Foreclosure Bill Archives - FREE CONSULTATION

Credit, Foreclosures, Timothy Kingcade Posts

Postcard Alerts of Foreclosure Cash Could Be Ignored

Posted on April 19, 2013by Admin

Beginning this month, hundreds of thousands of Floridians are expected to receive foreclosure-restitution checks through federal agreements with banks. The fear is that the letters might be mistaken for a scam or junk mail and will be thrown out. It is estimated that approximately $3.6 billion will be awarded to 4.2 homeowners nationwide who were facing foreclosure in 2009 and 2010. Those who are eligible for the cash should have received a postcard in late March alerting them that they would be receiving a check worth between $250 and $125,000. The postcards were sent out by Minneapolis-based Rust Consulting, the firm contracted by federal regulators to disburse the checks. Homeowners have been wary of the postcards and checks due to already being overwhelmed with foreclosure-related mailings.

The Office of the Comptroller of the Currency offered agreements with 13 financial institutions to compensate for foreclosure-related abuses and replace the Independent Foreclosure Review. Homeowners were asked to apply to have their foreclosure inspected and receive compensation based on the findings. However, few people signed up for the review. In November of last year, approximately 3.8 percent of Floridians who were sent letters about the program had applied. This proves that homeowners are so uneasy about anything foreclosure-related, they are willing to miss out on compensation for foreclosure abuse.

Click here to read more about the postcard alerts of foreclosure checks being sent to Floridians throughout the month of April.

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 website, Kingcade & Garcia, P.A.

Foreclosures, Timothy Kingcade Posts

New Foreclosure Bill – Good for Banks, Bad for Homeowners

Posted on April 18, 2013by Admin

A bill to speed up the Florida foreclosure process is headed to the House floor this legislative season. However, consumer advocate groups believe HB 87 will favor banks rather than homeowners. According to Rep. Cynthia Safford, ‘the bill diminishes the rights of homeowners and consumers.’ This bill is the Legislature’s third attempt in three years to address the backlog of foreclosures in Florida. A Senate companion bill is also moving through the committee process. This bill forces banks to disclose the correct documents and also shortens the statute of limitations for post-foreclosure lawsuits against homeowners.

Consumer advocates are pointing out some of the other provisions that are a bit more controversial. The bill states that homeowners cannot get their home back after a fraudulent foreclosure if it has been sold to another person. Another controversial point in the bill is that it would allow condominium associations to speed up the foreclosure process on homeowners who have not paid their dues. Florida has the largest foreclosure inventory than any other state in the nation. Currently there are more than 300,000 homes in the process of foreclosure. Additionally there are hundreds of thousands that are at risk of foreclosure.

Click here to read more on HB 87 and what it can mean for you.

Foreclosures, Timothy Kingcade Posts

Bill Filed to Speed Up Foreclosures in Florida

Posted on January 7, 2013by Admin

Last Thursday, Rep. Kathleen Passidomo filed a new bill proposing “faster foreclosures.” The bill offers many changes to civil procedures governing foreclosures. Florida has the highest foreclosure rate in the country and also one of the slowest. It currently takes more than 600 days for a foreclosure to run its course in Florida. However, many struggling homeowners rallied in Tallahassee last week to protest the faster foreclosure bill.

Paperwork problems have played a major role in the backlog of foreclosures in Florida for the past several years. The new bill would require lenders to certify they have the correct paperwork to legally foreclose. It also gives condo associations the ability to speed up the banks foreclosure proceedings if they are moving too slow. Condo associations have suffered major consequences from unpaid fees and abandoned homes since the housing market crash.

The bill Passidomo proposed also specifies that if a lender is sued for wrongful foreclosure practices, the lender can only be sued for monetary damages. The point of this is to eliminate any chance that the bank re-sells the home to a third-party, and then the family filing the lawsuit demands their home back in a settlement. A similar bill was proposed last year that passed in the Florida House but died in the Senate.

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.