Five years after the mortgage crisis and the housing bubble burst, more Americans are deciding that it’s okay to walk away from their underwater mortgage payments. In a recent survey conducted by JZ Analytics for ID Analytics, 32% of more than 1,000 respondents said they “believe homeowners should be able to strategically default on their mortgages without any consequences.”
Today, there’s obviously still a social stigma to walking away from an underwater home, given that the other two-thirds of respondents didn’t find it acceptable. In addition to shame and guilt, people also have to face a sense of loss, since most people are emotionally attached to their homes. There are practical considerations, too: the stress of being hounded by collectors, the knowledge that you are ruining your credit, and the possibility of being sued by the lender.
There is also community pressure to avoid foreclosure. Defaults can hurt nearby property values a 2010 study revealed. Despite all of this, attitudes have clearly changed. The idea that only ‘deadbeats’ default on their mortgage payments is a thing of the past. The ID Analytics survey found that 17% of Americans know someone who has strategically defaulted on a mortgage. What’s more, many people now recognize that companies are often able to declare bankruptcy and either shed or restructure their debts without long-term consequences.
To read more on this story visit: http://business.time.com/2012/10/15/is-the-stigma-of-ditching-your-underwater-mortgage-fading/?utm_source=contactology&utm_medium=email&utm_campaign=InChargeInsiderMarch
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.
Three Major Credit Card Issuers to Refund Cardholders $435 Million
The Consumer Financial Protection Bureau (CFPB) ordered three credit card issuers, Discover, American Express and Capital One, to refund a collective $435 million to cardholders. Refund dispersion is already underway to a reported six million consumers. The majority of these refunds will show up as credit on the appropriate cardholders’ accounts. If consumers qualify for a refund but are no longer a cardholder, they will receive a check in the mail. Qualified cardholders are expected to receive their refunds by the end of March 2013.
American Express has been ordered to issue $85 million in refunds to 250,000 customers for illegally high late fees and monetary rewards that were promised but never received. Capital One was ordered to issue $150 million in refunds to two million customers for pressuring and misleading them into buying products and services. These services included payment protection and credit monitoring. Discover was ordered to issue $200 million to 3.5 million customers who were coerced into purchasing credit protection products between December 2007 and August 2011.
To read more on this story visit: http://money.cnn.com/2012/12/17/pf/credit-card-refunds/index.html?source=cnn_bin
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.
Economists Forecast Growth in 2013
Economists are hopeful for a modest growth in 2013 as the housing market continues to stabilize. The economy saw a 2.2 percent growth during 2012 and economists expect a 2.1 percent growth rate during 2013. Although it is a good sign for economic recovery, it is at such a slow pace that it will not have much effect on the unemployment rate. Economists from the National Association of Business Economics (NABE) say they expect the unemployment rate to level off next year to around 7.7 percent.
Economists have seen a slight stunt in economic growth during the October-December quarter and believe Hurricane Sandy is the cause. The Gross Domestic Product (GDP) or the country’s output of goods and services has sharply declined during this quarter. However, if we go over the fiscal cliff in two weeks, this will likely cause even more damage to the economy. Economists say their anticipated growth rate is based on the hope that the federal government will find a solution to avoid tax and spending cuts.
NABE expects the growth in 2013 to include:
• 165,000 jobs added to the job market
• The inflation rate to increase 1.8 percent
• A 75 percent increase in long-term interest rates
To read more on this story visit: http://www.miamiherald.com/2012/12/17/3145564/economists-forecasting-moderate.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.
South Florida’s Average Mortgage Balance Dropped $3K in a Year
According to CreditKarma.com South Florida’s average mortgage balance has dropped $3,000 since last year. Average debt in November 2011 in both Broward and Miami-Dade counties was $198,150 and dropped to $195,274 in November 2012. This is a sign that the economy is slowly improving in South Florida. Credit card debt has also dropped since 2011, on average more than $1,000 per consumer.
Palm Beach and Broward County mortgage banker, Adam Cohn said he has noticed that clients are trying to pay down their mortgages before refinancing. Cohn also said he has seen some couples take out of retirement to pay down their mortgages. The fact that homeowners have become more cautious with their money shows they have learned a lot from their financial mistakes during the recession. The average mortgage amount for new homeowners in South Florida is approximately $200,000.
To read more on this story visit: http://www.sun-sentinel.com/business/blogs/money-sense/sfl-mortgage-balance-drops-20121211,0,6625974.story
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.
House Speaker Proposes ‘Fiscal Cliff’ Negotiation with President Obama
Last week House Speaker John Boehner proposed an increase on income tax for American’s making more than $1 million per year. Boehner said he would agree only if President Obama would agree to federal spending cuts. With a little more than two weeks until the fiscal cliff, Republicans are showing signs of flexibility on income tax rate increases for the upper class that they initially dismissed. Before Friday, Boehner publicly insisted that new revenue should come through closing loopholes and limiting deductions.
Experts say this is a good sign that the White House and the House of Representatives are serious about negotiations to avoid going over the fiscal cliff. If a deal is not met by December 31, 2012 spending cuts and tax increases will automatically go into effect. As a result, the U.S. will hit its debt ceiling by mid-February.
To read more on this story visit:
http://www.npr.org/blogs/thetwo-way/2012/12/16/167413853/boehner-floats-tax-rate-hike-for-highest-earners
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.
Two Reporters Told to Choose Who Gets Laid Off
The Kansas City Star recently told two reporters to choose who would keep their job and who would be laid off. The president and publisher of the newspaper, Mi-Ai Parrish, said the publication would be forced to cut 17 positions total. The odd layoff approach has made national news and been widely criticized by workplace experts. Parrish also insinuated the paper would continue using this approach in order to give workers the option of a severance package. She said if no one volunteered, the person with the least amount of tenure would be laid off.
Workplace expert Bob Kelleher has encouraged organizations to stay away from insourcing layoff decisions. The reason leadership positions exist is so that someone is held accountable for these kinds of decisions. In the aftermath of the layoffs, the majority of workers left will likely have little respect for the leaders of the company. It appears to the remaining workers that those who should be making the decisions lack the courage to do so.
To read more on this story visit: http://www.nbcnews.com/business/two-kansas-city-star-reporters-told-choose-who-gets-sacked-1C7573609
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.
Allen Iverson Faces Foreclosure on Atlanta Mansion
Former NBA superstar, Allen Iverson, is fighting to keep his Atlanta, GA home out of foreclosure. Iverson filed a lawsuit against the mortgage company claiming that he did not consent to the loan and that his estranged wife is the one to blame. Iverson defaulted on $1.2 million of his $5.4 million mortgage. His home was scheduled to be sold at auction on December 4th.
Iverson is in the midst of a messy divorce with his wife. He alleges that his wife signed off on the mortgage without his consent and purposely agreed to terms he could not meet in an effort to get back at him. As a result of Iverson’s lawsuit, the foreclosure proceedings have been placed on hold.
To read more visit: http://www.christianpost.com/news/iverson-fights-foreclosure-former-nba-star-allen-iverson-blames-estranged-wife-for-default-86357/
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.
Little Progress in ‘Fiscal Cliff’ Negotiations
President Obama and the House Republicans are still in negotiations when it comes to reaching a deal in regards to the dreaded ‘fiscal cliff.’ If existing laws are not changed by the end of 2012 the economic effects of the fiscal cliff could result in tax increases, spending cuts and a corresponding reduction in the US budget deficit beginning in 2013. President Obama announced that he is determined to let the Bush-era tax cuts for the upper class expire. This past Sunday, President Obama and House Speaker John Boehner met at the White House to attempt a negotiation. Representatives from both parties stated, “The lines of communication remain open” after the meeting.
Some Republicans seem to be on board with the President’s plan for higher taxes for the upper class. Tennessee Senator Bob Corker stated that he is “beginning to believe this is the best route for us to take.” However, there is still a large group of Republicans who believe the most efficient route would be to close special interest loopholes. Either way, the White House and the House of Representatives do not have long, the fiscal cliff will hit in less than three weeks.
To read more on this story visit: http://www.cbsnews.com/8301-250_162-57558124/as-fiscal-cliff-clock-ticks-obama-hits-the-road-again/
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.
South Florida Foreclosure Sales Skyrocket
During the third quarter of 2012, foreclosure sales skyrocketed according to recent data from RealtyTrac. Foreclosure sales in Miami-Dade County jumped 43.9 percent from the second to the third quarter this year. Since the third quarter of 2011, foreclosure sales rose 21.8 percent. Broward County foreclosure sales jumped 38.9 percent since the second quarter of 2012. RealtyTrac’s Daren Blomquist said the trend is happening throughout most of the state.
The collected data includes the sale of both bank-owned properties and also short sales. Foreclosure-related sales accounted for 32.5 percent of all home sales in Miami-Dade County during the third quarter. These sales accounted for 25.2 percent of all home sales in Broward County during the third quarter. Statewide, foreclosure sales jumped 47 percent from the second to the third quarter.
To read more on this story visit: http://miami.cbslocal.com/2012/12/08/foreclosure-sales-continue-to-rise-across-south-florida/
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.
Florida Homeowners Eligible for Payout from Mortgage Settlement – Claim Deadline: January 18, 2013
As a part of the $25 billion national mortgage foreclosure settlement, Florida homeowners who lost their homes between January 1, 2008 and December 31, 2011 are eligible for a portion of the settlement. Attorney General Pam Bondi announced that those borrowers have until January 18, 2013 to file a claim. Qualified homeowners have been mailed forms they can simply fill out and send in to receive payment. Attorney General Bondi is urging everyone to complete these forms as soon as possible. Payment checks will be mailed out in mid-2013.
To be eligible for a payout, borrowers must have had mortgages serviced by one of the following banks: Bank of America, Wells Fargo, Citi, JPMorgan Chase or Ally. Across the nation, approximately two million borrowers are scheduled to receive a payout as part of the settlement and $1.5 billion has been set aside for these payouts. The amount of the payout will depend on the number of borrowers who claim their payment. If you did not receive a form in the mail but believe you may be eligible, contact the settlement administrator at 1-866-430-8358.
To read more on this story visit: http://www.news-press.com/article/20121129/NEWS01/121129007/0/pbcs.dll/Florida-borrowers-who-lost-home-foreclosure-until-Jan-18-claim-settlement?odyssey=nav%7Chead
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.