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Credit, Foreclosures, Timothy Kingcade Posts

4 Tips to A Smooth Home Purchase

Posted on February 1, 2013by Admin

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

Posted on January 31, 2013by Admin

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

Posted on January 30, 2013by Admin

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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

New Credit Card Transaction Fees in 40 States

Posted on January 29, 2013by Admin

As of Sunday, 40 states in the U.S. will now charge merchants and retailers a “checkout” surcharge fee of 4% on credit card transactions. The fees are a result of the $7.25 billion settlement last June between credit card issuers and merchants. Part of the settlement stated that credit card issuers would reduce merchant’s fees for eight months. Now that the agreement has expired, credit card issuers are charging merchants a higher percentage. As a result, some merchants are charging consumers between 1.5 and 4 percent of the total purchase on all credit card transactions in order to cover the increase on credit card processing costs.

Another part of the settlement allows merchants and retailers to charge tax on its customers. According to the National Retail Federation, the vast majority of retailers do not want to surcharge consumers. Many of them have joined a petition in favor of consumers’ interests. The petition claims that charging taxes would punish the consumers, rather than the credit card companies for their wrongdoings.

It is still illegal to charge the fee in the following ten states: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.

Bankruptcy Law, Credit, Timothy Kingcade Posts

6 Steps to Prep for your Tax Return

Posted on January 28, 2013by Admin

Below are six steps to help you get ahead on your taxes this year:

1. The first thing you should do is put together a list of social security numbers. You will need to include everyone’s number who will be on your tax return. If your child is 12 years old or older and does not have a social security number, you must apply for one.

2. Next, you will need to gather the documents that show the income you earned in 2012. This can include: a W-2 from your employer, a 1099-MISC if you made more than $600 from anyone for freelance work, a 1099-G if you collected unemployment, the interest on any savings accounts you have, etc.

3. You also need to locate your 2011 tax return. This can be very helpful when filing your 2012 tax return, unless your life has drastically changed. If you cannot find your tax return from last year, you can order a copy at http://www.irs.gov/Individuals/Order-a-Transcript.

4. Another step you can take to get ahead on your taxes is to figure out the deductions you can claim. There are many possibilities with tax deductions, therefore you should educate yourself and get your paperwork together, early. You will need documentation to prove any deductions you claim. Visit http://www.irs.gov/taxtopics/tc500.html to learn about deductions.

5. If you contributed to a charitable organization in 2012, you can deduct your donation from your taxes. The donation can be in the form of cash, property or stock and must have been to an organization, not a person or political campaign. Visit http://www.irs.gov/uac/Eight-Tips-for-Deducting-Charitable-Contributions to learn about charitable deductions.

6. Finally, you should plan your actual refund. The fastest way to get your refund is to file electronically and use direct deposit.

Credit, Foreclosures, Timothy Kingcade Posts

Mortgage Interest Rates Frozen – Money Tips for 2013

Posted on January 25, 2013by Admin

It’s been reported that the Federal Reserve will likely keep interest rates regulated throughout 2013. In order to spark housing market growth, the Federal Reserve will keep the lending rate between banks in the 0% – 0.25% range until mid-2015.

Below are some savings and credit tips for the 2013 economic climate:

• Freeze your mortgage rate. Mortgage interest rates are at a 40-year low; therefore, you can lock in your mortgage with a fixed-rate. The interest on a 30-year fixed mortgage has been 3.57% throughout January.

• Lower your mortgage term. If you are planning on refinancing your home and might be moving within a few years, you should consider an adjustable-rate mortgage. During January, initial rates on five-year ARMs were 2.68%.

• Open long-term CDs. Place your cash in a long-term CD with low withdrawal penalties. This will give you the opportunity to make thousands of dollars in just a few years time.

• Avoid rising-rate CD lures. If a bank offers you an option for a higher yield on a CD if rates rise, you typically get a low initial rate. It is better to shop around and compare other rates with the fixed equivalent.

• Use local banks. Online banks sometimes have the best rates. However, if you prefer a bank you can physically go to, community banks are a great choice. Most local banks are less affected by the Federal Reserve and offer great rates. Visit www.findbankrates.com for the best rates in your area.

• Transfer a balance. Average interest rates on credit cards are extremely high right now. You can transfer a balance from a card with a higher rate to a card with a lower rate and save money.

• Carry rewards cards. If you are usually able to pay off your credit card balance, you are best suited for a rewards card, rather than an extremely low interest rate card.

To read more on this story visit: http://money.cnn.com/2013/01/01/news/economy/interest-rates.moneymag/index.html

Foreclosures, Timothy Kingcade Posts

Home Construction Up 12%

Posted on January 24, 2013by Admin

The housing market has shown signs of improvement this past year with record-low mortgage rates, an increase in home construction and fewer foreclosures. Home construction exceeded economists’ expectations during the month of December with the start of construction on more than 889,000 homes. Construction rates were up more than 12% from November and nearly 37% from December 2011. Construction picked back up in the Northeast after Superstorm Sandy with new home construction up 19% from November. The new home construction surge suggests low inventory and builder confidence, which are two great signs for the economy.

Economists also tracked applications for new building permits to indicate the confidence in the market, however there was little change from November’s rate. December’s mortgage rates also continued at a record-low percentage, which is another positive indicator that the market is on the road to recovery.

To read more on this story visit: http://money.cnn.com/2013/01/17/real_estate/housing-starts/index.html

Credit, Timothy Kingcade Posts

6 Items You Will Pay Less for in 2013

Posted on January 23, 2013by Admin

Below are 6 pricy items that are expected to drop in 2013:

1. Used Cars: If you need a new car, consider purchasing a used car in 2013. Analysts project that used car prices will drop several hundred dollars this year. This drop is related to a spike in lease terminations resulting in extra inventory on used car lots.
2. Gas: Last year’s average gas price was $3.63 per gallon. In 2013, average gas prices are projected to drop to $3.43 according to the Department of Energy. A spike in fuel-efficient vehicles on the road will help keep gas prices lower this year.
3. Ultrabooks: Intel has predicted that laptops with “ultrabook” branding will see a major price drop in 2013. Ultrabooks are known for their slim, light exteriors and high-speed processors. Intel predicts these will retail for $599, approximately half of their normal cost, by the end of this year.
4. Vacation Packages: Vacationers can save more than $1,000 this year by booking their airfare and hotels together. Popular resorts in areas such as Hawaii and Mexico will offer major savings for those who book package deals.
5. Solar Energy Panels: Solar energy panels have become increasingly popular for those trying to heat swimming pools or large homes. Analysts expect these pricy items to decline by as much as 10% this year.
6. Flatscreen TVs: The prices of 50-plus-inch flatscreens are projected to drop nearly 11% during 2013. The bigger the TV, the bigger the price cut.

To read more on this story visit: http://money.cnn.com/gallery/pf/2013/01/22/pay-less-2013/6.html

Credit, Foreclosures, Timothy Kingcade Posts

HSBC Settles Foreclosure Suit for $249 Million

Posted on January 22, 2013by Admin

HSBC settled with the Federal Reserve and the Office of the Comptroller of the Currency for $249 million last Friday for alleged foreclosure abuses. The settlement will offer $96 million in direct cash payments and $153 million in other forms of relief such as loan modifications and forgiveness of deficiency judgments. The terms of the settlement are similar to other recent multi-million dollar foreclosure abuse settlements. Initially, $3.6 million in cash relief will be issued to nearly 4.2 million homeowners for as much as $125,000 each.

HSBC and 13 other banks were issued an enforcement action for charging excessive fees, wrongfully foreclosing on borrowers and using improper documents in April 2011. As a result, the banks were forced to hire independent consultants to investigate the foreclosure abuses and provide compensation for victims, a process known as Independent Foreclosure Review. This process was later abandoned when it proved to be slow moving and expensive. The settlement is expected to provide relief to foreclosure abuse victims much faster and avoid future lawsuits.

To read more on this story visit: http://money.cnn.com/2013/01/18/investing/hsbc-foreclosure/index.html

Credit, Foreclosures, Timothy Kingcade Posts

Florida Leads the Nation in Foreclosures

Posted on January 21, 2013by Admin

Florida led the nation with the highest number of foreclosures throughout 2012. One in 32 Florida homes received a foreclosure filing last year. However, according to RealtyTrac the housing market crash that began six years ago is winding down. The first six years of the housing crisis, Nevada held the number one foreclosure rate in the country. During 2012, Nevada fell to number two with one in 37 homes receiving a foreclosure filing. California and Utah both held top five spots during 2011 and both fell off the ‘top’ list last year, which suggests the Western states might be healing a bit faster than the East.

Foreclosures in Florida stalled during 2011 after the “robo-signing scandal” surfaced. They picked back up during 2012 after the $26 billion deal was signed in February between the five largest mortgage lenders and 49 state attorney generals. Since 2007, more than 91,000 homes have been foreclosed on in Palm Beach and Broward counties alone. The Consumer Financial Protection Bureau released new rules last week that are intended to protect consumers from risky mortgages and hopefully guard the economy from another housing market crash.