Foreclosures, Timothy Kingcade Posts

Fannie Mae Introduces New Florida Foreclosure Prevention Program

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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.

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 Law, Credit, Timothy Kingcade Posts

Debt Relief Companies Bending the New FTC Rules

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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

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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

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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.

Foreclosures, Timothy Kingcade Posts

The Federal Reserve Proposes to Eliminate the Primary Protection Homeowners currently have to Avoid Foreclosure and Abusive Home Loans

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As Americans continue to lose their homes in what’s been referred to as the worst foreclosure crisis since the Great Depression, the Federal Reserve has come up with a proposal making it even more difficult for homeowners to keep their homes and escape predatory home loans. The Fed’s propose to amend the Truth in Lending Act, a 42-year-old provision that since 1968, has given homeowners the right to cancel, or rescind, illegal loans for up to three years.
Attorneys at AARP have used the rescission clause for decades to protect older homeowners stuck in predatory loans with costly terms. In recent years, the Truth in Lending Act has helped struggling homeowners fight a wave of foreclosure cases in which faulty and sometimes-fraudulent disclosures were used. This provision has also been an effective tool in making sure creditors follow the rules and are transparent about the true cost of loans.
Dozens of groups have opposed the new measure, including the National Consumer Law Center, the NAACP and the Service Employees International Union, saying the proposal is “bad medicine at the wrong time.”
To read more about this story and learn more about the proposed changes, please visit:
http://www.miamiherald.com/2010/12/05/1958249/fed-wants-to-strip-a-key-protection.html
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

Top Lenders Fannie Mae, Freddie Mac and Bank of America Stop Foreclosure Evictions during the Holidays

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Fannie Mae and Freddie Mac announced that they will halt foreclosure evictions December 20-January 3. For Fannie Mae, the move will not include a stop on court proceedings involving foreclosures, but will at least allow people to stay in their homes through the holidays. Bank of America and Freddie Mac have offered the same courtesy, allowing a greater measure of certainty to families this holiday season.
To read more about this story, please visit:
http://www.miamiherald.com/2010/12/02/1953426/top-lenders-to-stop-foreclosure.html
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 Law, Credit, Timothy Kingcade Posts

Facing Challenges After Bankruptcy

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By the end of the year, more than 1.6 million people are expected to have filed for bankruptcy protection in 2010. Many of these consumers have been financially devastated by the recession and chose to start fresh in the new year by filing for Chapter 7 bankruptcy. While filing for bankruptcy provides debtors with relief from worry and debt, it is important to keep in mind that there may be small challenges in life after bankruptcy.
Those who chose to file for bankruptcy should find comfort in numbers. Not only is the bankruptcy rate the highest it has been since 2005, a wider range of individuals are choosing to file for bankruptcy protection. Many individuals filing for bankruptcy do not hold college degrees and earn less than $30,000 a year. However, this dynamic is quickly shifting. Last year, more than one-fifth of debtors filing for bankruptcy held a college degree, representing a 4.1 percentage-point increase from 2006. Also, according to the Institute for Financial Literacy, 9.1 percent of debtors seeking bankruptcy protection in 2009 earned more than $60,000. This is compared to 5.5 percent in 2006.
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.

Bankruptcy Law, Timothy Kingcade Posts

Elderly Americans Increasingly Declaring Bankruptcy in Retirement

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A new trend has emerged that has identified more elderly Americans struggling under the weight of credit card debt and medical bills, causing them to resort to bankruptcy in retirement. Recent statistical data has backed these findings up, reporting that Americans 65 and older who carry a balance on their credit cards owe an average of $10,235, up 26% from 2005. These older debtors who filed for bankruptcy owed a median of $22,562 to credit card companies. The study also revealed that while multiple factors, such as health problems and medical debts, contribute to elders’ financial stress, the dominant force appears to be the overwhelming burden of credit cards. From 1991 to 2007, the rate of personal bankruptcy filings among those ages 65 or older soared by 150%, according to AARP. At the time, the biggest jump in bankruptcy filings occurred among people aged 75 to 84. Their rate skyrocketed 433%.
The study also revealed that elder debtors carry 50% more credit card debt than younger debtors. The challenge for seniors, however, is that when they run into financial trouble their options are somewhat limited, compared to the younger generation. For example, unlike younger Americans who can obtain work, put in more hours on the job, or perhaps get a second job to make ends meet, those choices do not always exist for people age 65 and older. Additionally, there are some issues confronting seniors that the rest of the population generally does not have to face. One big issue: Financial abuse by family members. Research also revealed that many elderly Americans are going broke, not just because of their own spending and high health care costs, but because their assets are being depleted by relatives or close friends who feel entitled to get an expected inheritance.
To read more on this story, please visit:
http://www.walletpop.com/blog/2010/11/22/elderly-americans-increasingly-declaring-bankruptcy-in-retiremen/
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

Chief Justice Charles Canady addresses the issue of public access to Florida foreclosure proceedings- which has been in jeopardy as a result of the heavy volume of foreclosure cases

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In a recent memorandum sent to chief judges of Florida’s twenty judicial circuits, Chief Justice Charles Canady addressed the important issue of public access to Florida’s foreclosure proceedings. The memorandum set forth that the chief judges ensure that the judges they supervise and the staff who report to those judges, as well as bailiffs and employees of the clerks of court, are not violating the rights of Floridians by improperly closing judicial proceedings to the public.
This comes after a letter was received from the Florida Press Association and other organizations. The letter alleged that in some instances, members of the public and/or press either were advised that they could not attend mortgage foreclosure proceedings or were prevented from attending such proceedings. Under Florida law, the public has a right to observe the workings of the judicial system. The reports, which have documented these incidents around the State of Florida, addressed the barriers, which have left members of the public and press subject to the discretion of individual foreclosure judges to admit or exclude them from attending the judicial proceedings.
The heavy volume of foreclosure cases has led to difficulties finding judges and courtrooms to hear the cases. As a result, some cases are being held in chambers for lack of an available traditional courtroom. Bottom line is- the proceedings must be open, even if they are held temporarily in a smaller and less formal physical setting than usual. While ordinary and uniform security procedures are still necessary, the unavailability of a traditional courtroom cannot justify a deprivation of the rights established under Florida law and the U.S. Constitution. 
If you have any questions on this topic please feel free to contact bankruptcy and 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.

Credit, Timothy Kingcade Posts

Consumers Avoid Credit Card Spending This Holiday Season

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As many consumers remain unemployed and are filing for bankruptcy at record rates, finding the extra cash for holiday shopping could prove difficult.
As we mentioned previously, fewer consumers will be turning to credit cards to purchase their holiday gifts this year. Financial experts say this trend will result in less spending overall, as consumers tend to spend less when they use cash than they would if they use credit. The good news is that many retailers are attempting to offset this revenue by offering sales and promotions.  However, how will the move away from spending affect our fragile economy? Without a doubt, the decreased spending will slow economic recovery. Still, while these responsible financial habits may thwart economic recovery in the short-term, economists say the “spend less, save more” mentality will benefit the economy in the long run. For example, consumers who save often have more money to spend in retirement. This can be a good situation for both the consumer and the economy.
Still, the financial security of the future seems quite far off for some struggling families. Many will become overwhelmed with the costs associated with the holidays, including food, decorations, gifts and travel. A director of an organization which provides debt and foreclosure counseling urges these individuals to be honest about their situations. She recommends telling family and friends there is a budget for the holidays, saying most people understand the holiday season is not about money and material possessions.
Source: The Salt Lake Tribune “Retailers brace for shopping shift away from credit cards,” Lesley Mitchell, 20 November 2010