Bankruptcy Law, Timothy Kingcade Posts

U.S. Postal Service to Stop Saturday Deliveries – How it Will Affect You

The U.S. Postal Service announced last Wednesday that it would stop delivering letters on Saturdays, effective August 5, 2013. The Postal Service will still deliver packages on Saturdays and post office locations will remain open. However, mail in the form of letters will not be delivered to home addresses. Also, letters delivered to post office locations will no longer be processed on Saturdays.

Consumers will be urged to be more careful about paying their bills, if they typically pay them via mail. Credit card issuers have to set a payment deadline at least 21 days from the time they mail the cardholder’s statements. The new Postal Service hours might mean that consumers receive their statements two days later and must send in their payments two days earlier. Only approximately 23% of bill payments are made with a check according to a research firm called Fiserv. However, this percentage still accounts for billions of checks.

To read more on this story visit: http://money.msn.com/how-to-budget/article.aspx?post=246a4d46-ea8f-470a-a766-9bb83ea5b0ef

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. 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, P.A. at www.miamibankruptcy.com.

Credit, Foreclosures, Timothy Kingcade Posts

8 Ways the Housing Market has changed in 2013

There have been many changes – both good and bad – to the housing market in the last six months. New issues, rules and opportunities have surfaced that will affect everyone who is selling, buying or staying in their homes in 2013. Below are some of biggest changes industry experts have seen:

1. Home prices are on the rise. The housing market recovery has helped to improve the economy with lower interest rates and an increase in buyer demand. As a result, home prices are on the rise. The national median home price increased 10.1% in November 2012, compared to November 2011. Gains during 2013 are expected to continue at a more modest rate.

2. Interest rates are up. During 2012 interest rates declined, sometimes at record-low rates. This year, interest rates are expected to rise slightly. The Federal Housing Administration (FHA) increased its one-time upfront mortgage insurance premium for minimum down-payment loans and will likely increase those premiums again this year.

3. Inventory is down. At the end of November 2012, inventory of existing homes for sale was down 3.8%, which is a 4.8-month supply at the current sales pace. Listed inventory is down 22.5% from one year ago, when there was a 7.1-month supply. Although, an increase in inventory is often a good sign, prices have not increased enough to enable homeowners to sell and recuperate.

4. New mortgage rule to protect buyers from risky mortgages. The Consumer Financial Protection Bureau (CFPB) announced a new rule to protect borrowers from risky mortgages. The rule is known as the Ability to Repay Rule and will take full-effect in January 2014, however most lenders will put the rule into practice this year.

5. Home-equity loans will make a comeback. Home-equity loan rates were down along with mortgage rates for most of 2012. Now that home prices are stabilizing, experts expect to see lenders competing for home-equity loan business. The average rate on a fixed-rate home-equity loan fell to 6% in January, after being as high as 8.5% during the financial crisis in 2009.

6. A drop in foreclosure sales. Due to the housing market crash, foreclosure sales quickly skyrocketed. After the $25 billion deal made in February of 2012 between 49 states and the five largest banks, lenders are looking for ways to help distressed homeowners stay in their homes. Another reason for the drop in foreclosure sales is due to lenders selling off repossessed homes to investors, rather than individual buyers.

7. Home construction will increase this year. An increase in demand for homes will pave the way for home construction in 2013. Applicants for building permits for new single-family homes were up during most of the fourth quarter of 2012. An increase in hiring by builders and record-low interest rates suggested a modest growth in home construction.

8. A suffering luxury market. Luxury homeowners raced to put their homes on the market in November of last year causing a 51% surge of million-dollar home sales. The surge was an attempt to avoid the capital-gains tax hikes in January that were a part of the fiscal-cliff deal. As a result, experts expect a decrease in luxury-home sales during the first part of 2013.

To read more on this story visit: http://realestate.msn.com/8-ways-the-housing-market-has-changed-for-2013

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

Abacus Federal Savings Bank Charged with Mortgage Fraud

Abacus Federal Reserve Bank is a smaller bank that caters mostly to Chinese immigrants in New York. In May of last year, the Manhattan district attorney’s office charged the bank and 19 former employees with mortgage fraud. District Attorney Cyrus Vance stated that, “Mortgage fraud became institutionalized at Abacus Bank.” The bank sold many of its loans to Fannie Mae, taking the proceeds from the sales and then lending them back out to earn additional interest. Fannie Mae bundled the mortgages into securities and sold them to investors. Abacus Bank also lied about applicants to ensure they would meet Fannie Mae’s income requirements. Between 2005 and 2010, the bank sold hundreds of millions in fraudulent mortgages to Fannie Mae while gaining millions of dollars in commissions and fees.

District Attorney Vance said that Abacus Bank’s fraudulent actions epitomize the behavior that caused the housing bubble to burst. The fraud analytics firm, Interthinx, estimated there were between $1 trillion and $4.8 trillion in fraudulent mortgages issued nationwide between 2005 and 2007. There have been a few civil suits against larger banks such as Bank of America and JPMorgan Chase, however Abacus is the first and only bank to be criminally indicted for mortgage fraud. Some analysts believe the government is sending a message to Wall Street with the indictment. However, Abacus Bank is an odd choice to use as an example considering few people outside the Chinese-American community have ever heard of the bank.

To read more on this story visit: http://www.businessweek.com/articles/2013-01-31/mortgage-fraud-prosecutors-pounce-on-a-small-bank

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 Law, Credit, Timothy Kingcade Posts

Job Recovery Rate Higher for Workers with College Degrees

According to CNN Money, recent studies have shown that levels of job recovery are much higher for workers with a college degree. Workers with higher levels of education such as: master’s degrees, doctorates or professional degrees are a small part of the population and have been affected the least by the suffering job market. Unfortunately, those with a high school diploma or less have experienced the greatest job deficit and slowest employment gains.

Workers with master’s, doctorates or other professional degrees have experienced a 6.7% job market gain since 2010. Approximately 1.1 million more workers reported having jobs in 2012 than in 2010. Workers with bachelor’s degrees have reported a 5% gain since 2010. Workers with a high school diploma or less have been experiencing a loss in jobs since 2007. Approximately 767,000 fewer reported having a job in 2012 than in 2010. Experts say this is a long-running trend that has been shifting the U.S. economy toward more professional occupations. The health care and professional services sectors experienced the strongest job growth last year. Construction, a predominately blue-collar profession, experienced the biggest sector cut.

To read more on this story visit: http://money.cnn.com/2013/01/24/news/economy/college-degree-jobs-recovery/index.html?iid=SF_E_River

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. 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, P.A. at www.miamibankruptcy.com.

Credit, Foreclosures, Timothy Kingcade Posts

Florida’s Foreclosures Provide Bargains for Home Buyers

According to RealtyTrac, five cities in Florida made the top ten list for the best U.S. locations to buy foreclosed homes in 2013 at a discounted rate. Florida is still suffering from a backlog of foreclosures from the real estate crisis, making it a great place to buy up bank-owned properties. One in 32 Florida homeowners received a foreclosure notice last year, which is more than double the nation’s average. Due to the high volume of foreclosures and the required court review per case, the state’s foreclosure crisis is exacerbated. Repossessions increased by 16,276 during 2012, making Florida’s total repossessions 84,456.

The Palm Bay metropolitan area in Florida has a 34-month foreclosure supply and 28 percent average discount to homes with debt problems. Central Florida areas such as Lakeland, Orlando and Tampa are also locations that made the list for prime foreclosure deals in 2013. Jacksonville is another area in Florida where distressed home sales are expected to be up this year.

New York ranked second on RealtyTrac’s list of foreclosure bargains. Four New York cities are on the top ten list including: Rochester, Albany, Schenectady and Troy.

To read more on this story visit: http://www.businessweek.com/news/2013-01-31/florida-foreclosure-cities-poised-for-2013-home-bargains

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 Law, Credit, Timothy Kingcade Posts

Senate Proposes Bankruptcy Option for Private Student Loan Debt

Last Wednesday, Sen. Dick Durbin unveiled a proposal that would give student loan debtors an option for bankruptcy. The proposal targets former students who have loans through private lenders such as Sallie Mae, Wells Fargo Corp. and Discover Financial Services. The proposed bill does not apply to federal education loans, which make up more than 80% of the $1 trillion in outstanding student loan debt.

Currently, Federal law prohibits private or federal student loans from being discharged in bankruptcy court, except in rare cases. Consumer advocates believe this to be the reason that many borrowers are unable to unload their student debt. In many cases, student loan debt is so high; there is little hope the borrowers will ever repay them. Other types of major consumer debt including mortgages, credit cards and auto loans are all dischargeable in bankruptcy court.

To read more on this story visit: http://blogs.wsj.com/washwire/2013/01/24/senators-propose-bankruptcy-option-for-private-student-loans/

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. 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, P.A. at www.miamibankruptcy.com.

Credit, Foreclosures, Timothy Kingcade Posts

FHA Announced Hike on New Mortgage Premiums

The Federal Housing Administration (FHA) announced last week that it will be raising premiums in order to reduce borrowers’ exposure to risky loans. It will raise premiums by 10 basis points or .1% on most of the new mortgages it insures. This means that if a borrower with a 30-year fixed rate mortgage puts 5% or more down, they will now pay an annual insurance premium of 1.3% of their outstanding balance. If a borrower puts less than 5% down, they will pay a premium of 1.35%. The FHA is the largest insurer of low-down payment mortgages. It will also raise premiums on ‘jumbo loans,’ or loans of $625,000 or more. Jumbo loan premiums will be raised by 5 basis points, or .05% and increase the minimum down payment requirement on these loans from 3.5% to 5%.

Another change the FHA is making to its insurance requirements is that buyers will now have to pay insurance premiums for the life of their loan. In 2001 a policy was set in place that allowed borrowers to cancel their premium payments once their debt fell below 78% of the principal balance. Borrowers who put more than 10% down at the time of the purchase will be an exception to this new policy.

Other new policies the FHA has set in place include one requiring that mortgages where the borrower has less than a 620 credit score and a debt-to-income ratio above 43% must be underwritten manually. Lenders will be required to adequately document why they decided to approve these loans. Another policy the FHA will enforce will place new restrictions on reverse mortgages.

To read more on these changes visit: http://money.cnn.com/2013/01/31/real_estate/fha-mortgage-premiums/index.html?iid=SF_PF_River

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.

Credit, Foreclosures, Timothy Kingcade Posts

4 Tips to A Smooth Home Purchase

Since the housing bubble burst, Americans are wary about purchasing a new home and banks are cautious about lending money, as well. However, there are four things you can do (or not do) to ensure your home purchase goes smoothly.

1. Avoid other major purchases before closing on your home. Banks can pull out of mortgages at any time, even moments before closing. If you buy a new car just before closing, your bank might become concerned and pull out of the mortgage.

2. Try to avoid any big career changes before closing on your home. Your salary and job stability are extremely important to mortgage lenders. The bank may delay the loan until after they are sure your new job is stable, however they may pull out of the mortgage altogether.

3. Prepare your finances for a last minute credit check. Since rules initiated by Fannie Mae went into effect in June, most lenders run a second credit check just before closing. If you mistakenly miss any payments, the bank might pull out of the mortgage. You also want to avoid applying for a new credit card, which could reduce your credit score if you are not approved.

4. Be aware of all of your closing-costs. Many homeowners put every penny into their down payment and do not have enough to pay closing costs. Closing costs can be as much as 3% of the cost of the home. You can lose the home if you do not have enough set aside for closing costs.

To read more on this story visit: http://realestate.msn.com/article.aspx?cp-documentid=26146302

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 Law, Credit, Foreclosures, Timothy Kingcade Posts

6 Great Credit Cards to Rebuild after Bankruptcy

Many Americans are struggling to redeem their pre-recession credit scores. Whether you have recently filed for bankruptcy, been foreclosed on by your bank or simply struggled to pay your bills, rebuilding your credit score can be a long process. Below are six great credit cards to help you rebuild your credit score:

1. Navy Federal Credit Union nRewards Card: According to credit card expert Beverly Harzog, this is one of the best credit cards for rebuilding a credit score. You must be in the military or related to someone who is in the military to be eligible for this card. This card has no annual fee and the percentage rate is a variable 8.9%. It has a 25 day purchase grace period and it reports to the three major credit bureaus: Equifax, Experian and TransUnion.

2. Citi Secured MasterCard: With this card, you will earn a 1.01% annual yield because Citi invests your money in an 18-month certificate deposit of savings account. The annual fee is $29 per year, which is very low. This card is best for those who do not typically carry a balance because the variable APR is very high.

3. Capital One Secured MasterCard: This card also has a very high variable APR at 22.9%, but a low annual fee. A positive feature of this card is that the bank supplies cardholders with a credit-monitoring tool so that if you are struggling with your score, you can monitor it closely with this card.

4. Wells Fargo Secured Card: This card has a very low annual fee of $25, but it has a high APR of 18.99%. If you use this card responsibly, Wells Fargo will consider you for an unsecured credit card.

5. US Bank Secured Visa Card: Similar to Wells Fargo, this secured card can put you on the track to an unsecured credit card. Responsible card users can qualify for an unsecured card from US Bank in as little as 12 months.

6. Platinum Zero Visa Card from Applied Bank: Cardholders should be aware of the $9.95 monthly maintenance fee on this card. However, if you typically carry a balance on your card, this one is ideal for you. This card charges 0% interest on purchases and there is no credit check required.

To read more on this story visit: http://money.msn.com/credit-cards/6-great-cards-for-rebuilding-credit

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. 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, P.A. at www.miamibankruptcy.com.

Bankruptcy Law, Timothy Kingcade Posts

Casey Anthony Files for Bankruptcy in Florida

Casey Anthony filed for Chapter 7 bankruptcy protection last Friday in Florida. Anthony claimed approximately $1,100 in assets and $792,000 in liabilities. Her listed debts included: $500,000 for attorney fees and costs for her criminal defense lawyer during the trial; $145,660 for the Orange County Sheriff’s office for a judgment covering investigative fees and costs related to the case; $68,540 for the IRS for taxes, interest and penalties and $61,505 for the Florida Department of Law Enforcement for court costs. Her legal debt accumulated when she was on trial for the murder of her daughter, Caylee. Anthony was acquitted of killing Caylee in 2011, however she is currently unemployed, with no recent income.

Aside from her financial troubles, Anthony is also facing a defamation lawsuit. Among many other civil suits, the defamation suit was brought forth by Zenaida Fernandez-Gonzalez in the Orange County Circuit Court. Fernandez-Gonzalez claims that Anthony defamed her when she told the detectives that a baby sitter with the same name kidnapped Caylee in 2008.

To read more on this story visit: http://www.huffingtonpost.com/2013/01/27/casey-anthony-bankruptcy_n_2560873.html

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. 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, P.A. at www.miamibankruptcy.com.