According to Zillow.com, inventory of South Florida homes for sale on their real estate website has fallen by 34 percent in the past year. The drop in Palm Beach, Broward and Miami-Dade counties was well above the national average of 19 percent. Still, local Realtor boards have reported annual declines of near 50 percent or greater for individual counties in recent months.
First time homebuyers looking to capitalize on the falling home prices and record low interest rates are being pushed out of the market by savvy investors looking to buy basic homes to rent out to people who have recently been foreclosed upon. Zillow’s chief economist, Stan Humphries attributes this to investors’ ability to pay in cash, therefore being able to close sooner, which is more favorable to banks and homeowners looking to sell.
More homes could be coming on the market as Florida leads the nation in foreclosures, according to RealtyTrac. Realtors say there’s enough demand to easily handle another wave of distressed properties.
To read more on this story visit: http://www.sun-sentinel.com/business/realestate/house-keys-blog/sfl-zillow-falling-inventory-link-20121011,0,7427872.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.
The New Housing Boom
The long-struggling housing market is finally beginning to see a turnaround. Signs of recovery have been evident with the recent increases in home prices, home sales and construction. Foreclosures are also down and the Federal Reserve has acted to push mortgage rates near record lows.
Barclays Capital put out a report recently forecasting that home prices, which fell by more than a third after the housing bubble burst in 2007, could be back to peak levels as soon as 2015. The housing rebound can have a ripple effect that could help get the entire economy growing at a much stronger pace, which will add to more demand for housing.
Roger Altman, chairman of Evercore Partners and former deputy Treasury secretary stated that the recent turn in the housing market should become a boom by 2015 and lift the entire U.S. economy. He also expects housing will add 4 million jobs to the economy over the next five years, as the pent-up demand for home purchases drives building and home prices higher.
To read more on this story visit: http://money.cnn.com/2012/10/12/news/economy/housing-boom/index.html
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.
Positive Monthly Gains for Florida’s Economy
Recent increases in Florida’s home prices, consumer confidence and personal income are all signs of economic recovery, according to economists. In July, South Florida’s home prices saw a five percent increase since 2011. The rest of the country is experiencing the same trend, 16 of 20 major metropolitan areas showed an increase in home prices when compared to 2011. The improvement of the housing market and employee incomes has caused an increase in consumer confidence in Florida, now at its highest level in five years.
Although this is all good news for Florida, we still have a ways to go. There are 350,000 pending foreclosures in the court system. In August, Florida was ranked second in the nation for foreclosure activity and the home sale prices are still about 47 percent below what they were in 2006.
To read more on this story visit: http://www.palmbeachpost.com/news/business/real-estate/home-prices-confidence-incomes-all-rise/nSL4j/
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.
Wells Fargo Pays $175 Million in Discrimination Lawsuit
The Justice Department recently filed discrimination charges against Wells Fargo Bank, saying they steered African-American and Hispanic borrowers towards subprime mortgages or other mortgages with higher fees than white borrowers with similar credit scores. Wells Fargo agreed to pay $175 million to compensate borrowers who were wrongly forced into more expensive mortgages. The claims are violations of the Equal Credit Opportunity Act and the Fair Housing Act.
Unfair lending was identified in 82 geographic markets, in 36 different states. In Miami, approximately 4,100 borrowers were victims of higher borrowing costs between 2004 and 2008. In July, Wells Fargo announced it would stop doing business with independent mortgage brokers through its wholesale channel. From the payout $125 million will compensate consumers who were affected by the practices. The Justice Department said Miami would receive approximately $10 million. The remaining $50 million will assist homebuyers with down payments in various cities.
To read more on this story visit: http://www.miamiherald.com/2012/07/12/2893222/wells-fargo-pays-175-million-to.html
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.
Tips to Becoming Financially Stable in Your 20s
Most young adults face financial stress after graduation. The job market continues to remain relatively stagnant and most graduates are drowning in insurmountable student loan debt. However, financial planners consider age 22 – 35 the best time to stabilize a financial future.
Below are 11 tips for young adults to achieve financial security:
1. Analyze your finances: If you find yourself living paycheck-to-paycheck you need to track where your money is going. Find a balance that allows you to pay your bills but enjoy your life. The best way to do this is to thoroughly examine your expenses.
2. Make your own job: When the economy is suffering, young people might have more success in entrepreneurial endeavors rather than struggling to find a job. If you have a hobby or something you enjoy doing, try to utilize it in a way that will generate cash flow.
3. Examine your debt: Take a look at the interest rates on any loans you currently have. It will help you in the long run by paying down the loan with the highest interest rate.
4. Rent vs. Buy: Consider your home a used asset as opposed to an investment. Also, consider that the housing market is still suffering. If you buy a home and need to relocate, ask yourself if you will be able to regain what you have invested. In places such as South Florida, costs associated with buying a home are so high renting might be the best option.
5. Find a mentor: Research financial planning. Remember that your situation is different than everyone else’s. It would benefit you to speak with a financial planner who can give you personalized advice.
6. Start saving: You can no longer depend on social security or retirement. Most people do not stay in the same job throughout their adult life. As a result, saving for retirement is now a necessity.
7. Take care of risks: Planning for the future involves more than just financial stability. You should make a will, draw up financial and health directives and buy disability and rental insurance.
8. Positive Relationships: It is always in your best interest to develop and maintain positive relationships. You never can never predict when, “who you know” will help you out down the road.
9. Investing: Sometimes for small investors, mutual funds are the best option because of lower overhead and decreased risk. You may also consider individual stocks, bonds and exchanged-traded funds because they are flexible and the fees are extremely low.
10. Set up a 401(k): If you decide to set up a Roth 401(k) you will see tax-free growth and few restrictions if you need to borrow against it for a down payment on a home.
11. Live frugally: If you are married, you should be saving part of one spouse’s salary. Try to do so before you have kids. Live beneath your means so that you are not dependent on two incomes, in case you do have children and one of you needs to stop working for a while.
To read more on this story visit: http://www.miamiherald.com/2012/06/08/v-fullstory/2685725/how-to-start-building.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.
Mortgage Interest Rates Fall to Historic Lows
The nation’s average 30-year fixed rate dropped this week to the record low 3.49 percent set in late July. Last week, it had been at 3.55 percent. The mortgage rate has remained below 4 percent for all but one week in 2012, according to Freddie Mac. Last year at this time, the average rate was at 4.09 percent. This week, average interest rates on 15-year, fixed-rate mortgages fell to a new low of 2.77 percent. It had been at 2.85 percent last week, Freddie Mac said. Last year at this time the average rate was at 3.29 percent.
During 2012 the rate has remained below 4 percent all but one week, according to Freddie Mac. An economist from Freddie Mac, Frank Nothaft attributes the new low rates to the the Federal Reserve’s announcement of a new bond purchase plan, which will likely aid in the ongoing housing recovery.
To read more on this story visit: http://www.orlandosentinel.com/features/consumer/sfl-morgage-interest-20120919,0,511811.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.
Mitt Romney’s Foreclosure Plan Similar to Obama’s
Early in his campaign, Republican presidential candidate Mitt Romney stated his approach towards the foreclosure crisis as, “Let it run its course.” However, as the election gets closer, Romney has announced a new plan for the foreclosure crisis that is very similar to the plan already set in place by President Obama.
Romney’s plan is a four-part plan that he says will kick-start the economy:
• He plans to facilitate foreclosure alternatives for homeowners who cannot pay their mortgage. This part of his plan would involve short sales and deeds in lieu, which is very similar to Obama’s HAMP and HARP programs.
• He plans to shut down Fannie Mae and Freddie Mac, which the Obama administration started slowly doing last year.
• He plans to encourage the 200,000 government-owned foreclosures to be sold. The Obama administration has already put a pilot program in place to begin selling these foreclosed properties and has successfully sold a few thousand.
• The biggest difference between the two administrations is that Romney plans to take a different approach at streamlining mortgage regulations so that it is easier for taxpayers to be approved for a loan.
To read more on this story visit: http://www.sfgate.com/realestate/article/Romney-s-foreclosure-plans-echo-Obama-s-3863974.php#page-2
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.
Can Student Loan Debt Be Discharged through Bankruptcy?
Contrary to the 2005 ruling that prohibits student loan debt from being discharged through bankruptcy, there lies an exception to the rule. If ‘undue hardship’ can be proven, bankruptcy courts can discharge full or partial student loan debt. In 1987 the Brunner test was introduced to help establish the term ‘undue hardship.’ The test includes the following three conditions:
• The debtor cannot maintain a minimal standard of living if forced to repay the loans.
• The debtor must have additional circumstances that indicate this hardship is likely to continue throughout a significant portion of the repayment period.
• The debtor must have made good faith efforts to repay the loans.
The National Association of Consumer Bankruptcy Attorneys conducted a survey last year showing that 94 percent of attorneys reported that few to none of their clients would meet the undue hardship eligibility requirements. However, consumers that do meet the requirements have surprisingly high success rates of being discharged of their debt by the court system.
Many Americans carry student loan debt for the rest of their lives and sometimes it can later affect a consumer’s social security payments. In the last year student loan debt in the U.S. surpassed the $1 trillion mark and averaged around $17,000 in debt per person. In most cases where consumers have successfully proven undue hardship, there has been some type of health related condition hindering the person’s ability to obtain or keep a job.
To read more on this story visit: http://blogs.lawyers.com/2012/09/escape-student-loans-in-bankruptcy-in-extreme-circumstances/
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.
$25 Billion Settlement with Banks Provides Payout to 167,398 Floridians
Attorney General, Pam Bondi announced last week that 167,398 Floridians will be receiving applications in the mail for a payout after losing their homes to foreclosure between January 1, 2008 and December 31, 2011. The payout is a result of the $25 billion mortgage foreclosure settlement between 49 states and the five largest lenders in the U.S. Among the many agreements within the settlement, approximately $1.5 billion will go to two million Americans who lost their homes as a result of fraudulent foreclosure practices by lenders.
Borrowers have until January 18, 2013 to send in their applications for the payout. Applying for the payout is easy for those who are eligible. Borrowers simply have to sign the forms mailed to them and submit them by the January 18th deadline date. Borrowers are not required to prove any other financial hardship or give up any lawsuit rights in the future. Florida will be sending out applications until October 12, 2012.
To read more on this story visit: http://www.loansafe.org/florida-ag-pam-bondi-makes-announcement-that-victims-of-foreclosure-may-be-eligible-for-payment
For more information about eligibility visit: www.NationalMortgageSettlement.com
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.
Big Banks Face Foreclosure to HOAs in South Florida
Since the housing market crash, South Florida has experienced a string of ‘foreclosure waves.’ This is where foreclosure filings skyrocket, forcing a large number of delinquent homeowners out of their homes. After a foreclosure is final, the bank is granted ownership of the property. Ownership means the bank is legally responsible for the full amount of maintenance fees and partial fees during the foreclosure proceedings.
As a result of the foreclosure waves, a new trend has developed where lenders are opting not to pay their HOA fees. As a result, Homeowners Associations’ have been forced to increase maintenance fees and cut back on security, in some cases. Homeowners who have faithfully paid their bills throughout the recession are now suffering the consequences. Some of the HOA residents in South Florida are paying up to a 25 percent increase in HOA fees due to the banks’ delinquencies.
It appears that oftentimes lenders are remaining intentionally delinquent on their fees until the house is sold. After the house is off the market, lenders use the money from the sale to pay off the accumulated HOA fees. The rate of HOA foreclosure suits against lenders has recently increased and the trend is expected to continue throughout the rest of this year.
Banks and HOAs have been at odds for some time over who is responsible for the maintenance fees. Some banks claim they are not liable for the fees because they are only the ‘trustee’ for the legal owner. Homeowners Associations’ claim the banks are making their own rules.
To read more on this story visit: http://www.sun-sentinel.com/business/realestate/fl-hoa-foreclose-banks-20120810,0,5206219.story?page=1
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.