Experienced Foreclosure Attorney Archives

How to Purchase a Home After Foreclosure

Posted on June 17, 2019by Admin

One of the biggest fears people have after going through a foreclosure is how it will hurt their chances of purchasing a home again in the future. While the effects of foreclosure can be far-reaching, it does not mean that all hope is lost for that person ever owning a home, again.

What Are the Consequences of a Foreclosure?

A foreclosure can affect different aspects of a person’s life. It can make finding and purchasing a new home more difficult. Many consumers also suffer from the hit their credit scores take from a foreclosure. Some can be hit with a surprise tax bill following a foreclosure. Even more pervasive are the emotional effects that come with a foreclosure. Our Miami foreclosure defense attorneys fight for homeowner rights, help alleviate these concerns and get you back on track financially.

Rebuilding Credit

Following a foreclosure, a consumer should expect to see his or her credit take a significant hit. If that person wishes to purchase a home or car in the future, it is important that he or she works to rebuild his or her credit so that the consumer can get loans with decent interest rates in the future. Credit can be rebuilt, although it takes time and effort. The first step is to review your credit report. Consumers can get free copies of their credit reports from each of the three major credit bureaus annually. Reviewing your credit report gives you a chance to monitor your progress when it comes to improving your credit score. It can also help with making sure that no mistakes exist on the report that could hurt the consumer later.

It may seem counter intuitive, but credit can be rebuilt through using a credit card. Many consumers find success in using a secured card initially after a bankruptcy or foreclosure, which requires a deposit be paid by the cardholder. Many banks offer secured credit cards for their customers. The deposit for the card usually limits how much the person can charge on the account, but secured cards are not normally meant for the long-term. They can help a person establish a credit base before transferring to a regular credit card with a lower interest rate. If the consumer uses a credit card, it is important to ensure that the balance does not get out of control. Make sure payments are made on time. Many financial experts recommend that consumers pay their balances off in full every month to boost their credit scores.

Financing a Home

Lenders normally require a certain period of time pass after a consumer goes through a foreclosure. A mandatory waiting period for a conventional mortgage is usually seven years. However, a consumer may be able to get a mortgage sooner than seven years, depending on that person’s life circumstances and the type of mortgage he or she wants. Fannie Mae does allow a shortened waiting period of three years if the purchaser can show that the foreclosure was due to circumstances beyond his or her control, such as a sudden job loss, death in the family resulting in loss of income, or major medical crisis. The requirements for obtaining a three-year waiting period are much stricter and do require a larger down payment.

Another option is an FHA loan for consumers wishing to purchase a home after foreclosure or bankruptcy. The minimum time period between foreclosure completion to purchasing a home is three years. If extenuating circumstances exist, it is possible to request an even shorter waiting period, although these situations are rare. FHA borrowers do need to show that they have been exercising good financial habits since foreclosure to qualify for the loan, demonstrating that they are not a financial risk to the lender.

If the borrower had his or her mortgage discharged through bankruptcy instead of foreclosure, the waiting period is shorter. Fannie Mae guidelines allow a lender to approve a new mortgage for someone who had their mortgage discharged in bankruptcy to receive a new loan after four years or two, with extenuating circumstances.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 McMaken website at www.miamibankruptcy.com.

Related Resources:

https://www.bankrate.com/mortgage/life-after-foreclosure/

First Quarter Housing Market Trends

Posted on May 2, 2016by Admin

The housing market has continued to make improvement in the first quarter of the year. Home prices have increased, helping homeowners accumulate equity. Based on the first quarter trends of 6% home price gain, another $1.3 trillion in housing equity could be added to homeowners’ wealth this year. It has been a positive quarter for the housing sector, particularly for homeowners.

The spending growth for home improvement, including new home construction, rising brokerage commission income, more use of moving trucks and lawn care, and even increased consumer spending for many things arising from homeowner housing wealth accumulation are helping keep the economy afloat.

Another good sign- mortgage default rates are on the decline. The number of people late on their mortgage payment by only a month was 2.35% in the latest quarter, the lowest in at least 40 years when this data was first collected. In addition, the share of homes with new foreclosure proceedings fell to 0.36% of homes with mortgages – the lowest in over a decade.

The sense of stress is among renters. Rents have been outpacing income growth for the past four years. The strict credit requirements are holding many renters back from converting into homeowners. Another factor holding first-time home buyers back is student loan debt. That is a big reason why the homeownership rate remains at a near 50-year low, at 63.6% in the first quarter.

Among those under the age of 35, the ownership rate fell even more and was 34.2% in the latest quarter. Renter households in the meantime have been increasing upwards by an additional 9 million in the past decade while homeowner households have been reduced by a million.

The trend of more renters and fewer homeowners is occurring at a time of rising home values and housing equity gains. Many interpret it as a loss of The American Dream and attribute it to the rising wealth inequality.

Click here to read more on this story.

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.