July turned out to be a positive month for the housing market. Existing home sale and unit sale percentages significantly increased. From June to July existing home sales rose 2.3 percent and unit sales increased from 4.37 to 4.47 million according to the National Association of Realtors. Experts said these are all positive signs for both the housing market and the economy. The NAR attributed the improvement to two factors: the lowest interest rates since before the housing market crashed and a stable increase in the job market.
Although the numbers from July 2012 compared with 2011 are optimistic, senior economist at the Royal Bank of Scotland, Michelle Gillard, said she anticipates a gradual recovery for the housing market. Unit sales rose 10.4 percent from July 2011 to July 2012. Another positive sign for the economy is the prices of homes are also on the rise. The average price has increased 9.4 percent since last summer.
The housing market is still facing obstacles such as tight lending standards and lessening housing inventory due to sporadic foreclosure waves. The National Association of Realtors has requested that the government rapidly turn over foreclosed properties, in an attempt to speed up the recovery.
To read more on this story visit: http://economywatch.nbcnews.com/_news/2012/08/22/13413991-housing-market-improved-a-bit-in-summer?lite
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.
Tag: foreclosure attorney
Gold Medalist Ryan Lochte’s Parents Face Foreclosure
U.S. Olympic swimmer and two-time gold medalist Ryan Lochte’s parents are facing foreclosure. The Lochte’s are being sued by their mortgage lender, CitiMortgage, for foreclosure on their Port Orange, Florida home. The foreclosure suit was filed in May 2012 on a 2007 mortgage. The bank is hoping to recover $250,000 from Steven and Ileana Lochte.
Lochte’s parents divorced last year after 36 years of marriage and have recently been in London watching their son compete. Lochte has won a total of five medals for the U.S. Ileana hired an attorney and in July she filed a motion to dismiss the foreclosure proceedings. She reported to ABC News that none of her children knew about the foreclosure suit.
To read more on this story visit:
http://www.huffingtonpost.com/2012/08/05/ryan-lochtes-parents-face_n_1743686.html
http://abcnews.go.com/Sports/ryan-lochtes-parents-face-foreclosure-port-orange-fla/story?id=16930499#.UCE-xWjl3zI
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
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Bankruptcy Attorney Timothy S. Kingcade Quoted in the Miami New Times Discussing Sun-Sentinel Editor’s Financial Troubles
MIAMI – Bankruptcy Attorney Timothy S. Kingcade, Managing Partner of the Miami-based law firm of Kingcade & Garcia, P.A. (www.miamibankruptcy.com) was recently interviewed by reporter, Rich Abdill for an article that was published in the Miami New Times. In the article he discussed the controversy surrounding Sun-Sentinel editor, Howard Saltz’s financial troubles. Saltz was recently relieved of millions of dollars in debt after filing for bankruptcy protection earlier this year. In an email to the Miami New Times, Saltz claimed it was a “business bankruptcy, not a personal bankruptcy.”
“It was a personal bankruptcy,” Timothy S. Kingcade said after reviewing the documents. “The character of the debt does not change the fact that it’s a personal bankruptcy.”
Later Kingcade went on to say that by filing for bankruptcy separately from his wife, Saltz was likely trying to stall a foreclosure or other settlement. “We call those types of cases ‘Ping-Pong’ cases. The creditors are being ping-ponged between the spouses,” Kingcade said. This is a method many have chosen during the recession as a last ditch effort to stay in their homes.
Saltz began purchasing real estate in the late 1990’s. Much of his debt came from unpaid mortgages, totaling more than $2.5 million. Saltz was also deep in credit card debt. He had a $17,000 credit-card bill due to Discover, a $52,000 credit-card bill due to Bank of America, a $60,000 credit-card bill due to Chase, an unpaid medical bill and other unpaid bills such as utilities.
To read more on this story visit: http://www.miaminewtimes.com/2012-07-26/news/sun-sentinel-editor-howard-saltz-bailed-on-millions-in-debts/
Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy Kingcade in 1996. The firm represents clients throughout the Southern District of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care. More information can be found at www.miamibankruptcy.com or by calling 305-285-9100.
Mortgage Fraud Scheme may Land Maryland Resident in Prison for Five Years
Business owner and Maryland resident, Carline M. Charles, pled guilty on charges of conspiracy to commit bank fraud on July 27, 2012. Charles was the owner of the company, C&O Property Solutions LLC. She had concocted a scheme where she fraudulently obtained mortgages, financial losses for lenders and evictions for her clients who were relying on her to help save their homes.
Charles would reportedly track down financially distressed homeowners and offer them help in refinancing their mortgages. She told her clients that after a few months they would be able to remove investors’ names from the property deeds. While homeowners were under the impression they were refinancing their homes with Charles, she was in fact selling their properties to ‘straw buyers.’ She would pay the purchasers about $10,000 for use of their name and information.
Charles’ plea agreement required her to forfeit the $838,978 she profited from the scheme. Some of the homeowners were paying Charles their monthly mortgage payments, which she claimed she would be forwarding to the lenders, and never did. This resulted in 12 families being forced out of their homes. The lenders of these 12 mortgages lost somewhere between $1 and $2.5 million. The mortgage scheme resulted in a major investigation conducted by the FBI. Charles’ sentencing is scheduled for October 24, 2012.
To read more on this story visit: http://www.loansafe.org/foreclosure-prevention-business-owner-pleads-guilty-in-major-mortgage-fraud-scheme
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.
South Florida’s Bankruptcy Filings Fall for the Third Month in a Row
After a major surge in bankruptcy filings earlier this year, May was the third month in a row where South Florida experienced yet another decrease in bankruptcy filings. The U.S. District Court of Miami released a statement saying that during the month of May bankruptcy filings dropped 2.75 percent from April filings in Broward, Palm Beach, and Miami-Dade counties combined. In Broward County, 732 consumers filed for bankruptcy, in Palm Beach County 412 filed and in Miami-Dade 1,293 filed.
Bankruptcy and foreclosure trends tend to go hand in hand. Therefore, foreclosure cases in South Florida have also decreased over the past three months. From March to April this year, foreclosure cases were down approximately 15 percent in Palm Beach County, down 36 percent from a year ago. Foreclosure cases were down 31 percent from March to April in Broward County. In April, there was some speculation from attorneys that bankruptcy filings were down due to consumers waiting for new qualification factors beginning May 1st. The new qualifications include a change on income limits that would make filing for bankruptcy easier for financially distressed consumers.
To read more on this story visit: http://www.sun-sentinel.com/news/palm-beach/fl-bankruptcies-may-20120602,0,1862683.story
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.
Bank of America Offers Principal Reductions to Underwater Homeowners
Bank of America recently announced that homeowners underwater on their mortgages will soon be receiving relief in the mail. The first wave of letters will be mailed out by the third quarter of this year to some 200,000 homeowners who may qualify for a principal reduction on their mortgages. Homeowners who qualify will save an average of 30% monthly on their mortgage or a total of about $150,000.
The homeowners who qualify must meet the following criteria:
1. They must be underwater on their mortgage.
2. They must be 60 days delinquent as of January 31, 2012.
3. Their monthly payment combined with insurance and other fees must account for 25% of their gross monthly income.
4. Their loan must be held by Bank of America, not a federally backed lender.
In March, Bank of America started a trial program for principal modifications for about 5,000 underwater homeowners. The bank disclosed that of these 5,000 homeowners, the combined savings reached approximately $700 million in just a few short months. Bank of America views this move as a way to hold up to their end of the settlement reached earlier in the year with the government as a result of the robo-signing scandal. Although the principal reductions are expected to relieve homeowners of much of their debt, it might also end up diminishing their credit scores. FICO spokesman, Anthony Sprauve said that as of now it is ‘undetermined how the reductions will be reported.’
To read more on this story visit: http://moneyland.time.com/2012/05/09/behind-on-your-bank-of-america-mortgage-relief-may-be-in-the-mail/
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.
The Federal Housing Finance Agency Releases its Goals for 2013-2017
The director of the Federal Housing Finance Agency, Edward J. DeMarco, released a rough draft of the goals the Agency has set to construct a more efficient and effective housing finance system. The FHFA is the agency created by the merging of the Office of Federal Housing Enterprise Oversight, Federal Housing 
Finance Board and the government sponsored enterprises mission office. The FHFA was created after the 2008 Housing and Economic Recovery Act, and has acted as a regulator for the GSE’s such as Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
Below are the FHFA’s strategic goals for 2013 – 2017:
1. Safe and sound housing GSEs
2. Stability, liquidity, and access in housing finance
3. Preserve and conserve enterprise assets
4. Prepare for the future of housing finance
The FHFA will create a safer housing finance system for Americans, not by directing day-to-day operations, but by setting boundaries and expectations for the GSEs. The FHFA plans to monitor the actions of the Enterprises through on-site examinations and program reviews.
To read more on this story visit: http://stopforeclosurefraud.com/2012/06/14/fhfa-strategic-plan-2013-2017-preparing-a-foundation-for-a-more-efficient-and-effective-housing-finance-system/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ForeclosureFraudByDinsfla+%28FORECLOSURE+FRAUD+%7C+by+DinSFLA%29
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
NY Attorney General Eric Schneiderman Proposes New Bill to make the act of Robo-Signing a Felony
On June 13, 2012 New York Attorney General, Eric Schneiderman announced his proposal of a new bill that will help protect New York homeowners from being forced out of their homes. The bill will introduce legislation to make robo-signing and other fraudulent acts commonly used by banks and lenders, a felony with criminal penalties, including jail time and monetary fines. The bill will extend not only to employees who engage in the fraudulent acts, but also to the managerial staff who oversees the acts. The legislation will make the act of robo-signing a class E felony for anyone involved, which is punishable with up to four years of jail time in a state prison. The filing of false documents to a court will be considered a class ‘A’ misdemeanor, which is punishable with up to a year of jail time or a $1,000 fine.
Attorney General Schneiderman was appointed earlier in the year as the Chair of President Obama’s New Mortgage Crisis Unit. Backed by numerous foreclosure advocates, Schneiderman has made successful headway for homeowners by announcing the $130 million settlement between the government and the five large banks in February. A month later he announced that $15 million from the settlement would be used to fund various foreclosure prevention programs and $6 million would be used to fund community renewal programs.
“For many middle class New Yorkers, their life savings is in their home. To take away people’s homes under fraudulent circumstances is a crime deserving of jail time,” said Attorney General Schneiderman.
To read more on this story visit: http://www.wbng.com/news/state/Schneiderman-Introduces-Legislation-to-Protect-New-Yorkers-From-Foreclosure-Fraud-159051485.html
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
BANKRUPTCY ATTORNEY TIMOTHY S. KINGCADE RECEIVES PRESTIGIOUS ‘AV PREEMINENT’ RATING FROM MARTINDALE-HUBBELL
MIAMI – Kingcade & Garcia, P.A. (www.miamibankruptcy.com) is pleased to announce that Managing Shareholder, Timothy S. Kingcade recently received an AV rating from LexisNexis Martindale-Hubbell. An AV rating is the highest level of professional excellence and ethical standards an attorney can receive.
“I am honored to have received the AV rating from Martindale-Hubbell,” said Timothy S. Kingcade. “This is a testament to the commitment that I make to each and every one of my clients and the ethical standards we uphold as a law firm. It is gratifying to know that my colleagues respect and acknowledge my legal abilities and the continued dedication to my clients.”
The AV rating attained by Timothy is the preeminent rating, achievable only after admission to the bar for at least ten years, indicating the highest level of legal ability and ethics. This rating indicates that an attorney’s colleagues and the judiciary perceive him to be at the pinnacle of professional success. LexisNexis Martindale-Hubbell conducts peer review ratings throughout the country in an effort to identify lawyers with the highest legal ability and ethical standards.
The General Ethical Standards rating denotes adherence to professional standards of conduct, ethics, reliability and diligence. The Legal Ability ratings are based on performance in five key areas, which include: Legal knowledge, analytical capabilities, judgment, communication ability and legal experience.
Attorney Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 filings and foreclosure defense cases for the Southern District of Florida. As an experienced CPA as well as a proven bankruptcy attorney, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws, which protect them and achieve desired results.
Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy Kingcade in 1996. The firm represents clients throughout Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care. All partners and associates at Kingcade & Garcia, P.A. specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.
40 Million Underwater Homeowners Consider Turning to a Mortgage Strike
Due to the banks failure to compromise with underwater homeowners, groups such as the Home Defenders League and the recently created, Mortgage Origination & Securitization Abuses unit, may end up encouraging a mortgage strike. Statistics prove that even if a portion of the 40 million homeowners participate in the mortgage strike, this could cost banks more than a trillion dollars. Even if a mortgage strike is not the necessary step, underwater homeowners represent about 18% of all voters in America, which provide enough ability to influence policies and policy makers if they ban together.
Corporations such as the Mortgage Bankers Association have participated in this form of “strategic defaulting” in the past when their office building values have plummeted. If policy makers are unable to make the necessary changes to help homeowners, a mortgage strike might be the one method to force a negotiation with the banks.
To read more on this story visit: http://www.huffingtonpost.com/rj-eskow/40-million-strong-underwa_b_1579824.html
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