Timothy Kingcade Posts

Foreclosures, Timothy Kingcade Posts

Former Miami Heat Star Glen Rice Facing Foreclosure

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Glen Rice, former Miami Heat player and his ex-wife Cristy, who starred on The Real Housewives of Miami, are facing the loss of a downtown condo they still own together.  Miami-Dade County records show the couple quit making payments on the condo they purchased in 2006 as an investment, following Glen’s retirement from the Los Angeles Clippers after 15 years in the NBA.

Property records show Glen and Cristy paid $317,000 for the condo, which is on the 27th floor of the Neo Vertika building on SW 1st Ct. in downtown Miami.  Reportedly, the couple took out several mortgages on the condo totaling $500,000.

M&T Bank’s loan is supposed to be paid back at the rate of $1,401 a month.  According to the lawsuit, the Rices stopped making payments in February.  Cristy’s lawyer struck back at the bank with a defense claiming M&T has not followed the proper procedures in the foreclosure attempt.

The Rices’ originally filed for divorce in 2006.  The couple also owns a $468,000 suburban home together.  Glen Rice played for the Miami Heat from 1989 to 1995.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Debt Relief, Student Loans, Timothy Kingcade Posts

Student Loan Debt Crisis: Worse than we thought

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After a series of hearings held 25 years ago on abuses in the higher education system, Congress created laws to protect undergraduates from risky student loans.  The original investigation was held in the early 1990’s and revealed widespread fraud among for-profit colleges.  Some trade schools had reportedly gone so far as to recruit people from welfare lines to sign up for student loans without their consent.  In the end, the loans were never repaid and the colleges kept the money.

In response, Congress created a rule called the cohort default rate, which requires the Dept. of Education to calculate the percentage of borrowers who have recently left a given college and defaulted on their federal student loans.  If the default rate is too high, the college is kicked out of the federal financial aid system.

However, two weeks ago the Education Department released new data suggesting the system has failed borrowers, and at some colleges, students are still being strapped with loans they will never be able to repay.

The loan crisis hits hardest at colleges enrolling large numbers of students from low-income backgrounds.  These students oftentimes have to borrow all of the expenses needed to attend college and have trouble securing a job upon graduation- if they even graduate.  The colleges reported to have the lowest student loan repayment rates include many for-profit colleges and a number of historically black colleges.

Research has found that student loan defaults are heavily concentrated among the “most economically marginalized students;” the new data suggests that debt is a major financial obstacle for people who already face barriers to opportunity.  In light of the new data, hopefully Congress will revisit its system for ensuring that students who take on debt have a chance of actually paying it back.

Click here to read more on this story.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

A WIN for Consumers! FTC Announces Major Enforcement Action against Debt Collectors

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The Federal Trade Commission and other law enforcement authorities around the country have announced the first coordinated federal-state enforcement initiative targeting deceptive and abusive debt collection practices.  This nationwide crackdown encompasses 30 new law enforcement actions by federal, state and local law enforcement authorities against debt collectors who use illegal tactics.  These tactics include, but are not limited to: harassing phone calls, phony impersonations, false threats of litigation, wage garnishment – even arrest.

It has been documented that collectors even tried to collect on so-called phantom debts – phony debts that consumers do not actually owe. The illegal practices also included the failure to give consumers legally required disclosures and notices, or to follow state and local licensing requirements.

“Being in debt is stressful enough for many Americans without also being subjected to intimidation and false threats,” FTC Chairwoman Edith Ramirez said. “Debtors have certain rights and rogue collectors that step outside the law will face the consequences of illegal behavior.”

According to the complaint, the defendants also failed to identify themselves to consumers as debt collectors, falsely portrayed themselves as process servers or attorneys, and falsely threatened arrest or litigation. The defendants unlawfully disclosed consumers’ debts to third parties in an attempt to embarrass the consumers into paying them.  All of these are in violation of the Fair Debt Collection Practices Act (FDCPA), which was designed to help prevent creditor abuse and harassment.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Can you spot the signs of a Debt-Relief Scam?

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When bills begin to pile up and collection calls start coming in, people can become so desperate to get out of debt they will believe anything.   Some turn to ‘quick-fix’ debt relief companies that promise to solve their financial problems.  But for many, not only does the relief never come but it puts them even more in debt- sometimes out thousands of dollars.

The Federal Trade Commission announced a $7.9 million settlement with DebtPro 123, a debt-relief agency that scammed people by making false promises.  Here is the anatomy of how the scam worked:

Promotion: DebtPro 123 is not alone.  Look for company names intended to lure vulnerable debtors.  These agencies will make you think they feel your pain and promise to eliminate your debt easily in just a couple of years.

Pitch:  According to the FTC’s complaint, DebtPro 123 told consumers that its “debt resolution program would completely resolve consumers’ credit card and other unsecured debts (including department store accounts, personal loans, medical bills, student loans, and accounts with collection agencies).”

It also boasted: “DebtPro will reduce a client’s total debt by 70 to 80 percent on average including all fees” and “With settlements as low as 10 percent, this means when all is said and done, a client’s savings could be as much as 20 cents on the dollar including our fees.”

Remember the old adage- When it sounds too good to be true, it usually is.

Two-phased program: In the first phase, customers put money in a “Creditor Fund/Settlement Account.”  They were told they needed this money for negotiations with their creditors. In phase two, customers were promised that the company was working on their case to settle with creditors and get rid of their debt.

During this time, customers were advised to stop paying their bills and to cease all communication with their creditors.  Consumers later found out that nothing had been done on their case.  Instead, interest, penalties and fees began to pile up.

Strategy:  The real plan was to make money off desperate people. “For many consumers, more than half of their monthly payment went towards defendants’ fees,” said the FTC. “For consumers who were in the program longer than 18 months, defendants also charged a $49 monthly ‘maintenance fee.’ ”

More failed promises: Debts were not reduced quickly. In fact, many times, the debt-relief company did not start settlement negotiations until after the client had received letters from creditors warning of an impending lawsuit for failure to make debt payments.

In the end, people ended up more in debt, some lost their homes, and others had their wages garnished.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all 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 website at www.miamibankruptcy.com.

 

Bankruptcy Law, Debt Relief, Student Loans, Timothy Kingcade Posts

Read these 4 Tips before you start making your Student Loan Payments

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Recent college graduates are in for a rude awakening.  The grace period extended to them upon graduation is about to expire- meaning those students who took out student loans will have to start paying up.  Here are some tips you should know before making your first payment.

  • Depending on your financial situation after graduation, you may want to opt for a repayment plan that fits your circumstance. If you find yourself unable to make the minimum monthly payments on your loan- you have options. You can opt for income-based repayments (your maximum payment will be 15% of your discretionary income), an extended repayment plan (stretches your payment period out past the 10-year standard) or an income-sensitive repayment plan (your monthly payment is based on your annual income.  Payments change as your income changes).
  • Know when you will have to start making payments. In most cases, student loan payments become due six months after graduation. However with some loans, like the federal Direct PLUS loans, payment becomes due the day after the final disbursement is made and private student student loans can have varying grace periods. Knowing when you need to start making those payments will help you get a head start on saving and get the repayment process off on the right foot.
  • The consequences of late or missed payments. Failing to make timely payments on your student loans will hurt your credit score.  If you have trouble remembering due dates or simply have too many bills to keep track of, it may be a good idea to set your student loan payments up on auto pay.  Adjust your budget accordingly to account for the monthly deduction.
  • Set a realistic budget. Tracking expenses and weighing them against your current income will determine how much you will be able to comfortably put towards an apartment, new car, groceries, eating out, and other expenditures. A well-constructed budget could mean the difference between paying off your loans in 10 years, instead of 20.

 

Click here to read more on this story.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Debt Relief, Student Loans, Timothy Kingcade Posts

Paying off Student Loan Debt is about to get easier for 5 Million Borrowers

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The Obama administration has rolled out two new provisions that will give 5 million more college graduates the ability to enroll in income-based repayment plans and make it harder for schools to force students to use prepaid debit cards.

Here’s how it works…

More students can apply for income-based repayment plans.

The Education Department officially unveiled its long-awaited expansion of the income-based repayment program, Pay As You Earn (PAYE), which nearly four million federal direct loan borrowers are currently enrolled.   The new plan, which takes effect this December, is called REPAYE (the “RE” stands for “revised”) and will allow 5 million more federal student loan borrowers to enroll.

The new plan accomplishes this by allowing borrowers to sign up regardless of when they borrowed their loans or their debt-to-income ratio. The existing PAYE model is only available to people who borrowed after 2007 and whose debt greatly outweighs their income. Those enrolled in the REPAYE plan can have their payments capped at 10% of their income. Allowing the additional 5 million borrowers to qualify for the program will cost the federal government an estimated $15.4 billion over the next 10 years.

No more deceitful debit card agreements.

The government has been trying to crack down on prepaid debit cards on college campuses.  Thanks to the 2009 CARD Act, which stops banks from marketing credit cards on campuses, college credit card agreements have dropped by more than half between 2009 and 2013.

To get around this, the banks shifted their focus from credit cards to prepaid debit cards.  Today, 40% of students attend schools that have agreements with banks to market student debit and prepaid cards on campus, according to a report by the Government Accountability Office. These cards are known to come with high overdraft fees and other hidden fees.

The new Department of Education rule requires schools to allow students to choose how to receive their student aid refunds. They can no longer be forced or urged to open a certain kind of account to get that money.  The rule says schools have to make sure fees are not “excessive and confusing.”

Click here to read more on this story.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

More military members qualify for foreclosure relief

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Nearly 1,500 additional members of the military are eligible for more than $186 million in foreclosure reimbursements under the Servicemembers Civil Relief Act (SCRA), according to the Justice Department.   In addition to other compensation, a total of 2,413 service members and their co-borrowers are eligible to receive more than $311 million.

The five mortgage servicers include:

  • JP Morgan Chase Bank N.A. (JP Morgan Chase);
  • Wells Fargo Bank N.A. and Wells Fargo & Co. (Wells Fargo);
  • Citi Residential Lending Inc., Citibank, NA and CitiMortgage Inc. (Citi);
  • GMAC Mortgage LLC, Ally Financial Inc. and Residential Capital LLC (GMAC Mortgage);
  • Bank of America N.A., Countrywide Home Loans Inc., Countrywide Financial Corp., Countrywide Home Loans Servicing L.P. and BAC Home Loans Servicing L.P. (Bank of America).

The compensation is a result of the 2012 settlement known as the National Mortgage Settlement (NMS) and an earlier settlement with Bank of America. It affects foreclosures that took place between January 1, 2006, and April 4, 2012, where the servicer obtained a foreclosure without a judicial proceeding or where the servicer obtained a default foreclosure judgment without filing a proper affidavit with the court stating that the service member was serving in the military.

For mortgages serviced by Bank of America, Wells Fargo, Citi, and GMAC Mortgage, members of the military who qualify will each receive $125,000, plus any lost equity in the property and interest on that equity.  Eligible co-borrowers will also be compensated for their share of any lost equity in the property.

Members of the military and their dependents who believe that their SCRA rights have been violated should speak with an experienced foreclosure defense attorney immediately. Additional information about the Justice Department’s enforcement of the SCRA and the other laws protecting service members is available at www.servicemembers.gov.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

The Latest Online Scam: Tricking Homebuyers into Wiring Settlement Funds

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You are about to settle on your home.  You receive an email from your real estate agent or title company, requesting funds be wired to an account for settlement, which also informs you of a last minute change in writing instructions.   Upon the request, you wire the money using the new instructions.

A few days later, you receive a call from your title company, asking why you have not sent your funds for settlement.  This is the moment you realize you have been SCAMMED.  This wire transfer scheme is nothing new.  However, the increase in its sophistication and the prevalence of wire fraud in the real estate industry has prompted the National Association of Realtors (NAR) to issue warning bulletins.

According to the NAR, the hackers are monitoring emails and waiting to determine the best possible scam.  They realize these real estate transactions involve large amounts of money right before settlement.   Someone in Chicago recently lost $130,000, and in Texas there was a reported loss of $30,000. The scams are getting harder to catch, too.  Hackers have improved their grammar and obtain almost identical email addresses to the broker or title company the seller / buyer is working with, making it very difficult to identify the scam.

Below are some tips for buyers and sellers to protect themselves from becoming a victim of wire fraud:

  • Never send sensitive financial information via email. This includes bank account routing numbers, PIN numbers, security codes, etc.
  • Prior to doing a wire transfer, you should contact the intended recipient by phone and confirm the wiring information and instructions are correct.
  • Change your email usernames and passwords on a regular basis.
  • Clean out your email account. Your email use can establish patterns in your business practice, which hackers can pick up on and use against you.
  • Make sure you have the most up-to-date firewalls and anti-virus software on your computer.  Download these from a trusted source, like your internet service provider.
  • If you suspect any fraudulent activity, report it immediately to the FBI’s Internet Crime Complaint Center.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Foreclosure Rates Fall, Turning South Florida into a Seller’s Market

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CoreLogic’s most recent numbers show a significant decrease in the amount of foreclosures in the West Palm Beach / Delray Beach / Boca Raton market compared to last year.  The foreclosure rate in July 2014 was 4.41% and in July 2015, it fell to 2.28%, according to the property information and analytic company.  With fewer foreclosure listings than last year, it’s a good indication that people are buying homes.  In fact, the foreclosure rate in the area has been on the decline for the past 18 months.

Real estate experts say that one of the reasons we’re seeing fewer foreclosures is because banks are selling homes with the buyer in mind.  Homes are going up in value and buyers are feeling more confident making that big purchase.  The increase in demand has caused developers to build new homes and condos.  CoreLogic’s data revealed that Florida, as a whole, is behind the national foreclosure rate on average.  Sitting at 2.71% compared to 1.26% across the U.S.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Student Loans, Timothy Kingcade Posts

Discharging Student Loans in Bankruptcy May Soon Become Easier

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A report by the Department of Education has identified solutions it believes will lead to better outcomes for those struggling with student loan debt.  The biggest relief being extended to borrowers is the ability to discharge private student loans in bankruptcy.   The Obama administration’s proposal will also extend enhanced borrower protections found in federal loans to private loans.

It seems the Department of Education is ready to strike a balance between collecting on their loans and removing unreasonable hardships on struggling borrowers.   “Other types of consumer debt – mortgages, credit cards and auto loans – are dischargeable in bankruptcy, and student loans shouldn’t be an exception,” said Under Secretary of Education, Ted Mitchell.

“We feel strongly that while there are protections built into the (Federal) Direct Loan program that are important for borrowers, there aren’t parallel protections for borrowers in the private student loan market,” Mitchell said. “We think it’s important to do what we can to create those protections, and we think starting with a (new) bankruptcy provision is the way to go.”

The Department of Education is also reconsidering what constitutes as “undue hardship,” which could also affect Federal student loans.  Currently, undue hardship is the only out for borrowers trying to get their student loans discharged in bankruptcy.  Earlier this year, the Obama administration indicated that it would broaden the definition to increase the likelihood of more discharges.

Click here to read more on this story.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.