During the second quarter of 2011 there was an eight percent decrease in foreclosed home sales compared to the second quarter of 2010, according to RealtyTrac. The third quarter of 2011 experienced another slight decrease of two percent, which put the average home sales of foreclosed homes at 20 percent nationwide, and 19 percent in Florida. This percentage is still extremely high in comparison to the less than five percent before the recession. The decreased number of sales can be attributed to the unraveling of the robo-signing scandal, which first surfaced in early 2010.
Surprisingly, Florida ranked seventh in the third quarter of 2011 with 19.2 percent of foreclosure home sales. Nevada ranked number one, with an average of 75 percent of home sales being foreclosed homes. The second and third ranked states, California and Arizona, averaged just over 40 percent. Many believe that Florida’s lower percentage is due to the fact lenders are often choosing to conduct pre-foreclosure sales (short sales) to avoid dealing with maintenance of properties throughout the foreclosure process.
To read more on this story visit: http://therealdeal.com/miami/blog/2011/08/24/florida-foreclosure-sales-down-22-percent-according-to-realtytrac/
Or visit: http://therealdeal.com/miami/blog/2012/01/26/foreclosed-properties-comprise-20-percent-of-all-u-s-home-sales-19-percent-in-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.
Palm Beach County Courts Hold approximately 7,000 Zombie Foreclosure Cases
In Palm Beach County, 17 percent of the foreclosure cases are currently lying dormant in Palm Beach County courts. A large portion of the 6,927 ‘zombie cases’ have stalled for more than a year, some dating as far back as 1997. This growing number of vacant and deteriorating homes is creating a widespread problem and affecting the value of other homes on the market. While some of the dormant cases are mistakes due to one party forgetting to request a dismissal, much of the inaction is a result of homeowners filing for bankruptcy, lenders inability to prove ownership, and loan modification negotiations. Whatever the reason, many homeowners are clueless about the status of their cases and have not been making payments for years.
If a case has been dormant for 10 months, the homeowner can legally file for a dismissal of the case. The lender then has 60 days to act. If no action occurs, then the case is thrown out. Peter Blanc, Palm Beach County Chief Judge, thinks Palm Beach County will see a rise in dismissals due to the recent state funding received to hire extra help for foreclosure cases. Another frustrated Palm Beach County Judge, John Hoy’s advice to banks is, “If you can’t take care of old cases, don’t file new ones.” Both judges were in agreement that the problems with zombie cases now, stem from malpractices by banks in earlier years.
To read more on this story visit: http://www.palmbeachpost.com/money/foreclosures/the-zombie-files-nearly-7-000the-zombie-files-nearly-7-000-stagnating-foreclosure-2305388.html?viewAsSinglePage=true
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.
Bank of America Sells Credit Card Debts to Collectors Despite Inaccurate Records
There have been countless lawsuits filed against collection agencies for unlawful debt collection practices. Agencies such as CACH LLC have been buying debt from banks, like Bank of America for a number of years. In many cases the banks are selling debt and not providing proper legal documentation as to who swore in the affidavits or who the actual debtor was. In other cases, Bank of America sold debt to CACH LLC, in which some payments had been made, but banks failed to credit the borrowers.
Thousands of lawsuits have been filed due to the inaccurate debt Bank of America sold to CACH. In many cases where collection agencies file a suit against a borrower and the borrower does not show up for the hearing, a default judgment occurs. However, in some cases the borrower will fight the claim in which the collection agency would be found at fault due to inadequate documentation. Many court officials believe the banks should be held accountable, because in these cases, the suits stem from their inability to produce adequate documentation.
To read more on this story visit: http://www.americanbanker.com/issues/177_62/bofa-credit-cards-collections-debts-faulty-records-1047992-1.html?zkPrintable=1&nopagination=1
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
Wall Street’s Multi-Billion Dollar Trading Scandal That no one is talking about
Wall Street’s latest billion-dollar scandal might end with a prison sentence for some traders. The federal government recently announced they are pursuing an investigation of banks and traders who have been manipulating LIBOR rates. The LIBOR rate, or London InterBank Offered Rate, is the average lending rate banks in London use when lending to other banks.
Banks were illegally setting their own LIBOR rates lower than the actual rate and then persuading municipalities and pension funds to bet against the rate. Ultimately, the banks would come out on top with millions of dollars from the municipalities. The banks were also giving Wall Street traders access to the systems they used to set up the manipulated rates so they could go in and change them as they saw fit. So far the research into the investigation shows that this could be a $750 million scheme. The two banks that have been targeted in the investigation are Barclays and Deutsche. Analysts believe this scandal will far exceed the repercussions of the mortgage/foreclosure scandal for Wall Street.
In addition, many Wall Street traders may find themselves facing jail time over the scandal. These recent events are having a powerful impact on the credibility of Wall Street.
To read more on this story visit: http://finance.fortune.cnn.com/2012/03/23/the-wall-street-multibillion-scandal-no-one-is-talking-about/
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.
New York Attorney Agrees to Pay $4 Million for Foreclosure Malpractice
New York foreclosure attorney, Steven Baum has agreed to a $4 million settlement with the New York State Attorney General, Eric Schneiderman, in a suit alleging that his firm and staff mishandled numerous foreclosure cases. Baum’s firm generated the largest number of foreclosure filings in New York from 2007 to 2010. In this three-year span, the firm filed around 100,000 foreclosure proceedings. Schneiderman intends for this case to set the precedent that attorneys and lenders will be held accountable in his district for wrongful mortgage and foreclosure practices.
Some of the malpractices by the Baum Firm included:
• The firm repeatedly claiming the plaintiff to be the holder of the note, when there was no documentation to prove this statement;
• In many cases the firm used a separate company for much of the processing. By use of the separate company, the firm intended to speed up the documentation process in order to file more foreclosures and increase their own profit;
• Employees from the firm often times were not authorized, trained, or certified to sign off on or handle documents they were signing;
• Many times documents were “pre-signed” without ever being read by an attorney.
Even after the settlement Baum still claims no wrong-doing by him or his firm, saying the Attorney General never disclosed a specific case where his firm preceded with foreclosure on a person whose loan was not in default.
To read more on this story visit: http://www.bizjournals.com/buffalo/news/2012/03/22/baum-settles-with-ag-will-pay-4m.html?page=all
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.
Hearing Held to discuss the Student Loan Debt Crisis
On March 20, 2012 the U.S. Senate Committee on the Judiciary Subcommittee on Administrative Oversight and the Court held a hearing to discuss the student loan debt crisis. The hearing was entitled, ‘The Looming Student Debt Crisis: Providing Fairness for Struggling Students.’ Since the recession, college graduates have struggled to find not only well paying jobs, but jobs in general. In 2005, a provision was made to the bankruptcy code that prevents borrowers from discharging their student loan debt in bankruptcy court. Financial analysts predict that a crisis with effects similar to the crash of the real estate market could happen if things to do not change.
A variety of professionals who are familiar with the current affects of student loan debt on the economy gave testimonies to remove this provision. In attendance, were Attorney’s Generals from Kentucky and Illinois, borrowers who are struggling to pay their student loan debt and representatives from organizations such as the Student Loan Borrower Assistance Organization. Most of the testimonies were in agreement that student loans should be treated in bankruptcy court just as any other consumer debt. There was also talk about loan modifications being available to borrowers who cannot afford to pay back their student loans, due to economic circumstances.
To read more on this story visit:
http://www.judiciary.senate.gov/hearings/hearing.cfm?id=eb997a7c3376c76b36a041cf2a10ca10
http://www.studentloanborrowerassistance.org/2012/03/24/bankruptcy-and-fairness-for-struggling-students/
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. website at www.miamibankruptcy.com.
Artist Kathryn Clark Creates Quilts to portray our Nation’s Foreclosure Crisis
San Francisco artist, Kathryn Clark has been depicting the effects of the foreclosure crisis by creating her own line of quilts. She has created nine quilts that display neighborhoods from across the country that have been hit the hardest by the housing market crash. An artist at heart, Clark spent more than five years as an urban planner. She began to notice the stories in the news about the foreclosure crisis and began noticing signs in her own neighborhood, which inspired her to depict the economic problems through her work. She chose to express the crisis through quilts because she was able to use older fabrics that were worn and provided a good representation of the distressed neighborhoods.
Clark has created quilts for areas across the country hit hardest by the crash, including: Riverside, CA, Cape Coral, FL., Las Vegas, Modesto, CA., Cleveland, Albuquerque, Atlanta, Detroit, and Phoenix.
To read more on this story and view pictures of some of Kathryn Clark’s work visit: http://www.theatlanticcities.com/arts-and-lifestyle/2012/03/crafting-foreclosure-crisis/1622/
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.
Stockton, CA. could become the Nation’s Largest City to File Bankruptcy
Within the next three months, Stockton could become the nation’s largest city to file for protection from creditors under U.S. bankruptcy code. Using a new California law, the City Council is attempting to stall the process by entering mediation with creditors, including public employee unions. The Central Valley port city of 300,000 has suspended several bond payments and will not cash out vacation or sick time for employees who leave.
Before the recession, the city’s officials were spending large amounts of money on a new sports arena, a theatre complex, a marina and much more with the intention of creating a more cultured city. There is speculation that this could be one of the many reasons the city has been hit so hard by the recession. Residents believe the problem is the inflated salaries of city officials and their generous retirement packages. Others speculate that it is a result of the city’s dedication to employee unions. No matter the reason, Stockton’s economy has taken a severe hit. Crime has also increased in the area due to lack of funds for public employees such as police and firefighters.
To read more on this story visit: http://www.standard.net/stories/2012/03/14/stockton-calif-could-become-largest-city-file-bankruptcy
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. website at www.miamibankruptcy.com.
TaxMasters Inc. is the Latest Tax Representation Firm to File for Bankruptcy
It was announced recently that another tax representation firm, Houston-based TaxMasters Inc., will file for bankruptcy. The company spent millions of dollars in TV advertising promising taxpayers’ resolution from their IRS debt, but was rarely able to deliver on its promise. Texas and Minnesota have both accused TaxMasters Inc. of “deceptive tax practices.”
TaxMasters Inc. is just the latest tax representation firm to file for bankruptcy. Months earlier, J.K. Harris filed for bankruptcy after a number of lawsuits were filed against it by multiple states’ attorneys general and taxpayers. Like TaxMasters, J.K. Harris also advertised the ability to relieve consumers of their tax debts to the IRS.
Another similar case was the one involving Roni Deutch, also known as the “Tax Lady,” based out of California. After a California attorney general filed a lawsuit against Deutch in 2010 citing similar allegations, Deutch eventually surrendered her license to practice law and filed for bankruptcy.
Americans struggling with debt owed to the IRS are not encouraged to utilize tax representation firms due to their history of charging outrageous fees and their lack of success. Instead, consumers and businesses with outstanding tax debt are encouraged to contact the Taxpayer Advocate Service sector of the IRS, or a certified lawyer or CPA. There are affordable payment plans available to those who owe $50,000 or more to the IRS and in some extreme cases; it is possible to receive an “offer in compromise,” due to extenuating circumstances.
To read more on this story visit: http://www.forbes.com/sites/janetnovack/2012/03/18/owe-the-irs-taxmasters-bankruptcy-shows-why-not-to-get-help-from-tv-pitchmen/.
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. website at www.miamibankruptcy.com.
Reports Show an Increase in Credit Card Debt for Americans in the Month of February
CreditKarma.com released data from the consumer credit climate report compiled of more than 442,102 consumers in February 2012. The results showed a slight increase in consumer credit spending since January 2012. CreditKarma.com reported that the average American consumer held more than $170,000 in debt, which was attributed to home mortgages and more than $46,000 in home equity loan debt. Another debt that Americans are struggling to reduce is their student loan debt, which averages around $28,000 per person.
Not only has credit card debt increased, consumer credit scores have decreased two points since January 2012. The average American consumer credit score is 659. Credit score averages tend to be higher in states like New Jersey and Massachusetts. Credit scores in states like Mississippi and Louisiana tend to be lower, and are attributed to the lower cost of living.
To read more on this story visit: http://www.marketwatch.com/story/credit-card-debt-remains-stable-according-to-creditkarmacom-2012-03-14.
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. 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. website at www.miamibankruptcy.com.