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Florida Churches Join Homeowners in Foreclosure Crisis

Posted on January 26, 2011by Admin

Much of the recent news about Florida foreclosures has centered on homeowners facing foreclosure. But little has been said about the impact of the foreclosure crisis on businesses and religious institutions. Recently, the Wall Street Journal reported on the worrying increase in foreclosures on buildings owned by churches.

Florida and other states have seen a significant rise in the foreclosure rate for all properties, including churches and other buildings used for religious purposes. Between 2006 and 2008, fewer than ten religious groups lost property because of foreclosure. Between 2008 and 2010, nearly 200 faced that fate.

Many churches, like individual homeowners, became caught up in the real estate boom. They expanded too quickly and purchased property with high mortgage payments. That worked well for a short period of time. But now the economic recession has caused church attendance to decline. Those who still attend church are tithing less, which leaves the churches with less operating income.

Without the consistent source of weekly income, churches that once had plenty of money to keep up with the property payments are finding themselves behind on payments. As property values decline, those same churches are also underwater, owing more than the properties are worth.

As one pastor said, “I just told the bank to take [the property].” That pastor had tried to negotiate with his lender. He had tried to refinance, but because he owed more than the property was worth, refinancing was not an option. At the end, he felt that “there’s not really another choice but to walk away.”

This is the same situation that many individual homeowners have found themselves struggling with recently. Anyone who is facing foreclosure should know that they do have options. An experienced bankruptcy attorney can help you explore your options and make decisions that are in your best interests.

Source: Wall Street Journal, “Churches Find End Is Nigh,” Shelly Banjo, 25 Jan 2011

If you have any questions on the topic of foreclosure please feel free to contact foreclosure defense attorney, Timothy Kingcade at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Major Ruling Throws out more than 10,000 GMAC Foreclosure Cases

Posted on January 25, 2011by Admin

A recent ruling in Maryland has thrown out more than 10,000 foreclosure cases managed by GMAC Mortgage, due to affidavits in cases signed by Jeffrey Stephan, the infamous GMAC “robo-signer,” who attested to the authenticity of foreclosure documents without any knowledge about them, as well as signing other false statements.

The University of Maryland Consumer Protection Clinic and Civil Justice, Inc. filed the class action lawsuit, arguing that any case using Jeffrey Stephan as a signer was illegitimate and must be dismissed. In court last Friday, GMAC agreed to dismiss every case in Maryland relying on a Stephan affidavit. They can re-file foreclosure actions on close to 10,000 homes, but only at their own expense, and subject to new Maryland regulations which require mandatory mediation between borrower and lender before moving to foreclosure. Civil Justice and Consumer Protection Clinic also want any cases with affidavits from Xee Moua of Wells Fargo, who has also admitted to robo-signing, thrown out.

Now GMAC has to go back and basically file the entire case all over again, meaning they have to give notice of foreclosure to the borrower, engage the borrower in modification options, and run through the whole process from the beginning. They cannot use the shortcut solution, thanks to the class action suit filed.

To read more on this story, visit:
http://news.firedoglake.com/2011/01/16/10000-gmac-foreclosures-stopped-in-maryland/#

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.

Foreclosures, Timothy Kingcade Posts

Banks Drop Hundreds of Foreclosures in Southwest Florida

Posted on January 24, 2011by Admin

According to local attorneys and court records, banks in recent weeks have dropped hundreds of Southwest Florida foreclosure lawsuits in Lee, Collier and Charlotte counties. Opinions vary sharply on whether this means banks are taking a breather before re-filing with stronger evidence, or just giving up for good on hopelessly flawed cases.

The exact amount of foreclosures being dismissed have not been calculated, but eight voluntary dismissals were filed last Tuesday alone by seven different banks including Bank of America, one of the largest filers of foreclosures in the area. Most of the mortgages in dispute were sold to Wall Street and sold in bundles to investors as mortgage-backed securities. However, so many mistakes were made in the process it’s unlikely the banks can win those cases.

This recent wave of voluntary dismissals may be a result of a Massachusetts Supreme Court ruling on January 7th upholding a judge’s decision two foreclosures were invalid because the banks didn’t prove they owned the mortgages, which were said to be improperly transferred into two mortgage-backed trusts.

Bankruptcy Law, Credit, Timothy Kingcade Posts

5 Rising Costs to Watch Out for in 2011 as You Plan Your Budget

Posted on January 19, 2011by Admin

Budgeting: It is a word that is on everyone’s mind this year from federal and state government officials to individual households. Consumer confidence is at an extreme low during this economic recession as individuals attempt to get control of their finances, save money and reduce debt or even looking for ways to avoid filing for bankruptcy. “Consumers are not throwing caution to the wind since there are tremendous headwinds, such as a high and persistent unemployment rate, a poor housing market, tight credit conditions, and increasing energy costs,” explained one economist with IHS Global Insight. Although experts assure us that inflation is definitely under control, there are a few costs that will continue to rise in 2011 that will have a large affect on individuals. Five individual increases rise to the top of the list of everyday goods and services:

Food is one of the most essential needs in a household, but in 2009, the cost of groceries went up approximately 1.5 percent and is not expected to slow down. Major food producers have even begun raising food prices after dropping several discount options. Not only have food producers raised their prices, but 60 percent of restaurants surveyed by Nation’s Restaurant News said customers should expect a cost increase next time they visit.

You may have already noticed that it is getting more expensive to fill your car once again after the cost of gas seemed to waiver around a somewhat fixed point for a while. According to the Consumer Price Index, the overall cost of energy had already risen by 7.7 percent by the close of the year.

Citizens of every state should expect a change in taxes as state and government officials look to get their own budgets under control. One of the quickest ways is to increase taxes on products like cigarettes or even bottled water.
Major television and telephone service providers like AT&T are reportedly expecting to raise their monthly premiums.

And lastly, banks have had to restructure their business models as government regulations have forced them to find new ways to generate income. Several banks have already begun to consider raising fees associated with ATMs or checking accounts.

Source: The Wall Street Journal “The 7 things you’re paying more for than you think” Jennifer Waters 1/19/11

If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy and foreclosure defense attorneys at (305) 285-9100. 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.

Foreclosures, Timothy Kingcade Posts

State Details Foreclosure Chaos – “Unfair, Deceptive and Unconscionable Acts in Foreclosure Cases”

Posted on January 14, 2011by Admin

The state attorney general’s office recently gave a 98-page presentation detailing Florida’s foreclosure chaos at a conference for the Florida Association of Court Clerks and Comptrollers. The presentation included copies of allegedly forged signatures, false notarizations and witnesses. It also focused largely on assignments of mortgage, documents that transfer ownership of mortgages from one bank to another. One example in the presentation, noted a signature by someone named Linda Green and was said to appear on hundreds of thousands of mortgage documents from dozens of banks and mortgage companies, but in varying styles.

The presentation entitled, “Unfair, Deceptive and Unconscionable Acts in Foreclosure Cases,” stands as one of the first examples of what the state has compiled in its exploration of foreclosure malpractice, holding banks, mortgage servicers and law firms accountable for contributing to the foreclosure crisis by cutting corners.

To read more on this story, please visit:
http://www.palmbeachpost.com/money/real-estate/state-details-foreclosure-chaos-1164504.html

Bankruptcy Law, Timothy Kingcade Posts

Studies Show Older Unemployed Workers Still Suffering

Posted on January 14, 2011by Admin

Out of all of the demographic groups suffering from the current economic conditions, numbers conclude that older workers may have the toughest time adapting. Seniors have been hit the hardest by the recession, due largely to their skills being outdated and their age working against them, resulting in long term unemployment.

According to AARP, people over 55 who had lost their jobs saw their average duration of unemployment fall to 42.8 weeks in December, from 44.9 in November. Employers are often hesitant to hire applicants who have been out of work for more than a year because of stigma about unemployment. About 55.5% of all job seekers over 55 have been unemployed for 27 weeks or longer, says AARP. That’s compared with 42.4% of job seekers 55 and under.
Joblessness for older Americans could put a strain on already stressed social systems. The long-term unemployed run out of jobless benefits after 99 weeks. After that, many workers dip into retirement funds. Others apply for disability. Some apply to receive Social Security benefits early. Many seniors are left wondering, “What am I going to do the rest of my life?”

To read more on this story, please visit:
http://latimesblogs.latimes.com/money_co/2011/01/older-workers-recession.html

If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Fannie Mae Introduces New Florida Foreclosure Prevention Program

Posted on January 10, 2011by Admin

By the time many people consider alternatives to foreclosure, the lender has already begun the foreclosure process. Options like negotiating with the lender become nearly impossible because the foreclosure process is completed before those negotiations have time to produce results.

This is why Fannie Mae has introduced a new program in Florida. The initiative is designed to give homeowners who are behind on their mortgage payments the opportunity to negotiate a lower monthly payment before the foreclosure process begins. While this program should not take the place of working with a bankruptcy attorney to make the best decisions, it may help people stay in their homes and avoid foreclosure.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Debt Relief Companies Bending the New FTC Rules

Posted on December 30, 2010by Admin

Debt settlement companies do not have the best reputations. Horror stories of consumers paying thousands of dollars while receiving no benefit from these companies run rampant. Still, progress was made in September, with the Federal Trade Commission (FTC) imposing new regulations on debt relief and consolidation companies. These rules sought to protect vulnerable consumers looking to avoid bankruptcy and relieve their mounting credit card debt.
Essentially, the rules prohibited debt settlement companies from misleading consumers through advertisements that made outlandish claims through telemarketing, such as touting the ability to drastically cut or eliminate debts. Another important rule bans these companies from charging any upfront fees. Therefore, they are unable to collect any money before they have negotiated debts on behalf of the consumers.
If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy and foreclosure defense attorneys at (305) 285-9100. 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.

Foreclosures, Timothy Kingcade Posts

Novice Florida Lawyers Draw Suspicion in Foreclosure Crisis- Know the Importance of Hiring an Experienced Attorney when Facing Foreclosure

Posted on December 30, 2010by Admin

Today, more than 260 attorneys work at four of Florida’s largest foreclosure firms, and 48 percent of them have been practicing law for less than three years, according to Florida Bar records. With the recent allegations pertaining to forged foreclosure documents, fraudulent notarizations and questionable affidavits submitted in tens of thousands of foreclosure cases, these novice lawyers are now under a cloud of suspicion. Some may face Florida Bar investigations that could end their careers, while homeowner advocates wonder whether the foreclosure crisis would have reached its state of disorder if it weren’t for legions of novice lawyers doing the legwork.
As Florida’s overwhelmed court system sorts through the foreclosure chaos, many of the attorneys who worked for the now deposed Stern law firm and others like it have been hired at other large companies doing foreclosure work in the state. In sworn statements taken by the state attorney general’s office, two former Stern employees — a paralegal and a legal assistant — attest to wrongdoing at the firm that included hiding problem files from federal auditors, forging signatures and making up documents as staff struggled to keep up with a mounting volume of foreclosures. Lack of experience could have led young lawyers to follow their employer’s lead, unaware they may be committing an offense.
Hiring an experienced foreclosure attorney is an invaluable asset for those in danger of losing their homes. The skills, knowledge and experience the attorneys at Kingcade & Garcia, P.A. possess go toward helping clients get the results they are seeking. 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.
To read more on this story, please visit:
http://www.sun-sentinel.com/business/fl-foreclosure-novice-lawyers 20101227,0,2092736.story?page=1
If you have any questions on the topic of foreclosure please feel free to contact foreclosure defense attorney, Timothy Kingcade at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Florida Foreclosures Drop 42 Percent

Posted on December 27, 2010by Admin

The State of Florida experienced a 42 percent drop in foreclosure activity for the month of November. As promising as this might sound, the decrease was expected and does not signal an improvement for the housing market. Rather, the plummet is attributed to the cessation of foreclosures by some major banks after allegations of robo-signing.
However, according to a RealtyTrac report from last week, an expected seasonal dip also contributed to the decrease. However, this dip is temporary, and the foreclosure numbers are expected to rise for the first quarter of 2011. Still, the robo-signing controversy played the most substantial role in the foreclosure decrease.
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.