Tag: Florida

Foreclosures, Timothy Kingcade Posts

Rising Gas Prices Could Lead to an Increase in Foreclosures

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Rising gasoline prices are making a bad situation even worse, particularly in the area of Homestead, FL., where many residents drive some 30 miles to work in Miami. A recent article in the Wall Street Journal reports Homestead having one of the highest foreclosure rates in the nation for the past two years. So while the foreclosure problem is starting to subside in many cities, the problem in places like Homestead could grow.

Data prepared for The Wall Street Journal by CoreLogic Inc. showed that in two Zip Codes in the Homestead area, 33032 and 33033, more than 44% of all mortgages were three months or more delinquent as of November. Those were the highest rates in the country. The communities in the two Zip Codes are filled with modest, middle-class homes, many built from 2004 to 2006. Some of those homes are now empty after the owners left or were evicted. Some of those still around are considering leaving. Of Homestead’s 21,300 mortgages, nearly 9,000 are severely delinquent, with 6,100 homes in a state of foreclosure and more than 900 owned by the bank and likely empty, CoreLogic said.

This trend is causing many families to reconsider the total cost of living far away from urban centers, not just the cost of the home.

To read more on this story, visit:
http://online.wsj.com/article/SB10001424052748703409904576174592380635086.html?KEYWORDS=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.

Foreclosures, Timothy Kingcade Posts

More than 14 percent of Florida mortgages in foreclosure

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It used to be that signing your mortgage documents was an exhilarating experience. New homebuyers eagerly agreed to the terms of the loan because they knew it was an important step towards becoming homeowners.

Now, most homebuyers (and lenders for that matter) sign those mortgage documents with trepidation. And in Florida, there is a good reason for their hesitation. According to the Mortgage Bankers Association, more than 14 percent of all mortgages in Florida are in foreclosure. That is the highest foreclosure rate in the country.

People who excitedly signed those mortgage papers only a few years ago are now having trouble making the payments. Perhaps they have lost their jobs, or maybe the adjustable rate mortgage became too high to pay. Or perhaps the homebuyers have encountered a different financial challenge as the Great Recession takes its toll on Floridians. Regardless of the reason, “more than 20 percent of all loans in Florida are somewhere past due or somewhere in foreclosure,” according to the vice president of the MBA.

There is another possible explanation for the rise in the percentage of Florida mortgages in foreclosure. The foreclosure process in Miami-Dade County now takes nearly twice as long as it took in 2007. Once a home enters foreclosure, it takes 742 days for the foreclosure to be completed. That means that as new homes enter foreclosure, more homes are still in the process.

For the 14 percent of homeowners in foreclosure and the 5 percent who are more than 90 days behind on mortgage payments, the future may seem bleak. However, they should know that there are legal options, especially before the foreclosure process begins. An experienced foreclosure defense or bankruptcy attorney can explain those options and help individuals make decisions that protect their assets.

Source: Miami Herald, “Florida’s foreclosure rate is nation’s highest,” Toluse Olorunnipa, 17 Feb 2011

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

Florida Churches Join Homeowners in Foreclosure Crisis

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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.

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

Bank of America Plans to Resume Foreclosures in 23 States, Including Florida

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A recent article by the Associated Press reported that Bank of America plans to resume foreclosures on more than 100,000 homes in 23 states, which include Florida early next week, with a judge’s approval. This move by the nation’s largest bank will likely encourage other giant lenders, like JPMorgan Chase & Co., to resume the foreclosure process as well. Bank of America Corp. is still delaying foreclosures in the 27 other states, which do not require a judge’s approval.
This move comes just two weeks after Bank of America halted foreclosures in all 50 states as allegations surfaced that bank employees signed, but failed to read foreclosure documents, that may have contained errors. These bank employees earned the nickname “robo-signers.”
A deposition released by the Florida attorney general’s office revealed that the office manager at a Florida law firm under investigation for fabricating foreclosure documents signed 1,000 files a day without reviewing them. The manager also would allow paralegals to sign her name when she got tired, the deposition said. Bank of America plans to begin filing new paperwork for 102,000 foreclosures on Monday, October 25, 2010.
The 23 states in which Bank of America is restarting foreclosures use a lengthy court process. They require documents to verify information on the mortgage, including who owns it. These states include: Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.
To read more on Bank of America’s plans to resume foreclosures in 23 states, please visit:
http://news.yahoo.com/s/ap/20101018/ap_on_bi_ge/us_bank_of_america_foreclosures
http://www.msnbc.msn.com/id/39727162/ns/business-real_estate/
http://www.nytimes.com/2010/10/19/business/19mortgage.html
If you have any questions on this topic 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.