of the nation’s economic troubles,” he said.
The number of bankruptcy filings for June fell from 3,222 in 2011 to 2,251 in 2012 in Palm Beach, Broward and Miami-Dade counties. Bankruptcy filings also declined from May to June of this year. Bankruptcy and foreclosure trends tend to mimic each other. Consumers often wait to file for bankruptcy until they are at risk of being foreclosed on by their lender. Therefore, foreclosure filings in South Florida have also declined in recent months.
To read more on this story visit: http://articles.sun-sentinel.com/2012-07-03/business/fl-bankruptcies-june-20120702_1_bankruptcy-filings-loan-modifications-foreclosure-action.
Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy Kingcade in 1996. The firm represents clients throughout the Southern District 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. More information can be found at www.miamibankruptcy.com or by calling 305-285-9100.
Bankruptcy Attorney Timothy S. Kingcade Quoted in the Miami New Times Discussing Sun-Sentinel Editor’s Financial Troubles
MIAMI – Bankruptcy Attorney Timothy S. Kingcade, Managing Partner of the Miami-based law firm of Kingcade & Garcia, P.A. (www.miamibankruptcy.com) was recently interviewed by reporter, Rich Abdill for an article that was published in the Miami New Times. In the article he discussed the controversy surrounding Sun-Sentinel editor, Howard Saltz’s financial troubles. Saltz was recently relieved of millions of dollars in debt after filing for bankruptcy protection earlier this year. In an email to the Miami New Times, Saltz claimed it was a “business bankruptcy, not a personal bankruptcy.”
“It was a personal bankruptcy,” Timothy S. Kingcade said after reviewing the documents. “The character of the debt does not change the fact that it’s a personal bankruptcy.”
Later Kingcade went on to say that by filing for bankruptcy separately from his wife, Saltz was likely trying to stall a foreclosure or other settlement. “We call those types of cases ‘Ping-Pong’ cases. The creditors are being ping-ponged between the spouses,” Kingcade said. This is a method many have chosen during the recession as a last ditch effort to stay in their homes.
Saltz began purchasing real estate in the late 1990’s. Much of his debt came from unpaid mortgages, totaling more than $2.5 million. Saltz was also deep in credit card debt. He had a $17,000 credit-card bill due to Discover, a $52,000 credit-card bill due to Bank of America, a $60,000 credit-card bill due to Chase, an unpaid medical bill and other unpaid bills such as utilities.
To read more on this story visit: http://www.miaminewtimes.com/2012-07-26/news/sun-sentinel-editor-howard-saltz-bailed-on-millions-in-debts/
Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy Kingcade in 1996. The firm represents clients throughout the Southern District 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. More information can be found at www.miamibankruptcy.com or by calling 305-285-9100.
Mortgage Fraud Scheme may Land Maryland Resident in Prison for Five Years
Business owner and Maryland resident, Carline M. Charles, pled guilty on charges of conspiracy to commit bank fraud on July 27, 2012. Charles was the owner of the company, C&O Property Solutions LLC. She had concocted a scheme where she fraudulently obtained mortgages, financial losses for lenders and evictions for her clients who were relying on her to help save their homes.
Charles would reportedly track down financially distressed homeowners and offer them help in refinancing their mortgages. She told her clients that after a few months they would be able to remove investors’ names from the property deeds. While homeowners were under the impression they were refinancing their homes with Charles, she was in fact selling their properties to ‘straw buyers.’ She would pay the purchasers about $10,000 for use of their name and information.
Charles’ plea agreement required her to forfeit the $838,978 she profited from the scheme. Some of the homeowners were paying Charles their monthly mortgage payments, which she claimed she would be forwarding to the lenders, and never did. This resulted in 12 families being forced out of their homes. The lenders of these 12 mortgages lost somewhere between $1 and $2.5 million. The mortgage scheme resulted in a major investigation conducted by the FBI. Charles’ sentencing is scheduled for October 24, 2012.
To read more on this story visit: http://www.loansafe.org/foreclosure-prevention-business-owner-pleads-guilty-in-major-mortgage-fraud-scheme
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.
Baseball Legend Lenny Dykstra Faces 20 Years in Jail for Bankruptcy Fraud Charges
Former New York Mets and Philadelphia Phillies outfielder Lenny Dykstra pleaded guilty to bankruptcy fraud, concealment of assets and money laundering on July 13, 2012. The former All-Star could be facing up to 20 years in jail and fines of up to $750,000 if convicted.
Dykstra filed for bankruptcy in 2009 after claiming his assets were worth only $50,000, while he owed more than $31 million on his home. Prosecutors claim that after Dykstra filed for bankruptcy he proceeded to sell or destroy items such as baseball memorabilia worth more than $400,000.
U.S. District Judge Dean Pregerson asked Dykstra if he was guilty of the crimes and Dykstra answered, “Yes, your honor.” U.S. Attorney Andre Birotte Jr. said he hoped Dykstra’s story will be a warning to other sports figures who try to ‘manipulate and exploit’ the law.
To read more on this story: http://timesleader.com/stories/Baseball-great-pleads-guilty-to-bankruptcy-fraud,175733
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.
Bankruptcy Filings Dramatically Decline in 2012
The International News Agency, Reuters, has reported that U.S. bankruptcy filings for both consumers and businesses have dropped 14% during the first half of 2012 and are on track to reach the lowest rate since before the start of the recession in 2008.
According to statistics from Eqic Systems Inc., consumers filing for bankruptcy have fallen 13% from the first half of 2011 and businesses filing for bankruptcy have taken a 22% decline. Samuel Gerdano of the American Bankruptcy Institute attributes the decline of bankruptcy filings to new, lower interest rates. Others have attributed the decline in bankruptcy filings to the high fees charged by the courts and attorneys.
While bankruptcy filings are at a low point, several large companies have made headlines this year by filing for bankruptcy such as, Eastman Kodak Co., textbook publisher, Houghton Mifflin Harcourt Publishers Inc., and Hostess Brands Inc., the maker of Wonder Bread and Twinkies.
To read more on this story visit: http://www.chicagotribune.com/business/sns-rt-us-bankruptcy-stats-declinebre8640ub-20120705,0,6184420.story
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.