Foreclosure Defense Attorney Archives - Page 6 of 9

Five Mortgage Scams to watch out for

Posted on September 12, 2013by Admin

Thousands of homeowners are tricked into mortgage scams each year and con artists do not have to look hard for victims. Most of the victims reach out to scammers themselves online. Instead of finding help to their mortgage woes through an Internet search, they find a scam. The sluggish economy and slow recovering housing market have created the perfect environment for mortgage scams.

Below are five mortgage scams to watch out for:

1.) A theft in-‘deed’. This scam lures struggling homeowners in by promising them better interest rates and lower mortgage payments. The borrower is then asked to sign supposed mortgage papers. One of the pages in the large stack of documents is a deed that once signed, transfers ownership of the property to the perpetrator.

2.) Phantom of the loan modification. NEVER pay upfront fees for a loan modification. Despite numerous warnings and educational campaigns warning homeowners of this, scam stories of borrowers who paid $1,000 to $5,000 for a loan modification, but received nothing in exchange are widespread.

3.) Your mortgage has been sold- NOT! Banks often buy and sell residential mortgages, and con artists take advantage of that. They create fake companies, pretend they are the new owners of your loan and take your payments until you figure out it’s a scam. Most unsuspecting victims do not learn about the mortgage scam until their actual lender notifies them that their mortgage is in default. To be on the safe side, contact your servicer and double check that your loan was sold to another company before blindly making payments to a new company- even if the letter you receive appears legitimate.

4.) Steer clear of reverse mortgage scams. Elderly homeowners are easy targets for con artists. They are also more likely to have equity in their homes. Reverse mortgages allow homeowners who are 62 or older to borrow against the equity in their homes without having to make monthly mortgage payments. Normally, the scammer wants to steal the equity in the home or use the senior citizens as straw buyers and borrowers. Another scam involves, a con artist recruiting an innocent senior to be the ‘fall guy’ in the fraud. The scammers buy a distressed property then manipulate the senior into signing the deed, taking ownership of the house. Once the house is in the senior’s name, the scammers use an inflated appraisal to get a reverse mortgage. They steal the money, and the senior and the lender get stuck with the loss.

5.) Avoid lease/buy-back agreements. Thanks to public records, con artists in many states know when a home is in foreclosure. Once they identify distressed borrowers, they persuade them to sign a quitclaim deed, which transfers the property ownership into a land trust. In lease/buy-back mortgage scams, the perpetrator promises the deed transfer is temporary and you will be able to rent the home from the new owners and eventually repurchase the home after you get back on your feet. Depending on how much you owe on the home, the scammer may simply collect the rent from you and let the bank evict you and sell the house themselves.

Click here to read more on the top five mortgage scams.

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 website at www.miamibankruptcy.com.

South Florida Falls to Number Three in National Foreclosure Rankings

Posted on May 29, 2013by Admin

According to RealtyTrac Inc., Palm Beach, Broward and Miami-Dade counties fell from number one to number three in the foreclosure rankings. One in every 269 homes in the tri-county region was in some stage of foreclosure last month, RealtyTrac reports. South Florida had 9,127 total filings in April, up slightly from a year earlier, but new cases declined by 35 percent, said Daren Blomquist, a spokesman for RealtyTrac. More than 24,600 Florida homes were in the process of foreclosure last month, down slightly from a year earlier, according to RealtyTrac. Florida had the top foreclosure rate for six months in a row until being surpassed by Nevada in March.

The decline can be attributed in part to lenders getting caught up with delayed foreclosures and banks pushing through the backlog. Florida lawmakers have also passed a bill that would speed up the foreclosure process, forcing homeowners to respond more quickly to filings and giving homeowners’ associations more power in process. Opponents of the bill argue that it will strip homeowners of their rights and favors the banks, who have been accused of engaging in questionable foreclosure practices.

Click here to read more about South Florida falling to number three in the national foreclosure rankings along with new legislation aimed to speed up the foreclosure filing process in Florida.

Foreclosures, Timothy Kingcade Posts

Extension of HARP Means More Time to Refinance!

Posted on May 9, 2013by Admin

A two-year extension has been allotted for the government-sponsored Home Affordable Refinance Program (HARP). This is great news for underwater homeowners! HARP was set to expire at the end of 2013; however, according to the Housing Finance Agency, it will now extend through 2015 giving underwater homeowners more time to refinance.

By qualifying for HARP, underwater homeowners can expect to see their mortgage rates drop to as low as 4 percent. During the fourth quarter of 2012, 39.6 percent of mortgages in South Florida were worth less than what was owed. Although this number was down from 47 percent a year ago, this is still much higher than the national average. Not only are underwater homeowners at risk of foreclosure, they also cannot sell their property without bringing thousands of dollars to the closing table. According to the FHFA Acting Director, more than two million homeowners have refinanced through HARP. This program not only benefits homeowners, it benefits taxpayers and mortgage companies such as Fannie Mae and Freddie Mac.

According to the FHFA, in January 56 percent of Florida’s refinances were through HARP. The agency is planning a national campaign to educate homeowners on the program and how they can take advantage of it before it ends in 2015. In order to qualify, a homeowner’s mortgage must have been sold to Fannie Mae or Freddie Mac before May 31, 2009 and the loan-to-value ratios must be greater than 80 percent.

Click here to read more about the extension of HARP.

http://www.sun-sentinel.com/business/fl-harp-extension-20130427,0,1882210.story

Foreclosures, Timothy Kingcade Posts

New York Attorney Agrees to Pay $4 Million for Foreclosure Malpractice

Posted on April 10, 2012by Admin

New York foreclosure attorney, Steven Baum has agreed to a $4 million settlement with the New York State Attorney General, Eric Schneiderman, in a suit alleging that his firm and staff mishandled numerous foreclosure cases. Baum’s firm generated the largest number of foreclosure filings in New York from 2007 to 2010. In this three-year span, the firm filed around 100,000 foreclosure proceedings. Schneiderman intends for this case to set the precedent that attorneys and lenders will be held accountable in his district for wrongful mortgage and foreclosure practices.
Some of the malpractices by the Baum Firm included:
• The firm repeatedly claiming the plaintiff to be the holder of the note, when there was no documentation to prove this statement;
• In many cases the firm used a separate company for much of the processing. By use of the separate company, the firm intended to speed up the documentation process in order to file more foreclosures and increase their own profit;
• Employees from the firm often times were not authorized, trained, or certified to sign off on or handle documents they were signing;
• Many times documents were “pre-signed” without ever being read by an attorney.
Even after the settlement Baum still claims no wrong-doing by him or his firm, saying the Attorney General never disclosed a specific case where his firm preceded with foreclosure on a person whose loan was not in default.
To read more on this story visit: http://www.bizjournals.com/buffalo/news/2012/03/22/baum-settles-with-ag-will-pay-4m.html?page=all
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.

Foreclosures, Timothy Kingcade Posts

Artist Kathryn Clark Creates Quilts to portray our Nation’s Foreclosure Crisis

Posted on April 10, 2012by Admin

San Francisco artist, Kathryn Clark has been depicting the effects of the foreclosure crisis by creating her own line of quilts. She has created nine quilts that display neighborhoods from across the country that have been hit the hardest by the housing market crash. An artist at heart, Clark spent more than five years as an urban planner. She began to notice the stories in the news about the foreclosure crisis and began noticing signs in her own neighborhood, which inspired her to depict the economic problems through her work. She chose to express the crisis through quilts because she was able to use older fabrics that were worn and provided a good representation of the distressed neighborhoods.
Clark has created quilts for areas across the country hit hardest by the crash, including: Riverside, CA, Cape Coral, FL., Las Vegas, Modesto, CA., Cleveland, Albuquerque, Atlanta, Detroit, and Phoenix.
To read more on this story and view pictures of some of Kathryn Clark’s work visit: http://www.theatlanticcities.com/arts-and-lifestyle/2012/03/crafting-foreclosure-crisis/1622/
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.

Foreclosures, Timothy Kingcade Posts

Huge WIN for Victims of the Housing Market Crash and Foreclosures

Posted on March 16, 2012by Admin

On March 9th 2012, the Florida State Legislative came to the decision to not pass the foreclosure bills that would ultimately speed up the foreclosure process. The Florida attorneys fighting for the cause worked along side consumer groups and activists for the third year in a row to ensure the Senate did not pass the bills. A few of the groups that worked relentlessly for this cause was PICO Florida, FOCUS, The Florida Consumer Action Network, Sarasota’s Mortgage Justice Group, and some members from Florida’s Tea Party.
To read more on this story visit: http://mattweidnerlaw.com/blog/2012/03/we-fought-the-law-and-we-won-foreclosure-bills-dead-for-now/
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.

Foreclosures, Timothy Kingcade Posts

Florida Awarded $8 Billion in Foreclosure Settlement

Posted on March 16, 2012by Admin

State and Federal authorities recently finalized the $25 billion settlement with banks, and awarded the State of Florida $8 billion in payments and credits from the settlement.
Florida has a guarantee from Wells Fargo, JPMorgan Chase and Bank of America for at least $4 billion in relief from the settlement first unveiled February 9. The guarantee for Florida includes a minimum $3.1 billion to cut principal and modify loans for financially troubled consumers. And it involves at least $309 million in refinancing for borrowers who are current on mortgage payments but stuck in higher-interest loans that exceed home values.
Critics of the proposed settlement say the relief allotted to Florida is disappointing: up to $2,000 for borrowers who lost their homes in foreclosure abuses and an average $20,000 cut in principal on mishandled loans worth more than the value of the homes.
The settlement with the nation’s five largest lenders: Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial require at least $20 billion in help to borrowers by trimming principal and other means.
To read more on this story visit: http://www.orlandosentinel.com/business/fl-foreclosure-settlement-finalized-20120312,0,6790648.story
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.

Foreclosures, Timothy Kingcade Posts

Florida Bill to Speed up Foreclosure Process

Posted on March 12, 2012by Admin

A bill to speed up the foreclosure process is on the fast track to becoming a law in the State of Florida. So far, the majority seem to be in support of the bill. However, many Florida attorneys and government officials see several problems if the bill becomes a law. The bill is intended to speed up the foreclosure process for homes that have been abandoned or in cases which the defendant is unable to prove a legitimate reason they should not lose their home in a “show cause” hearing. If the individual is unable to prove his or her case, the bill will allow the lienholder to immediately file a judgment of foreclosure on the home.
Another way the bill would change the foreclosure process is that banks will no longer be able to file a deficiency judgment for more than one year. A deficiency judgment is how much debt is still left after the property is resold. Currently, banks may file a deficiency judgment for up to five years.
Critics of the bill see a problem due to the fact that Florida courts have always ruled that when homeowners are absent from their homes, the homes are not considered “abandoned.” Another criticism with the bill is that homeowners who lost their homes due to fraudulent foreclosure practices are only able to receive monetary compensation and have no chance of repossessing their homes. However, the most substantial problem with the bill, deals with the “show cause” hearing. Attorneys say that it is difficult to prove a defendant’s case because there is typically very little time and that most initial court documents filed are false, but it is impossible to tell they are false.
If the bill is passed, it will go into effect July 1, 2012. The law will apply to any future and current foreclosures that are making their way through the system.
To read more on this story visit: http://www.palmbeachpost.com/money/foreclosures/bill-to-streamline-foreclosures-moves-one-step-closer-2203415.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.

Foreclosures, Timothy Kingcade Posts

Recent Audit uncovers Extensive Legal Violations and Flaws still Evident in the Foreclosure System

Posted on February 22, 2012by Admin

According to a recent report, an audit revealed legal violations and suspicious documentation of approximately 400 foreclosures in San Francisco. The report, compiled by Aequitas Compliance Solutions examined files of properties subject to foreclosure sales from January 2009 to November 2011. Among the legal violations uncovered in the analysis were cases where the loan servicer did not provide borrowers with a notice of default before beginning the eviction process.
The report comes just days after the $26 billion settlement over foreclosure improprieties between five major banks and 49 state attorneys general, including California’s. The report findings raise questions as to whether some foreclosures should be considered void. The audit also raises questions about the accuracy of information recorded in the Mortgage Electronic Registry System, or MERS, which was set up in 1995 by Fannie Mae, Freddie Mac and other major lenders. The report found that 58 percent of loans listed in the MERS database showed different owners than were reflected in other public documents like those filed with the county recorder’s office.
To read more on the story, visit: http://www.nytimes.com/2012/02/16/business/california-audit-finds-broad-irregularities-in-foreclosures.html?_r=2&emc=tnt&tntemail1=y
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.

Foreclosures, Timothy Kingcade Posts

$26 Billion Deal signed to Aid Homeowners and Eliminate Fraudulent Acts by Lenders

Posted on February 13, 2012by Admin

On Thursday, February 9, President Obama along with other government officials announced the $26 billion mortgage plan that is said to be the first major step in the right direction for America’s struggling housing market. All 50 states and the five major banks, Bank of America, JPMorgan Chase, Ally, Wells Fargo, and Citigroup agreed upon the plan. There is anticipation that further deliberation will lead to all nine of the major lenders becoming involved in the plan, which would increase the deal to $30 billion.
The majority of the money, $17 billion will go exclusively to aid homeowners who are underwater on their mortgages. State and federal authorities will receive $5 billion to create programs throughout the country to meet specific needs of Americans. Of the last $4 billion, $3 billion will go to the refinancing for those who are eligible to get a portion of their debt reduced and the last billion will be for the Federal Housing Administration.
The plan is expected to not only benefit the millions of Americans who have lost their homes since 2007, but it also creates a sense of relief for mortgage lenders as well. The last week alone, shares in Bank of America have made a 5 percent gain. The plan will also force banks to take a greater responsibility to ensure their mortgage lending practices are done legally in the future.
To read more on this story visit:
http://www.nytimes.com/2012/02/09/business/states-negotiate-25-billion-deal-for-homeowners.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.