Timothy Kingcade Posts Archives - Page 147 of 155

Latest Decision out of the 4th District Court of Appeal in Florida ruled that Ownership Must be Proven at Time Foreclosure is Filed

Posted on December 22, 2011by Admin

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

Posted on December 15, 2011by Admin

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.

Foreclosures, Timothy Kingcade Posts

Record Highs in Foreclosure Processing Time

Posted on December 9, 2011by Admin

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.

Foreclosures, Timothy Kingcade Posts

Whistle Blower on Massive Foreclosure Fraud Case Found Dead

Posted on December 7, 2011by Admin

Tracy Lawrence, the notary public who initiated the robo-signing fraud indictments was found dead in her Las Vegas home on November 28, 2011 at the age of 43. Authorities are still investigating the exact cause of her death.

At the beginning of November this year, Lawrence came forward and admitted to the Nevada Attorney General’s Office that she notarized 25,000 fraudulent documents for Lender Processing Services, a Florida company used by most major banks to process home repossessions. The documents were filed with the Clark County Recorder’s Office between 2005 and 2008, The Los Angeles Times reported.

Lawrence also accused two loan officers, Gary Trafford and Geraldine Sheppard, who both worked for Lender Processing Services, of allegedly running the massive robo-signing scheme, forging signatures on tens of thousands to millions of default notices nationwide.

Her involvement in the robo-signing scandal left her facing up to one year in jail and a fine of up to $2,000. Speculations of suicide or natural causes are circulating as the cause of her death, but considering her role in the upcoming criminal prosecution of Trafford and Sheppard, her timely death does spark suspicion of a potential homicide.

Foreclosures, Timothy Kingcade Posts

The Obama Administration Announces Modifications to the Home Affordable Refinance Program to Help Underwater Homeowners

Posted on November 29, 2011by Admin

South Florida has embraced the new modifications being made to the Home Affordable Refinance Program (HARP), which include eliminating some appraisals and loosening underwriting requirements, making it easier for underwater homeowners to alleviate their mortgages. To qualify homeowners must be current on their payments, and the mortgages must be backed by Fannie Mae or Freddie Mac.
These revisions are projected to help tens of thousands of South Florida homeowners who have not qualified for other government relief programs. The government is doing away with a cap that prevented borrowers whose mortgages exceed 125 percent of the value of their homes from being eligible for the program. Other changes include reduced risk for lenders and lower fees for borrowers. Nearly half of all single family homes with a mortgage in Palm Beach, Broward and Miami-Dade counties are worth less than what is owed, according to third-quarter data from real estate website Zillow.com. People who otherwise may have been tempted to walk away from their homes will be able to qualify for some of the lowest mortgage rates on record and possibly pay off their homes faster.
To read more on this story visit:
http://www.sun-sentinel.com/business/fl-harp-revisions-20111115,0,4175968.story?track=rss

Foreclosures, Timothy Kingcade Posts

Foreclosure Crisis Only Halfway Over

Posted on November 29, 2011by Admin

The latest data on home foreclosures and delinquencies reflect that the foreclosure crisis is only about half way over. The pace of new home foreclosures increased in the third quarter and the number of borrowers falling behind on their payments eased a bit, according to the Mortgage Bankers Association. The good news was that the rate of borrowers who have fallen three or more months behind on their payments has dropped to about 3.5 percent of all mortgages. That is down from a peak of 5 percent in late 2009. But it is still three and a half times the “normal” rate of about 1 percent that prevailed before the mortgage meltdown hit in late 2007.
Borrowers with subprime adjustable mortgages saw the biggest jump in new foreclosures in the third quarter. Some 4.65 percent of those subprime loans entered into foreclosure. Underwater borrowers simply walking away from their home and no longer making mortgage payments have complicated the housing market recovery process. The most critical variable affecting the pace of such defaults was the length of time a given home was in the foreclosure process. The longer the process takes, the longer the idea ‘strategic default’ has to spread from one borrower to another.

A lot depends on recovery of the economy and creating jobs fast enough to get people back to work and decrease the 9 percent unemployment rate. Continued improvement in home sales and prices will depend heavily on the volume of foreclosed homes coming back on the market.

Foreclosures, Timothy Kingcade Posts

Home Prices Continue to Plunge due to an Increase in foreclosure activity and high unemployment

Posted on November 14, 2011by Admin

According to Fiserv, a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35%, below the peak reached in early 2006. Should this prediction occur, it would make it the most substantial decline for home prices since the housing bubble burst in 2009. Several factors have attributed to the continued decline in housing prices, including an increase in foreclosure activity and sustained high unemployment.
Naples, FL is expected to take the biggest hit of any metro area. Fiserv predicts a price drop of another 18.9% by the end of next June for Naples, FL. Home prices in this area have already fallen 61% from the peak. Other cities expected to be hit hard include Las Vegas, Riverside and Salinas, CA, and Miami, which is expected to decline by 13.2% (total loss: 57%).

What can we expect from a housing market that continues to surprise all of those involved? Economists and housing experts predict a slow recovery. Even after the housing market begins its comeback in mid-2012, the recovery is predicted to be modest at best. Nationwide, Fiserv is projecting that home prices will climb just 2.4% between June 2012 and June 2013.

To read more on this story visit:
http://money.cnn.com/2011/10/31/real_estate/home_prices/index.htm?hpt=hp_t2

Foreclosures, Timothy Kingcade Posts

Law Firms Nationwide Descend on Florida to capture Growing Foreclosure Business

Posted on November 14, 2011by Admin

Law firms from Atlanta, North Carolina, Massachusetts, New Jersey, and Philadelphia are heading south to take over files from the Law Offices of David J. Stern and Ben-Ezra & Katz, previously two of Florida’s largest foreclosure firms. David J. Stern and Ben-Ezra Katz’s law offices abandoned business after being investigated for possible foreclosure fraud, leaving tens of thousands of cases in need of representation. The new law firms are being handed between 3,500 and 5,000 transfer files at $1,200 to $1,400 per file, according to a legal headhunter. Many of these foreclosure firms are placing their South Florida central offices in the Fort Lauderdale area. Fannie Mae and Freddie Mac’s plan is to spread out the cases among more firms, instead of a few large ones, preventing any streamlining.

Since being under the congressional spotlight, Fannie Mae is being proactive to ensure firms maintain proper procedures and are even sitting in on lawyer interviews at firms. Fannie Mae is using new criteria when choosing new firms to contract with. This new criteria requires firms to be in good standing with the Florida Bar and local bar associations, demonstrate experience in handling foreclosures, provide quality and cost-efficient work, posses diversity and overall capacity to handle the foreclosure volume, among other considerations. Despite new legislation to monitor foreclosure firms, without some sort of program in place to teach young lawyers how to conduct themselves properly– the same problems will exist.

Foreclosures, Timothy Kingcade Posts

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.

Foreclosures, Timothy Kingcade Posts

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.