On March 9th 2012, the Florida State Legislative came to the decision to not pass the foreclosure bills that would ultimately speed up the foreclosure process. The Florida attorneys fighting for the cause worked along side consumer groups and activists for the third year in a row to ensure the Senate did not pass the bills. A few of the groups that worked relentlessly for this cause was PICO Florida, FOCUS, The Florida Consumer Action Network, Sarasota’s Mortgage Justice Group, and some members from Florida’s Tea Party.
To read more on this story visit: http://mattweidnerlaw.com/blog/2012/03/we-fought-the-law-and-we-won-foreclosure-bills-dead-for-now/
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
Florida Awarded $8 Billion in Foreclosure Settlement
State and Federal authorities recently finalized the $25 billion settlement with banks, and awarded the State of Florida $8 billion in payments and credits from the settlement.
Florida has a guarantee from Wells Fargo, JPMorgan Chase and Bank of America for at least $4 billion in relief from the settlement first unveiled February 9. The guarantee for Florida includes a minimum $3.1 billion to cut principal and modify loans for financially troubled consumers. And it involves at least $309 million in refinancing for borrowers who are current on mortgage payments but stuck in higher-interest loans that exceed home values.
Critics of the proposed settlement say the relief allotted to Florida is disappointing: up to $2,000 for borrowers who lost their homes in foreclosure abuses and an average $20,000 cut in principal on mishandled loans worth more than the value of the homes.
The settlement with the nation’s five largest lenders: Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial require at least $20 billion in help to borrowers by trimming principal and other means.
To read more on this story visit: http://www.orlandosentinel.com/business/fl-foreclosure-settlement-finalized-20120312,0,6790648.story
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 Bill to Speed up Foreclosure Process
A bill to speed up the foreclosure process is on the fast track to becoming a law in the State of Florida. So far, the majority seem to be in support of the bill. However, many Florida attorneys and government officials see several problems if the bill becomes a law. The bill is intended to speed up the foreclosure process for homes that have been abandoned or in cases which the defendant is unable to prove a legitimate reason they should not lose their home in a “show cause” hearing. If the individual is unable to prove his or her case, the bill will allow the lienholder to immediately file a judgment of foreclosure on the home.
Another way the bill would change the foreclosure process is that banks will no longer be able to file a deficiency judgment for more than one year. A deficiency judgment is how much debt is still left after the property is resold. Currently, banks may file a deficiency judgment for up to five years.
Critics of the bill see a problem due to the fact that Florida courts have always ruled that when homeowners are absent from their homes, the homes are not considered “abandoned.” Another criticism with the bill is that homeowners who lost their homes due to fraudulent foreclosure practices are only able to receive monetary compensation and have no chance of repossessing their homes. However, the most substantial problem with the bill, deals with the “show cause” hearing. Attorneys say that it is difficult to prove a defendant’s case because there is typically very little time and that most initial court documents filed are false, but it is impossible to tell they are false.
If the bill is passed, it will go into effect July 1, 2012. The law will apply to any future and current foreclosures that are making their way through the system.
To read more on this story visit: http://www.palmbeachpost.com/money/foreclosures/bill-to-streamline-foreclosures-moves-one-step-closer-2203415.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.
Congress not likely to Renew Mortgage Forgiveness Debt Relief Act- Underwater Homeowners need to Act Fast
In October of 2007, Congress passed the Mortgage Forgiveness Debt Relief Act to help underwater homeowners who were struggling to pay their mortgages. In most cases, any debt you have been relieved of by your creditors should be listed on your taxes as income, which means the taxpayer would owe on this amount. Due to the housing bubble burst and the resulting real estate crisis, this Act was passed to allow taxpayers to be forgiven of this amount.
This tax relief applies to debt forgiven in calendar years 2007 through 2012. The debt must have been used to buy, build or substantially improve the homeowner’s principal residence and must have been secured by that residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, may also qualify for the relief.
It is important that underwater homeowners act fast to take advantage of this important tax break, as foreclosure and short sale proceedings can take up to a year to process.
Due to the $2.7 billion this has cost the government in only two years, many believe it is unlikely that this Act will be renewed at the end of its term in December of 2012.
To read more on this story visit: http://www.allgov.com/Top_Stories/ViewNews/Congress_May_End_Program_Allowing_Tax_Relief_for_Mortgage_Modifiers_120225
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.
Recent Audit uncovers Extensive Legal Violations and Flaws still Evident in the Foreclosure System
According to a recent report, an audit revealed legal violations and suspicious documentation of approximately 400 foreclosures in San Francisco. The report, compiled by Aequitas Compliance Solutions examined files of properties subject to foreclosure sales from January 2009 to November 2011. Among the legal violations uncovered in the analysis were cases where the loan servicer did not provide borrowers with a notice of default before beginning the eviction process.
The report comes just days after the $26 billion settlement over foreclosure improprieties between five major banks and 49 state attorneys general, including California’s. The report findings raise questions as to whether some foreclosures should be considered void. The audit also raises questions about the accuracy of information recorded in the Mortgage Electronic Registry System, or MERS, which was set up in 1995 by Fannie Mae, Freddie Mac and other major lenders. The report found that 58 percent of loans listed in the MERS database showed different owners than were reflected in other public documents like those filed with the county recorder’s office.
To read more on the story, visit: http://www.nytimes.com/2012/02/16/business/california-audit-finds-broad-irregularities-in-foreclosures.html?_r=2&emc=tnt&tntemail1=y
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 Benefits $8.4 Billion from Nationwide Mortgage Settlement
Last Thursday, President Obama along with other government officials announced a $26 billion mortgage plan to help underwater homeowners and those struggling to make their mortgage payments get back on their feet. The five largest mortgage lending banks will pay out appropriated amounts to the government. That money will then be distributed to the states that have been impacted the most by the housing market crash.
Florida will receive $8.4 billion, the largest payout of the settlement. The payout is intended to help all homeowners, not just those who are underwater on their mortgages and behind on payments. The terms of how the majority of the money will be distributed has been released. However, there is still some deliberation for the remainder of the payout.
• $7.6 billion will be used to aid homeowners who are currently in financial crisis and who are underwater on their mortgages.
• $170 million of the payout will be turned into cash payments for those Floridians who have lost their homes due to foreclosure malpractice from their lenders the past three years. The average cash payout is expected to be approximately $2,000 for each individual homeowner.
• $308 million will go to programs for homeowners who are current on their loan payments, but have higher interest rates due to the housing crisis.
• $350 million will go directly to the State of Florida for currently undisclosed purposes.
Although this will be a huge relief for homeowners in the State of Florida, there is still much criticism of Florida Attorney General Pam Bondi, for a lack of assertion that Florida deserves more than the $8.4 billion payout.
To read more on this story visit: http://articles.orlandosentinel.com/2012-02-09/business/os-nationwide-mortgage-settlement-20120209_1_underwater-homeowners-settlement-mortgage-payments
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.
$26 Billion Deal signed to Aid Homeowners and Eliminate Fraudulent Acts by Lenders
On Thursday, February 9, President Obama along with other government officials announced the $26 billion mortgage plan that is said to be the first major step in the right direction for America’s struggling housing market. All 50 states and the five major banks, Bank of America, JPMorgan Chase, Ally, Wells Fargo, and Citigroup agreed upon the plan. There is anticipation that further deliberation will lead to all nine of the major lenders becoming involved in the plan, which would increase the deal to $30 billion.
The majority of the money, $17 billion will go exclusively to aid homeowners who are underwater on their mortgages. State and federal authorities will receive $5 billion to create programs throughout the country to meet specific needs of Americans. Of the last $4 billion, $3 billion will go to the refinancing for those who are eligible to get a portion of their debt reduced and the last billion will be for the Federal Housing Administration.
The plan is expected to not only benefit the millions of Americans who have lost their homes since 2007, but it also creates a sense of relief for mortgage lenders as well. The last week alone, shares in Bank of America have made a 5 percent gain. The plan will also force banks to take a greater responsibility to ensure their mortgage lending practices are done legally in the future.
To read more on this story visit:
http://www.nytimes.com/2012/02/09/business/states-negotiate-25-billion-deal-for-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.
Big Banks Pay Homeowners to Avoid Foreclosure
In an interesting twist, banks are offering delinquent homeowners as much as $35,000 or more in cash to sell their properties for less than they owe. Lenders have routinely delayed or blocked such transactions, known as short sales, in which they accept less from a buyer than the seller’s outstanding loan. With the foreclosure system being bogged down by the number of cases, banks have decided the deals are faster and less costly than foreclosures.
For banks, approving a sale for less than is owed on the home can cut a year or more off the time it takes to sell a property. From listing to sale, the transactions took about 123 days on average at the end of last year, according to the Campbell/Inside Mortgage Finance Housing Pulse Tracking Survey.
Some of the banks that are extending this opportunity to struggling homeowners include: Bank of America, which sent letters to 20,000 Florida homeowners as part of a pilot program, offering incentives of as much as $20,000, or 5 percent of the unpaid loan balance; Wells Fargo, which offers relocation assistance of as much as $20,000 for borrowers who complete short sales or agree to transfer title through a deed in lieu of foreclosure “in certain states with extended foreclosure timelines, including Florida; and Citigroup, which offers $3,000 to most borrowers who qualify for its program.
To read more on this story, visit:
http://www.bloomberg.com/news/2012-02-07/banks-paying-homeowners-a-bonus-to-avoid-foreclosures-mortgages.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 (Un)Fair Foreclosure Act Up for Vote TODAY
Big banks and mortgage lenders are fighting back with new legislation in an effort to defeat homeowners in the foreclosure process. The Fair Foreclosure Act of 2012 will be voted on today and if passed would essentially prevent homeowners from defending themselves if their home is foreclosed upon. It would also dissolve past lending and misconduct of banks, which created many of our country’s economic problems in the first place.
Some of the most disturbing provisions of the act include:
• Non-judicial foreclosures, where the loan balance exceeds 120% of the property value.
• Fast tracking of foreclosure cases once filed.
• Court must enter a judgment within 45-90 days for uncontested foreclosures.
• Automatic return of Promissory Note to lender upon dismissal of foreclosure.
• Challenges to set aside wrongful foreclosures may only seek money damages and not quiet or disturb the title held by the bank or later buyer.
• Sales of foreclosed property founded upon Lost/Destroyed Promissory Notes cannot be challenged by the true holder of the Promissory Note.
This proposed legislation takes away an individual’s right to due process, by excluding the courts from the foreclosure process. If you oppose this bill, it is important that you voice your concerns by going to www.myfloridahouse.gov.
To read more on the bill, visit: http://www.myfloridahouse.gov/Sections/Documents/loaddoc.aspx?FileName=_h0213c1.docx&DocumentType=Bill&BillNumber=0213&Session=2012
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.
Increase in Foreclosure Home Sales in Palm Beach County
During the months of July through September 2011, one in four home sales was the result of foreclosures in Palm Beach County. Throughout the State of Florida, average home sales from foreclosures were approximately 19 percent during the third quarter of 2011. In the third quarter of 2010, the statewide average was at about 39 percent. Just before the housing market crash of 2007, the average of foreclosed home sales from preceding years was around five or six percent. The sizeable percentages are commonly credited to the unfair practices from banks during the foreclosure process.
While the percentage of sales of foreclosed homes is increasing in Palm Beach County, the average selling prices on the homes are decreasing. In the third quarter of 2011, the average sale price was $115,082, which is a 15 percent cut from the third quarter of 2010, which was $135,158. This is an extremely low number in comparison to the national average home sale price that was $165,332. RealtyTrac attributes the high percentage of sales as a positive sign for Palm Beach County due to the depreciation of homes that sat idle too long before being sold.
To read more on this story visit: http://www.palmbeachpost.com/money/foreclosures/1-in-4-third-quarter-home-sales-were-2126425.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.