Foreclosures Archives - Page 51 of 56

President Obama Announces New Program to help ‘Underwater’ Homeowners Reduce their Monthly Mortgage Payments

Posted on November 3, 2011by Admin

The Obama administration recently unveiled a new government program aimed to provide assistance to ‘underwater’ homeowners who owe more than their properties are worth and help reduce their monthly mortgage payments. The goal of the program is to keep families in their homes and lower interest rates for responsible lenders. Those who qualify for the program will be eligible to refinance their mortgages at a new low rate, near 4 percent.

This plan is part of what the Obama administration calls the “We Can’t Wait” campaign. In order to be eligible for the program homeowner loans must be backed by Fannie Mae and Freddie Mac. Final details will be published in mid-November 2011. The plan comes as an official revision to the Home Affordable Refinance Program (HARP), which began at the start of Obama’s term. It was initially designed to provide assistance to as many as 5 million homeowners; of which only 822,000 (one-tenth) have been helped by the program.

However, HARP had several barriers that resulted in its lack of success. These barriers included: limiting the program to lenders owing 25 percent more than the worth of their home, upfront fees, and banks concerns that they would be ultimately responsible in the case of a default. Officials backing Obama’s new program hope this will reallocate money and help stimulate economic growth and development.

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.

Another Robo-signing Law Firm Brought to Justice

Posted on November 3, 2011by Admin

One of the largest foreclosure mills in the country, Steven J. Baum, P.C., in Amherst, New York is required to pay $2 million and make significant reforms as a result of a settlement agreement reached on October 6, 2011. Most significantly, Baum employees may no longer sign mortgage assignments as officers of Mortgage Electronic Registration Systems, Inc. (“MERS”).

Tens of thousands of homeowners have lost their homes in cases where Baum employees signed mortgage assignments as officers of MERS. In most cases, these employees assigned mortgages to mortgage-backed trusts so that the trusts could foreclose; even though such transfers did not take place on the dates and in the manner set forth on the Baum assignments.

These Baum Assignments appear throughout the New York courts, but often in the Courts of other states as well. Two million is also the amount paid by the Law Offices of Marshall Watson in Florida, whose associates engaged in similar practices of signing as MERS officers, assigning mortgages after foreclosure actions were initiated.

This is a first-of-its-kind settlement and further relief may be forthcoming, from both criminal prosecutions, the NY Bar, and from private class action and RICO lawsuits brought by private litigants.

To read more on this story visit: http://frauddigest.com/fraud.php?ident=4729

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 this topic or 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, Timothy Kingcade Posts

Another Setback for Struggling Homeowners

Posted on October 28, 2011by Admin

Florida’s foreclosure mediation program, designed to settle residential foreclosures and sort through the huge backlog of cases, is scheduled to end due to a recent ruling by a judicial committee. The program, which mandated that homeowners attend a mediation meeting with their lenders before a foreclosure case goes through the courts, began in late 2009. This ruling comes as another setback for struggling homeowners, placing them at a greater disadvantage against the government and big banks. A report presented to the high court said three main factors led to the program’s demise: borrowers not trusting the program; lenders not willing to settle cases in mediation; and officials not publicizing the program. This could not come at a worse time, as Florida has a backlog of about 350,000 foreclosures and more to come.

http://www.miamiherald.com/2011/10/24/2469820/task-force-end-mandatory-foreclosure.html

Foreclosures, Timothy Kingcade Posts

Foreclosures increase in South Florida indicating Mortgage Lenders have worked through Paperwork Problems

Posted on October 18, 2011by Admin

New reports from two industry experts indicate that lenders are beginning to speed up their home-repossession practices, which have been delayed due to last year’s “robo-signing” scandal. Third-quarter foreclosure filings rose 13.2 percent to 9,170 in Miami-Dade County, compared to the previous quarter, according to data released Thursday by real estate research firm RealtyTrac. In Broward, total filings were up 36.9 percent in the third quarter to 7,712.

The increase in foreclosure filings is an indication that foreclosures delayed by the slowdown are beginning to work their way through the system. Current foreclosure totals are still far below last year’s numbers, but the trend is starting to shift upwards. The increase in new initial filings of foreclosure is a national trend; new default notices increased 14 percent nationwide in the third quarter.

Foreclosures, Timothy Kingcade Posts

Low Income New Yorkers Suffer due to Lack of Legal Representation

Posted on October 6, 2011by Admin

Lack of representation in foreclosure actions has resulted in a number of low-income New Yorkers unjustly losing court battles and even their homes due to not being able to afford adequate legal representation needed to fight baseless legal claims.

The state’s executive deputy attorney general testified that this lack of individual representation in foreclosure actions is one reason there has been systematic abuses of the legal system by lenders and debt collectors.

The top judge recently created a panel to aid the estimated 2.3 million and growing number of low-income New Yorkers who have no legal representation in civil cases ranging from child custody matters to home foreclosures.

Foreclosures, Timothy Kingcade Posts

Governor Gone Crazy

Posted on October 4, 2011by Admin

With Florida having the nation’s second-highest foreclosure rate and court proceedings taking an average of 638 days, the pressure has mounted for the state to eliminate courts from the foreclosure process. Supporters of the concept-which is used in nearly 30 states, say it will speed up the foreclosure process, get houses back onto the real estate market and boost the economy. Opponents say it puts property owners at the mercy of banks.

Governor Rick Scott, House Speaker Dean Cannon and Senate President Mike Haridopolos are proponents of new legislation which will change Florida laws so judges will no longer be necessary in the foreclosure process. Florida is one of the 20 states that require all foreclosures go through the court system.
Even in states where judges are not forced to preside over foreclosure cases, property owners can take the proceedings to court. However, with the filing fee being nearly $2,000 in the State of Florida, that’s cost prohibitive for most people struggling to keep their home and their finances intact. Taking away individuals’ property rights is denying their ability to access the courts.

This has not been the first attempt to eliminate courts from the foreclosure process. In 2010, the Florida Bankers Association pushed unsuccessfully to change the state’s law so judges did not need to sign off on foreclosures. Representative Darren Soto, D-Orlando, who fought against the 2010 legislation, said he will fight again if it returns in 2012.

Foreclosures, Timothy Kingcade Posts

Recent Ruling could have major implications on Florida Foreclosures setting Precedent for Similar Cases

Posted on September 18, 2011by Admin

A recent ruling in Wellington, FL could have major implications on foreclosure proceedings statewide. The ruling from the 4th District Court of Appeal ruled in favor of the owners of a Wellington home whose bank filed papers sworn by a loan service employee who had no personal knowledge of the case.

This decision reversed an earlier ruling stating the homeowners owed more than $400,000 to LaSalle Bank. The amount was based on an affidavit of indebtedness signed by an employee who obtained the information from a company computer.

The decision hits at the essence of the nation’s foreclosure robo-signing scandal in which tens of thousands of foreclosure court documents were signed by people swearing they had personal knowledge of cases when they did not. From July 2010 to June of this year more then 100,000 foreclosure cases were dismissed in Florida courts often because lenders did not file important paperwork properly.

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

Thirty-Two Plaintiffs File RICO Action against JPMorgan Chase Bank and Chase Home Finance, LLC

Posted on September 10, 2011by Admin

A Complaint has recently been filed in the Circuit Court of Palm Beach County, Florida against JPMorgan Chase Bank and Chase Home Finance, LLC. The 29-page Complaint alleges several causes of action including violations of the Florida RICO Act, and requests temporary and permanent injunctive relief on a national level to halt all Chase-related foreclosure activity in the eight separate states in which the Plaintiffs reside.

The Complaint alleges a pattern of criminal activity on the part of JPMorgan Chase Bank and Chase Home Finance in connection with the institution of both judicial and non-judicial foreclosures. These include but are not limited to the filing and recording of forged and fraudulent documents, fraudulent collection activities, intentional misuse of the MERS system, and the intentional misrepresentation in foreclosures across the United States. The four counts from the complaint include:

COUNT I: COMMON LAW FRAUD
COUNT II: CONSPIRACY TO DEFRAUD
COUNT III: VIOLATIONS OF FLORIDA CIVIL REMEDIES FOR CRIMINAL
PRACTICES ACT (FLORIDA RICO ACT)
COUNT IV: TEMPORARY AND PERMANENT INJUNCTIVE RELIEF

If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy and foreclosure defense attorneys at (305) 285-9100. Since 1996 the attorneys at Kingcade & Garcia, P.A. have been helping people from all walks of life build a better tomorrow. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

U.S. is set to Sue Big Banks over Mortgages

Posted on September 10, 2011by Admin

The Federal agency that oversees mortgage giants Fannie Mae and Freddie Mac is scheduled to file suit against more than a dozen big banks. The suit is accusing Bank of America, JPMorgan Chase, Goldman Sachs, Deutsche Bank and other banks of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and are seeking billions of dollars in compensation.

The Federal Housing Finance Agency suits are expected to be filed in the coming days and stem from subpoenas the finance agency issued to banks a year ago. The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value. Fannie Mae and Freddie Mac lost more than $30 billion, in part as a result of the deals. These losses were borne mostly to tax payers.
The suits are being filed now because regulators are concerned that it will be much harder to make claims after a three-year statute of limitations expires this Wednesday, the third anniversary of the federal takeover of Fannie Mae and Freddie Mac.

If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy and foreclosure defense attorneys at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Bankruptcy Attorney Timothy Kingcade Discusses Bankruptcy Trends with South Florida’s Sun-Sentinel

Posted on September 10, 2011by Admin

Bankruptcy attorney Timothy Kingcade was recently quoted in the Sun-Sentinel and talked bankruptcy trends with workplace reporter, Marcia Pounds. The story was published on September 2, 2011 and discussed how the number of South Florida consumers filing for bankruptcy fell nearly 21 percent, to 2,690 in August, from 3,387 that same month in 2010.

Timothy Kingcade attributes this trend to a stalled home foreclosure process and people being unable to afford to file bankruptcy. “I see so many people who have been unemployed for 18 months. They say, ‘I need to file, but I need a job first,’ he said.

Since 1996 Timothy Kingcade has been helping people from all walks of life build a better tomorrow by taking advantage of their rights under bankruptcy protection laws. To compliment Attorney Kingcade’s extensive experience in bankruptcy law, he is also a certified public accountant (CPA), which provides him with a unique understanding of how to handle tax-motivated bankruptcy cases against the IRS.

If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy and foreclosure defense attorneys at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.