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.
Foreclosures
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.
Obama Announces Formation of New Taskforce Aimed at Holding Banks Accountable and compensating Victims of Foreclosure Malpractice
President Obama addressed many issues dealing with the struggling U.S. economy in his state of the union speech last month. One of these included the formation of a new taskforce to monitor malpractice of banks regarding mortgages. Since the housing crash of 2007, millions have lost their homes, many as a result of the unfair practices by banks in processing foreclosure documents.
New York attorney general, Eric Schneiderman has been appointed to chair this new unit on ‘Mortgage Origination and Securitization Abuses.’ Schneiderman is well known for working on the settlement of the proposed deal between the states and the five large banks. The new unit will not only monitor the future actions of banks and hold accountable those who have participated in unfair practices in the past, but it will also compensate past victims of foreclosure malpractice.
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.
Banks Propose $25 Billion Deal to U.S. State Officials to help Victims of Deceptive Foreclosure Practices
The five major mortgage lending banks, Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial have proposed a deal to U.S. state officials that could re-shape the structure of mortgage lending and better protect homeowners from foreclosure malpractice.
Since the housing market crash of 2007, almost eight million American homes have been foreclosed on. A reportedly 11 million homeowners in America owe more than half of what their home is currently worth. Under the proposed deal, those who are eligible will receive a check for approximately $1,800, but it is doubtful they will get their homes back. The purpose of the reserve accounts will be to help those who have been victims of deceptive foreclosure practices.
Under the proposed $25 Billion deal:
• $17 billion would go toward reducing the principal that struggling homeowners owe on their mortgages.
• $5 billion would be placed in a reserve account for various state and federal programs; a portion of that money would cover the $1,800 checks sent to those homeowners affected by the deceptive practices.
• $3 billion would be to help homeowners refinance at 5.25 percent.
To read more on this story visit: http://abcnews.go.com/Business/wireStory/25b-nationwide-mortgage-deal-states-15421108#.TyGfg5jl1SU
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.
Surprising New Trend Emerges in America’s Troubled Housing Market: Big Banks agree to cut losses in order to save homes at the risk of Foreclosure
In 30 percent of private loan modifications last year, large banks like Bank of America, have agreed to a principal write-down, cutting the amount homeowners owe on their home as far down to the current market value. This is in an effort to allow borrowers to actually afford payments on their home. With housing prices plunging back down to earth after the housing bubble burst and incomes remaining flat, banks are hoping to now match affordable homes with people who can actually afford them.
Bank of America has been the first big bank to launch a pilot project with Boston Community Capital, a nonprofit that is buying homes at market value and reselling them to current homeowners at a slight markup, so the homeowners can actually afford the payments. Some experts have described this as ‘overdue housekeeping’ for America’s economy. Banks clear their balance sheets, investors get a predictable stream of income, and homeowners get to stay in their homes.
To read more on this story visit:
http://www.npr.org/2012/01/02/143601604/in-mortgage-crisis-some-banks-agree-to-cut-losses
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 Filings Down in 2011
According to recent statistics from the Administrative Office of the U.S. Courts, bankruptcy cases filed in federal courts for fiscal year 2011 totaled 1,467,221, down 8 percent from the previous year. This was reflected in the filings of all bankruptcy chapters. Chapter 7 filings in 2011 were down 10 percent from 2010. Chapter 13 filings fell 4 percent. Chapter 11 filings fell 16 percent and Chapter 12 filings were down 4 percent.
Personal bankruptcies in South Florida fell in 2011, for the first time in five years. Attorney Timothy Kingcade attributes this to the backlog of foreclosures and under-employment. Many homeowners facing foreclosure have been able to put off bankruptcy as the lenders dealt with investigations of robo-signing and other issues stalling foreclosures in court. Filing for personal bankruptcy in South Florida can cost $2,000 or more, including lawyer’s fees, court costs, and mandatory credit counseling. With the number of South Floridians being out of work, filing for bankruptcy has become a luxury.
In December, 2,470 residents filed for bankruptcy in the South Florida district, which includes Palm Beach, Broward and Miami-Dade counties, according to the U.S. Bankruptcy Court in Miami. That was down 9 percent from November. For the year, there were 34,492 filings, down from about 38,000 in 2010.
To read more on this story visit: http://www.uscourts.gov/News/NewsView/11-11-07/Bankruptcy_Filings_Down_in_Fiscal_Year_2011.aspx
http://www.sun-sentinel.com/business/fl-bankruptcies-2012-20111223,0,5953361.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. 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. website at www.miamibankruptcy.com.
BREAKING NEWS: Florida’s Foreclosure Mediation Program Cancelled
On December 19, 2011, Chief Justice Charles T. Canady signed an order that terminated Florida’s mandatory foreclosure mediation program. The program was originally established as a means for the court system to address the overwhelming number of mortgage foreclosure cases coming through the system, and level the playing field between foreclosure victims and big banks.
This is another huge win for big banks. Cases already referred to and pending mediation prior to December 19, 2011 will remain in the program through completion of mediation. After the date of the order, no new cases may be referred to Florida’s Foreclosure Mediation Program.
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. If you have any questions on this topic please contact foreclosure defense attorney, Timothy Kingcade at (305) 285-9100. He 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. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Latest Decision out of the 4th District Court of Appeal in Florida ruled that Ownership Must be Proven at Time Foreclosure is Filed
The latest foreclosure decision out of the 4th District Court of Appeal in Florida ruled that the plaintiff in a foreclosure must prove ownership of the property at the time the foreclosure case is filed. In McLean v. JP Morgan Chase, the appellate court reversed the trial court’s entry of summary final judgment in favor of the bank because the bank failed to provide evidence that, at the time the case was filed, it “obtained its rights and standing to proceed in this cause” prior to the filing date.
In reversing this decision, the 4th DCA said:
‘While it is true that standing to foreclose can be demonstrated by the filing of the original note with a special endorsement in favor of the plaintiff, this does not alter the rule that a party’s standing is determined at the time the lawsuit was filed.’
While this ruling is viewed by many as stating the obvious, because of the immense volume of foreclosure cases in Florida courts, some judges are forgetting their most important job is interpreting the law. Many judges have made it their top priority to clear out the backlog of foreclosure cases, even it means ignoring Florida Statutes, Florida case law, the Rules of Evidence and Rules of Procedure. This can leave the plaintiff at a disadvantage in these foreclosure proceedings.
To read more on the latest foreclosure decision out of Florida, visit: http://www.leagle.com/xmlResult.aspx?xmldoc=In%20FLCO%2020111214197.xml&docbase=CSLWAR3-2007-CURR
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.
South Florida Foreclosure Rates Three Times Higher than National Rate
South Florida is suffering from some of the region’s worst foreclosure rates; three times higher than the national rate. While 90-day delinquency rates declined slightly in September, reports show that foreclosure activity did not vary much from year to year, according to CoreLogic, a leading provider of consumer, financial and property information.
Miami-Dade County’s foreclosure rate topped the charts in South Florida, at 18.22 percent in September, up 0.59 percent from a year ago. Other counties in the region range from 12.91 to 14.41 percent. The national foreclosure rate was at 3.48 percent in September.
The 90-day delinquency rate for Miami-Dade County was at 25.18 percent, more than three times that of the rest of the country. Broward County’s rate was at 20.6, while Palm Beach reported 18.21 percent.
The distressed sales in the housing market continue to weigh down South Florida. Miami-Dade County had just a slight price increase for home sales in October. In contrast, Broward and Palm Beach counties numbers continue to drop.
Despite the fact that Florida continues to suffer in the market, it has not topped the rankings for housing depreciation. Nevada led with a 12.1 percent drop for the 12 months, which ended in October.
To read more on this story visit: http://www.bizjournals.com/southflorida/news/2011/12/08/south-florida-foreclosures-still.html
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.
Record Highs in Foreclosure Processing Time
Foreclosures continue to make headlines. This time it is for the time it takes foreclosed properties to be processed through the legal system. The average loan in foreclosure has now been delinquent a record 631 days, according to a recent report from Florida-based Lender Processing Service.
The effects of “robo-signing” continue to linger in a number of states, requiring cases to go before a judge. The difference in processing time comes down to judicial versus non-judicial states. Non-judicial state foreclosure inventories are less than half those of judicial states, like we have here in Florida.
This discrepancy between judicial and non-judicial states is not new. Prior to the worst of the housing market crisis, loans were 4-5 months more delinquent in judicial states at the time of foreclosure sale. Today, these numbers are closer to 8 months, but are likely to return to the 4-5 month difference depending on the sale of these foreclosed properties.
New foreclosures continue to outnumber foreclosure sales 3:1, with repeat foreclosures making up nearly 45 percent of new foreclosures. On the other hand, loans from 2010 and 2011 are now the best performers on record due to strict credit requirements.
Recovery is predicted to be a slow one. With a record-high inventory of foreclosures combined with the already historically high existing home inventory, these distressed foreclosure properties will sell at a deep discount, which is likely to bring down the prices of surrounding homes.
To read more on this story visit: http://www.cnbc.com/id/45507581
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.