Foreclosures, Timothy Kingcade Posts

South Florida Home Sales- Prices Rise by Double Digits in July

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Sales volume in South Florida today is matching the 2005 housing boom, although the median prices are far lower. More single-family homes were sold in July in Miami-Dade County than at any time since the peak of the housing boom. Supply and demand is what is driving the market. Supply is lacking and demand is high as homebuyers are trying to capitalize on the low mortgage interest rates.

The median price of a single-family home in Miami-Dade soared 25.7 percent in July to $230,000 from $183,000 a year earlier, the Miami Association of Realtors recently reported. Single-family home sales in Miami-Dade jumped 27.3 percent in July to 1,227 closings from 964 a year earlier. That marked the highest sales volume since 2005, when the median price was $351,200.

Miami-Dade has seen 20 consecutive months of price increases in both single-family homes and condominiums. Experts attribute the increase to a heightened demand and the low mortgage interest rates being offered. However, interest rates are steadily rising as the housing market is gaining momentum and posting dramatic gains. The average rate on a 30-year, fixed-rate mortgage is 4.74 percent, up more than a full percentage point from 3.61 percent in early May, according to HSH.com.

Click here to read more on South Florida home prices rising double digits in July.

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 website, www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

How to Get your House for FREE

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Several hundred to possibly thousands of Florida homeowners will have an opportunity to own their house free of charge as a result of a Florida law. The statute is common contract law that says a person has five years to sue on a debt, with the right to collect that money expiring at the end of the time period. The most common scenario of how this occurs is: The bank filed the initial foreclosure, then dismissed it for whatever reason and failed to refile during the five-year period. It is possible that cases currently in the system, and older than five years, could get dismissed and then will not be refiled because the allotted time has run out.

In Palm Beach County, 30,100 foreclosures were filed in 2008. There are about 1,550 still in the system, which are five years old or older.

But it is not just age that determines whether the statute of limitations will grant victims of foreclosure a free house. It is also critical to know when the clock started ticking. Most attorneys agree that it is at the time of “acceleration” — when the bank decides after a series of missed payments that the entire loan amount is due. That typically happens when the foreclosure is filed with the court.

Homeowners cannot just assume they will be protected by the statute. If a lender files after the deadline passes, and the borrower does not respond and defend the case, the bank could win despite missing the deadline. Several unprecedented events during Florida’s housing crisis have increased the chances that borrowers will benefit from the five-year statute of limitations on foreclosures. Some of these events included the hundreds of thousands of foreclosure documents filed with Florida’s courts that were either flawed or fraudulent along with sloppy paperwork signed by countless numbers of robosigners.

In a recent South Florida case, a ‘legal misstep’ was to blame for a foreclosure victim being awarded her multi-million dollar Boca Raton waterfront mansion, which had been in foreclosure since 2008. The bank’s attorneys were forced to voluntarily dismiss the case that went to trial on July 25, 2013.

Click here to read more on the possibility of Florida foreclosure victims getting their houses for free.

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 website, www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

New Law Causes Decrease in Foreclosures in Palm Beach County

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It has been reported that foreclosure filings are down in Palm Beach County likely due to a new law that is making it more difficult for banks and lenders to initiate foreclosures. The new state law (Section 702.015, Florida Statutes) requires plaintiffs to acknowledge in their foreclosure complaint that they have all the documents necessary to prove the case against the homeowner.

The latest statistics reveal several interesting trends:

• The number of new foreclosure filings in Palm Beach County decreased dramatically in July.

• Since the new foreclosure filing requirements took effect July 1, 2013, there were 387 new foreclosures, a 61.3 percent decrease from 1,001 new foreclosures in June, and a 68.3 percent decrease from 1,220 cases filed in July 2012.

• The new cases filed in July represent the lowest number of new foreclosures filed with the Clerk & Comptroller, Palm Beach County, since July 2006, when 392 foreclosures were filed.

• The number of new mortgages and deeds recorded in Palm Beach County during July remained higher compared with the previous year, but lower than the totals recorded in June. There were 6,985 deeds recorded in Palm Beach County in July, down 7.5 percent from 7,548 deeds recorded in June, but up 44.7 percent from 4,828 deeds recorded in July 2012.

Clerk Sharon Bock attributes the new law to the declining number of foreclosures, which demonstrates that banks are acting with an abundance of caution before they bring forward foreclosures cases in Florida.

Click here to read more on the recent decline in foreclosures in Palm Beach County.

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 website, www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Who the New Student Loan Act Really Benefits

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You may be surprised to hear who the Bipartisan Student Loan Certainty Act of 2013, officially signed on August 9, by President Obama is actually benefitting. According to a recent story in U.S. News & World Report, the Congressional Budget Office projects the new law will increase government profits on student loans through 2023 by $715 million! The new law offers a moderate amount of help to current students at the expense of future ones and simply does not address the fundamental problem in the student loan system- the enormous profit the federal government is making at the expense of students.

The amount added to subsidized and unsubsidized direct loans for undergraduates is 2.05 percentage points. Unsubsidized direct loans for graduate and professional students have 3.6 percentage points added to the 10-year Treasury note rate and 4.6 percentage points are added to PLUS loans for graduate and professional students. By itself- when interest rates are low- this is not too bad.

Unfortunately, the new law combines this market rate with different – and much higher – interest rate caps. Undergraduates can now pay a maximum interest rate of 8.25 percent – compared with the previous maximums of 6.8 and 3.4 percent for unsubsidized and subsidized direct loans. When interest rates go up, which they likely will in the near future, students will pay much higher rates.

Click here to read more on the new student loan act and who it is actually benefiting.

If you are in a financial crisis and are considering filing bankruptcy, 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, Timothy Kingcade Posts

Detroit Pension Funds to Object to City’s Bankruptcy

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According to a recent report by Reuters, Detroit’s two public pension funds will file an objection on Monday to the city’s bankruptcy filing on Michigan constitutional grounds. The challenge expected from the pension funds is the first to emerge from among several parties likely to object to the city of Detroit’s claim that it is bankrupt.

For Detroit’s Chapter 9 bankruptcy to proceed, U.S. Bankruptcy Judge Steven Rhodes, who is overseeing the case, must first find the city has proved it is insolvent and negotiated in good faith with its creditors, or that there were too many creditors to make negotiation possible.

In a court filing earlier this month, Detroit released a list of creditors, including current, former and retired workers that filled 3,504 pages. If Detroit is ultimately deemed eligible for municipal bankruptcy, it would be the biggest case in U.S. history.

The city’s two pension boards will claim that Michigan Governor Rick Snyder violated the state’s Constitution when he allowed Detroit’s state-appointed emergency manager,Kevyn Orr, to make the bankruptcy filing. The pension boards will also claim Detroit violated state constitutional language that prohibits the impairment of vested retirement benefits for public workers.

Click here to read more on the latest drama surrounding Detroit’s bankruptcy filing.

If you are in a financial crisis and are considering filing bankruptcy, 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

Florida Leads U.S. in Foreclosures for 3rd Straight Month

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According to a recent report from RealtyTrac, Florida posted the nation’s highest foreclosure rate in July for the third consecutive month. Among metro areas, Palm Beach, Broward and Miami-Dade counties had the nation’s second-highest foreclosure rate, with one in 250 homes in the foreclosure process. Jacksonville ranked first, at one in 230. These numbers can be attributed to lenders clearing backlogs of foreclosures caused by the housing bust.

Across the state, 79 percent of loans in foreclosure were originated from 2004 to 2008. In South Florida, 81 percent of loans in foreclosure were from those five years. Analysts report that even though there is still a ‘sizable pool of delinquent mortgages in Florida, there is enough demand for homes to keep the values from falling.” New cases in Palm Beach County declined 68 percent in July from a year ago, according to the Palm Beach County Clerk & Comptroller’s office.

Some experts attribute this to the new state law that took effect on July 1, 2013, which was designed to speed up foreclosure filings, but also requires lenders to have all of the necessary paperwork to prove their case.

Click here to read more on Florida leading the U.S. in foreclosures for the third straight month.

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 website, www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

New Study Reveals Foreclosures Distort Home-Price Measure

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Economists from the Federal Housing Finance Agency recently examined markets in Miami and Tampa, FL to determine the impact of bank-owned property and short sales on the FHFA’s house price index. The latest data, released July 23, showed that house prices appreciated a seasonally adjusted 0.7% in May from the prior month — the 16th consecutive increase. The report reinforced views that the housing market is rebounding, but it also points to some distortion in the index through boom-and-bust cycles.

The study revealed that, “As the ‘weight’ of distressed sales on the standard index decreased in recent periods, the depressing effect lessened over time. This means that the price appreciation observed in the standard FHFA index was somewhat above what the distress-free measures reported.”

In the late 1990s, distressed sales in the Miami and Tampa markets tended to price about 10%-15% less than normal sales. As the housing boom accelerated, the discount shrank to 5% and 10%. But from 2007 to 2010, that figure jumped to near 30%. In recent quarters, with the onset of the recovery and rising home prices, such discounts have become slightly more modest. In the first quarter of 2013, the average discount was about 25%, the study reported.

Click here to read more on a new study which reveals foreclosures distort home-price measure.

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 website, www.miamibankruptcy.com.

Credit, Foreclosures, Timothy Kingcade Posts

Thousands of Marylanders Lose Homes in Second Wave of Foreclosures

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Maryland is suffering from a second wave of the housing crisis. Between January and June, Maryland went from having one of the lowest foreclosure rates in the nation to the third highest as banks worked their way through a backlog of delinquent loans, created in part by the state’s long foreclosure process.

Housing experts have been expecting a second wave of foreclosures since 2010, when lenders were forced to stop all foreclosures while they addressed numerous documentation problems. The backlog of troubled loans continued to grow, mainly in states such as Maryland, where foreclosures must go through the court system and the process takes much longer. Once among the shortest in the nation, Maryland’s is now among the longest: an average of 575 days as of June, according to foreclosure-tracking firm RealtyTrac.

In other parts of Maryland, increased foreclosure activity is showing up in economically depressed areas such as Dorchester and Wicomico counties, largely because of local conditions and high rates of unemployment.

In response to this, the counties are planning a $2 million direct-assistance program to help homeowners facing foreclosure who can show they can handle their mortgage payments going forward.

Click here to read more on thousands of Marylanders losing their home in a second wave of foreclosures.

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 website, www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

7 Mistakes that Can Hurt your Credit Score

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A good credit score can help you get approved for a mortgage or a car loan. It also allows you to qualify for the best loan interest rates possible. A ‘good credit score’ is considered to be a 720 or higher. But it’s all too easy to let your credit score slip. Below are seven mistakes that can negatively affect your credit score:

1.) Failing to understand how your credit score is calculated. The three credit reporting bureaus- Equifax, Experian and TransUnion rely on the following five factors: payment history, amount you owe, length of credit, types of credit and new credit inquiries you make.
2.) Pay late. Lenders look for patterns of missed or late payments. Even being one day late on a payment can lower your credit score.
3.) ‘Max out’ your credit card. Lenders consider it a bad sign if your debt-to-credit ratio is too high. You should shoot for a ratio under 30 percent.
4.) Canceling credit cards. This is not always a good thing. Canceling a credit card can raise your debt-to-credit ratio because the available credit you have shrinks when you close the account.
5.) Failing to strike a balance between paper and plastic. Using a credit card properly can convey responsibility when it comes to money management. Deciding to pay cash for most purchases can actually hurt your credit score.
6.) Applying for a credit you do not need. The more credit inquiries you make, the riskier you seem to creditors. Apply only for credit you truly need.
7.) Give up on improving your credit score. If you have a low credit score and are not making efforts to improve it, chances are your score will continue to go down. There are two things that will eventually help improve your credit score: making regular, on-time payments and the passage of time.

Click here to read more on the seven mistakes that can hurt your credit score.

If you are in a financial crisis and are considering filing bankruptcy, 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.

Credit, Foreclosures, Timothy Kingcade Posts

PNC Financial Services Subpoenaed on Foreclosure Costs

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PNC Financial Services Group Inc recently received a federal subpoena seeking information about claims for foreclosure expenses related to federally backed mortgage loans. The bank is also being investigated by the Justice Department and a government regulator over the pricing of mortgage loans issued by PNC and National City Corp, the company it bought in 2008. The subpoena from the U.S. Attorney’s office for the Southern District of New York deals with loans insured or guaranteed by the Federal Housing Administration, Freddie Mac and Fannie Mae.

The disclosure about the inquiry comes a week after PHH Corp said it had received a similar subpoena from the same US Attorney office related to foreclosure expenses. In June, the Department of Justice authorized the filing of a civil complaint against PNC, while the Consumer Financial Protection Bureau authorized settlement negotiations with the lender.

Both the Department of Justice and the Consumer Financial Protection Bureau are investigating whether mortgage loan pricing by National City and PNC “had a disparate impact on protected classes.”

The PNC disclosure comes after President Obama vowed to hold companies responsible for breaking the law in financing the housing bubble that caused the financial crisis.

Click here to read more on PNC Financial Services recently being subpoenaed on foreclosure costs.

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 website, www.miamibankruptcy.com.