foreclosure defense Archives - Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

Bankruptcy Filings, Consumer Debt, Foreclosures, Medical Debt

Study Links This Health Condition to Higher Rates of Debt, Bankruptcy and Foreclosure

Posted on August 4, 2025by Admin

A recent study revealed that patients with diabetes have more adverse financial events on average than patients without diabetes. Researchers used a unique dataset to show that patients with Type 2 Diabetes have worse financial outcomes than other patients. Findings showed diabetes patients fared worse on all seven financial outcomes studied, including below-prime credit scores, medical and non-medical debt in collections, 60-plus-day delinquent debt, debt charge-offs, bankruptcy filings and foreclosure.

The study’s co-author, and professor and chair of consumer sciences at The Ohio State University, Cäzilia Loibl, found that patients with diabetes were more burdened financially than other patients. The diabetes patients in the study were compared to people who had a blood test to check for diabetes but who were not diagnosed with diabetes.

Researchers used data on 166,285 patients being treated at the Wexner Medical Center at Ohio State from October 2017 through December 2021.

While other research has “suggested” that diabetes patients often face financial difficulties, this most recent study sets it apart. Researchers were successfully able to link credit, employment and medical data, providing a unique look at the connection between “physical and financial health” in diabetes patients.

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If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all 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 website at www.miamibankruptcy.com.

Foreclosure Defense, Foreclosures

This Florida Metro Has Been Named the Foreclosure Capital of the US

Posted on June 13, 2025by Admin

According to real estate data from ATTOM, Florida’s Lakeland region has the nation’s highest number of foreclosures. One out of every 172 housing units had foreclosure filings, according to the real estate data firm.

There is a combination of factors that attribute to this rating. One being a population influx. Another factor is the price of home insurance, and rising insurance premiums. Floridian’s pay an average annual premium of $5,292 for a home worth $3000,000, according to Bankrate. That’s nearly two-and-a-half times the national average of $2,267. Other factors, include increased property taxes, regulatory changes that impact older condominiums, elevated mortgage rates, inflation, and job losses.

Foreclosures can oftentimes be a precursor to bankruptcy, and both have risen drastically over the last 12 months. The key is to respond quickly to avoid losing your home through foreclosure. It may seem counter-intuitive, but when someone is facing foreclosure and is in the middle of a major financial crisis, bankruptcy can be a viable option to help save that person’s home. Ultimately, it depends on your specific financial situation and the type of bankruptcy you file – but bankruptcy can be used as a tool to help keep your home.

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Choosing the right attorney can make the difference between keeping your home or losing it in foreclosure. 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.

Foreclosures

Florida Foreclosures on the Rise

Posted on February 25, 2025by Admin

Despite foreclosures decreasing nationwide, Florida foreclosure rates remain on the rise. In fact, Florida has some of the highest rates of foreclosure starts and filings in the nation. Data released by ATTOM, found that Florida had the highest foreclosure rates last year, tied with New Jersey.

Foreclosure rates increasing can indicate important shifts in the housing market. For example, an increase in foreclosure rates can potentially reduce property tax revenues, destabilize the housing market, and lower neighborhood values through a rise in vacant properties.

The most recent data found that Florida had the third-highest number of foreclosure filings (2,652) in December 2024, behind California (3,772) and Texas (2,868). Florida counties with the highest number of filings included Miami-Dade, Broward, Palm Beach, Hillsborough and Orange.

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REMEMBER: In Florida, the homeowner has rights when it comes to foreclosure! But do not delay.

Foreclosure Defense, Foreclosures

Florida Sees Highest Rate of Home Foreclosure Filings Nationwide

Posted on May 20, 2024by Admin

Florida has one of the highest rates of home foreclosure filings in the nation, according to ATTOM Data, the leading provider of nationwide property data.

The real estate data analysis firm reported that one in every 2,632 housing units in Florida had a foreclosure filing in February. South Carolina registered foreclosure filings for one in every 2,248 homes, while Delaware had one in every 2,428.

Miami and Orlando had the highest rates of foreclosures for areas with populations of at least 1 million people: Orlando—with one in 1,938 housing units experiencing foreclosures—and Miami, with one in every 2,392.

Florida had the highest number of these foreclosure starts, with 2,732 properties affected, followed by California with 2,730 and Texas with 2,694.

When Can Foreclosure Start?

Foreclosure cannot start until the homeowner is more than 120 days past due on his or her payments. The purpose of this length of time is to give the homeowner time to submit a loss mitigation application before the foreclosure process begins.

If you are not able to make your monthly mortgage payments, you have options available to you that can keep you from losing your home.

REMEMBER: In Florida, the homeowner has rights when it comes to foreclosure! But do not delay.

Sources:

Florida Homeowners Are Losing Their Houses (newsweek.com)

How to Avoid Foreclosure: Forbearance, Short Sale, and Other Options (businessinsider.com)

Bankruptcy Trends, Consumer Bankruptcy, Consumer Debt

Five Reasons People Go Bankrupt

Posted on April 6, 2023by Admin

The number of bankruptcy filings across the U.S. are on the rise. Common reasons that people file for bankruptcy include loss of income, medical bills, a mortgage payment that is too high, spending beyond their means, or lending money to loved ones.

Many times, it is not just one simple cause, but rather a combination of factors that contribute to why someone has filed for bankruptcy. Here are some common reasons people file bankruptcy.

Foreclosure Defense, Foreclosures

Florida Foreclosure Filings Increase by 71 Percent Since 2021

Posted on November 17, 2022by Admin

Foreclosure rates in the State of Florida are on the rise by over 71 percent since 2021, according to new foreclosure data released by real estate company, ATTOM. As a result, Florida now ranks number two for the top five states with the highest level of foreclosure starts.

Rates have been steadily increasing throughout the year as pandemic relief programs have ended. ATTOM reports that 9,284 foreclosure filings were made in the past quarter with 6,671 of these being foreclosure starts. Fortunately, foreclosure starts are still behind where they were before the COVID-19 pandemic hit, even though numbers are starting to rise.

Foreclosure Defense, Foreclosures

Zombie Properties Increase as the Number of Foreclosures Climb

Posted on August 30, 2022by Admin

The number of homes abandoned by their owners just before foreclosure has continued to increase for a second consecutive quarter in 2022, as the number of foreclosure cases continue to rise. These types of vacancies are commonly referred to as “zombie homes” or “zombie properties.”

According to real estate data provider, Attom, a total of 7,707 residential properties facing foreclosures have been vacated by their owners in the third quarter of 2022, increasing by 1.8 percent from 7,569 from the prior quarter. These numbers are up 2.2 percent from 7,538 vacated in the prior year. This increase represents the second consecutive quarterly increase in the number of zombie properties.

Foreclosures, Housing Market Trends

Florida’s Mortgage Delinquency Rates Increase, Slightly Higher than National Average

Posted on July 12, 2022by Admin

Mortgage delinquencies slightly increased from April to May 2022, but Florida’ mortgage delinquency rates have increased more than the national average. Nationwide, one in every 4,549 housing units had a foreclosure filing in May 2022, according to a recent report issued by Knight Data & Analytics. Florida led all 50 states with a high rate of one in every 2,788 housing units.

The national delinquency rate decreased in May 2022 to a low of 2.75 percent. However, Florida’s delinquency rate stayed at a consistent 2.0 percent. Lenders initiated foreclosure proceedings on 22,099 properties in May 2022. While this number may be down one percent from the previous month, it is up 274 percent from one year ago.

Foreclosure Defense, Foreclosures

How Long Does a Foreclosure Stay on Your Credit Report?

Posted on May 6, 2022by Admin

Many times, consumers facing a foreclosure fear what the proceeding will do to their credit scores. Will a foreclosure prevent them from receiving financing in the future? Will it 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.

The good news is that even though a foreclosure will almost certainly have a negative effect on a person’s credit score, rebuilding your credit score can start immediately after.

Foreclosure Defense, Foreclosures

Foreclosure Filings Increase Following End of CFPB Restrictions

Posted on March 4, 2022by Admin

Foreclosure filings reported in January 2022 were up by nearly 30 percent from a month prior and up by over 139 percent from a year ago, according to figures from the U.S. Foreclosure Market Report. A total of 23,204 U.S. properties were reported as having foreclosure filings.

The fact that foreclosure filings were on the rise does not come as a surprise for financial experts who have been keeping an eye on the housing market. Normally, foreclosure filings slow down around the holidays, picking up again after the first of the year. However, this year, the filings were a little more than in previous years, showing more of a spike in filings than a slow increase.