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.
Homeownership Rate at Nearly a 50-Year Low
During the second quarter of 2012, the Census Bureau showed homeownership rates declined to 65 percent, the lowest since 1965. Rates reached a peak of 69 percent during the boom of the housing market in 2005-2006. The ‘real rate’ subtracts homeowners who will soon face foreclosure due to delinquent mortgage payments.
The ‘real rates’ display a more accurate image of the financial stance of the housing market, considering how many foreclosure proceedings are backed up in the court system. The adjusted figures only go back to 1991 due to lack of tracking delinquencies and foreclosures before this time. Since there have been no major declines in the housing market before 1991, Sean Fergus of John Burns Real Estate Consulting said he believes the pattern is also accurate of ‘real rates.’
To view a chart displaying the information and read more on this story visit: http://www.businessweek.com/articles/2012-08-29/real-homeownership-rate-at-nearly-50-year-low#r=lr-fst
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 is an Option to Help You, Not Hurt You
For many Americans, the thought of filing bankruptcy is a very scary thing. So scary in fact, that many of them miss out on the positive changes and financial freedom filing for bankruptcy protection can bring. The first thing that happens when a person files for bankruptcy is an automatic stay will go into effect for all of their bills, which forbids creditors from harassing debtors.
Perhaps the most common worry among Americans when it comes to filing bankruptcy is the long-term effects it will have on their credit score. Many believe it is impossible to ever have a decent credit score, again. This could not be further from the truth. Almost immediately after a person is discharged of their debt, there are many steps available to rebuild their credit score. The person filing for bankruptcy is most likely delinquent on bills and already their credit score has suffered. Filing for bankruptcy protection can actually be the easiest way to improve an already troubled credit score.
To read more on this story visit: http://www.miamibankruptcy.com/blog/2012/08/afraid-of-bankruptcys-impact-it-might-actually-improve-your-situation.shtml
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.
Facing Foreclosure? Rent your Home from the Bank
CitiMortgage announced a plan to release a pilot program to help underwater homeowners stay in their homes. The ‘mortgage giant’ partnered with Carrington Mortgage Services LLC and together came up with a Home Rental Program where underwater homeowners could essentially rent their home from the bank as an alternative to foreclosure. The bank has already sold a reported $158 million in mortgages to Carrington to start the program. Bank of America released a similar successful program earlier this year.
The trial program will be offered to 500 homeowners from six states that have the most distressed housing markets: Arizona, California, Texas, Florida, Nevada and Georgia. Rent will vary from market to market, based on local rates.
Eligibility for the program requires homeowners:
• Be ineligible for loan modifications, but ability to make monthly payments
• Have a loan in the pilot portfolio serviced by Carrington
• Occupy the property
• Are underwater on mortgage
• Be delinquent for at least 120 days
CitiMortgage’s hope for the program is to not only aid individual families, but also jumpstart the recovery of the housing market by reducing the amount of vacant homes in neighborhoods. CitiMortgage’s CEO Sanjiv Das said that in order for the economy to recover, homes must be occupied. The Home Rental Program will assist in “neighborhood revitalization and stabilization efforts.”
To read more on this story visit: http://www.cbsnews.com/8301-505145_162-57490022/facing-foreclosure-rent-your-home-from-the-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.
Mayor Fears Pensions May Bankrupt Titusville, FL
One of the many Florida cities facing financial hardship is Titusville, FL. Recently re-elected mayor, Jim Tulley, warned his city that without a reform of city employees’ pensions and other retirement programs, the city would ultimately go bankrupt. Workers unions, particularly representing police officers and firefighters, have been reluctant to agree to any form of restructuring of their pension plans after an earlier agreement promised them a better retirement, but lower pay.
As of October 2010, Titusville’s annual financial reports showed that unfunded liability in the Police Officers and Firefighter’s Retirement Trust had reached $25 million. The unfunded liability in the General Employee’s Retirement Trust had reached $19 million; not to mention, pension costs are going up. Other forms of retirement programs are costly as well, such as health insurance. The annual financial report showed the cost of other unfunded liability for retirees to be $44 million.
Titusville’s financial director, Bridgette Clements, said the city is not at immediate risk for defaulting, but must take precautionary actions for the future. Other cities throughout the country, such as Stockton, CA, have already gone bankrupt largely due to pricy pensions and other benefits for city employees.
After six months and no progress made in the negotiations, the city declared an impasse last week with police, firefighter and general employee unions. Mediators will now come in to help determine the best plan of pension reform for the city. The mayor said that without reform, the city’s residents will endure problems on a larger scale and the quality of life will go downhill.
To read more on this story visit: http://www.floridatoday.com/article/20120819/NEWS01/308190051/Mayor-Pensions-might-bankrupt-Titusville
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.
Housing Market Improves a bit this Summer
July turned out to be a positive month for the housing market. Existing home sale and unit sale percentages significantly increased. From June to July existing home sales rose 2.3 percent and unit sales increased from 4.37 to 4.47 million according to the National Association of Realtors. Experts said these are all positive signs for both the housing market and the economy. The NAR attributed the improvement to two factors: the lowest interest rates since before the housing market crashed and a stable increase in the job market.
Although the numbers from July 2012 compared with 2011 are optimistic, senior economist at the Royal Bank of Scotland, Michelle Gillard, said she anticipates a gradual recovery for the housing market. Unit sales rose 10.4 percent from July 2011 to July 2012. Another positive sign for the economy is the prices of homes are also on the rise. The average price has increased 9.4 percent since last summer.
The housing market is still facing obstacles such as tight lending standards and lessening housing inventory due to sporadic foreclosure waves. The National Association of Realtors has requested that the government rapidly turn over foreclosed properties, in an attempt to speed up the recovery.
To read more on this story visit: http://economywatch.nbcnews.com/_news/2012/08/22/13413991-housing-market-improved-a-bit-in-summer?lite
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.