In an interesting twist, banks are offering delinquent homeowners as much as $35,000 or more in cash to sell their properties for less than they owe. Lenders have routinely delayed or blocked such transactions, known as short sales, in which they accept less from a buyer than the seller’s outstanding loan. With the foreclosure system being bogged down by the number of cases, banks have decided the deals are faster and less costly than foreclosures.
For banks, approving a sale for less than is owed on the home can cut a year or more off the time it takes to sell a property. From listing to sale, the transactions took about 123 days on average at the end of last year, according to the Campbell/Inside Mortgage Finance Housing Pulse Tracking Survey.
Some of the banks that are extending this opportunity to struggling homeowners include: Bank of America, which sent letters to 20,000 Florida homeowners as part of a pilot program, offering incentives of as much as $20,000, or 5 percent of the unpaid loan balance; Wells Fargo, which offers relocation assistance of as much as $20,000 for borrowers who complete short sales or agree to transfer title through a deed in lieu of foreclosure “in certain states with extended foreclosure timelines, including Florida; and Citigroup, which offers $3,000 to most borrowers who qualify for its program.
To read more on this story, visit:
http://www.bloomberg.com/news/2012-02-07/banks-paying-homeowners-a-bonus-to-avoid-foreclosures-mortgages.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.
Tag: Foreclosure Defense Attorney
Florida (Un)Fair Foreclosure Act Up for Vote TODAY
Big banks and mortgage lenders are fighting back with new legislation in an effort to defeat homeowners in the foreclosure process. The Fair Foreclosure Act of 2012 will be voted on today and if passed would essentially prevent homeowners from defending themselves if their home is foreclosed upon. It would also dissolve past lending and misconduct of banks, which created many of our country’s economic problems in the first place.
Some of the most disturbing provisions of the act include:
• Non-judicial foreclosures, where the loan balance exceeds 120% of the property value.
• Fast tracking of foreclosure cases once filed.
• Court must enter a judgment within 45-90 days for uncontested foreclosures.
• Automatic return of Promissory Note to lender upon dismissal of foreclosure.
• Challenges to set aside wrongful foreclosures may only seek money damages and not quiet or disturb the title held by the bank or later buyer.
• Sales of foreclosed property founded upon Lost/Destroyed Promissory Notes cannot be challenged by the true holder of the Promissory Note.
This proposed legislation takes away an individual’s right to due process, by excluding the courts from the foreclosure process. If you oppose this bill, it is important that you voice your concerns by going to www.myfloridahouse.gov.
To read more on the bill, visit: http://www.myfloridahouse.gov/Sections/Documents/loaddoc.aspx?FileName=_h0213c1.docx&DocumentType=Bill&BillNumber=0213&Session=2012
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.
Banks Propose $25 Billion Deal to U.S. State Officials to help Victims of Deceptive Foreclosure Practices
The five major mortgage lending banks, Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial have proposed a deal to U.S. state officials that could re-shape the structure of mortgage lending and better protect homeowners from foreclosure malpractice.
Since the housing market crash of 2007, almost eight million American homes have been foreclosed on. A reportedly 11 million homeowners in America owe more than half of what their home is currently worth. Under the proposed deal, those who are eligible will receive a check for approximately $1,800, but it is doubtful they will get their homes back. The purpose of the reserve accounts will be to help those who have been victims of deceptive foreclosure practices.
Under the proposed $25 Billion deal:
• $17 billion would go toward reducing the principal that struggling homeowners owe on their mortgages.
• $5 billion would be placed in a reserve account for various state and federal programs; a portion of that money would cover the $1,800 checks sent to those homeowners affected by the deceptive practices.
• $3 billion would be to help homeowners refinance at 5.25 percent.
To read more on this story visit: http://abcnews.go.com/Business/wireStory/25b-nationwide-mortgage-deal-states-15421108#.TyGfg5jl1SU
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.
Surprising New Trend Emerges in America’s Troubled Housing Market: Big Banks agree to cut losses in order to save homes at the risk of Foreclosure
In 30 percent of private loan modifications last year, large banks like Bank of America, have agreed to a principal write-down, cutting the amount homeowners owe on their home as far down to the current market value. This is in an effort to allow borrowers to actually afford payments on their home. With housing prices plunging back down to earth after the housing bubble burst and incomes remaining flat, banks are hoping to now match affordable homes with people who can actually afford them.
Bank of America has been the first big bank to launch a pilot project with Boston Community Capital, a nonprofit that is buying homes at market value and reselling them to current homeowners at a slight markup, so the homeowners can actually afford the payments. Some experts have described this as ‘overdue housekeeping’ for America’s economy. Banks clear their balance sheets, investors get a predictable stream of income, and homeowners get to stay in their homes.
To read more on this story visit:
http://www.npr.org/2012/01/02/143601604/in-mortgage-crisis-some-banks-agree-to-cut-losses
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 Foreclosure Rates Three Times Higher than National Rate
South Florida is suffering from some of the region’s worst foreclosure rates; three times higher than the national rate. While 90-day delinquency rates declined slightly in September, reports show that foreclosure activity did not vary much from year to year, according to CoreLogic, a leading provider of consumer, financial and property information.
Miami-Dade County’s foreclosure rate topped the charts in South Florida, at 18.22 percent in September, up 0.59 percent from a year ago. Other counties in the region range from 12.91 to 14.41 percent. The national foreclosure rate was at 3.48 percent in September.
The 90-day delinquency rate for Miami-Dade County was at 25.18 percent, more than three times that of the rest of the country. Broward County’s rate was at 20.6, while Palm Beach reported 18.21 percent.
The distressed sales in the housing market continue to weigh down South Florida. Miami-Dade County had just a slight price increase for home sales in October. In contrast, Broward and Palm Beach counties numbers continue to drop.
Despite the fact that Florida continues to suffer in the market, it has not topped the rankings for housing depreciation. Nevada led with a 12.1 percent drop for the 12 months, which ended in October.
To read more on this story visit: http://www.bizjournals.com/southflorida/news/2011/12/08/south-florida-foreclosures-still.html
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.
Whistle Blower on Massive Foreclosure Fraud Case Found Dead
Tracy Lawrence, the notary public who initiated the robo-signing fraud indictments was found dead in her Las Vegas home on November 28, 2011 at the age of 43. Authorities are still investigating the exact cause of her death.
At the beginning of November this year, Lawrence came forward and admitted to the Nevada Attorney General’s Office that she notarized 25,000 fraudulent documents for Lender Processing Services, a Florida company used by most major banks to process home repossessions. The documents were filed with the Clark County Recorder’s Office between 2005 and 2008, The Los Angeles Times reported.
Lawrence also accused two loan officers, Gary Trafford and Geraldine Sheppard, who both worked for Lender Processing Services, of allegedly running the massive robo-signing scheme, forging signatures on tens of thousands to millions of default notices nationwide.
Her involvement in the robo-signing scandal left her facing up to one year in jail and a fine of up to $2,000. Speculations of suicide or natural causes are circulating as the cause of her death, but considering her role in the upcoming criminal prosecution of Trafford and Sheppard, her timely death does spark suspicion of a potential homicide.
To read more on this story visit: http://usnews.msnbc.msn.com/_news/2011/11/29/9099162-foreclosure-fraud-whistleblower-found-dead
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 Obama Administration Announces Modifications to the Home Affordable Refinance Program to Help Underwater Homeowners
South Florida has embraced the new modifications being made to the Home Affordable Refinance Program (HARP), which include eliminating some appraisals and loosening underwriting requirements, making it easier for underwater homeowners to alleviate their mortgages. To qualify homeowners must be current on their payments, and the mortgages must be backed by Fannie Mae or Freddie Mac.
These revisions are projected to help tens of thousands of South Florida homeowners who have not qualified for other government relief programs. The government is doing away with a cap that prevented borrowers whose mortgages exceed 125 percent of the value of their homes from being eligible for the program. Other changes include reduced risk for lenders and lower fees for borrowers. Nearly half of all single family homes with a mortgage in Palm Beach, Broward and Miami-Dade counties are worth less than what is owed, according to third-quarter data from real estate website Zillow.com. People who otherwise may have been tempted to walk away from their homes will be able to qualify for some of the lowest mortgage rates on record and possibly pay off their homes faster.
To read more on this story visit:
http://www.sun-sentinel.com/business/fl-harp-revisions-20111115,0,4175968.story?track=rss
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.
Foreclosure Crisis Only Halfway Over
The latest data on home foreclosures and delinquencies reflect that the foreclosure crisis is only about half way over. The pace of new home foreclosures increased in the third quarter and the number of borrowers falling behind on their payments eased a bit, according to the Mortgage Bankers Association. The good news was that the rate of borrowers who have fallen three or more months behind on their payments has dropped to about 3.5 percent of all mortgages. That is down from a peak of 5 percent in late 2009. But it is still three and a half times the “normal” rate of about 1 percent that prevailed before the mortgage meltdown hit in late 2007.
Borrowers with subprime adjustable mortgages saw the biggest jump in new foreclosures in the third quarter. Some 4.65 percent of those subprime loans entered into foreclosure. Underwater borrowers simply walking away from their home and no longer making mortgage payments have complicated the housing market recovery process. The most critical variable affecting the pace of such defaults was the length of time a given home was in the foreclosure process. The longer the process takes, the longer the idea ‘strategic default’ has to spread from one borrower to another.
A lot depends on recovery of the economy and creating jobs fast enough to get people back to work and decrease the 9 percent unemployment rate. Continued improvement in home sales and prices will depend heavily on the volume of foreclosed homes coming back on the market.
To read more on this story visit:
http://bottomline.msnbc.msn.com/_news/2011/11/17/8859967-foreclosure-crisis-only-about-halfway-over
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.
Home Prices Continue to Plunge due to an Increase in foreclosure activity and high unemployment
According to Fiserv, a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35%, below the peak reached in early 2006. Should this prediction occur, it would make it the most substantial decline for home prices since the housing bubble burst in 2009. Several factors have attributed to the continued decline in housing prices, including an increase in foreclosure activity and sustained high unemployment.
Naples, FL is expected to take the biggest hit of any metro area. Fiserv predicts a price drop of another 18.9% by the end of next June for Naples, FL. Home prices in this area have already fallen 61% from the peak. Other cities expected to be hit hard include Las Vegas, Riverside and Salinas, CA, and Miami, which is expected to decline by 13.2% (total loss: 57%).
What can we expect from a housing market that continues to surprise all of those involved? Economists and housing experts predict a slow recovery. Even after the housing market begins its comeback in mid-2012, the recovery is predicted to be modest at best. Nationwide, Fiserv is projecting that home prices will climb just 2.4% between June 2012 and June 2013.
To read more on this story visit:
http://money.cnn.com/2011/10/31/real_estate/home_prices/index.htm?hpt=hp_t2
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.
Law Firms Nationwide Descend on Florida to capture Growing Foreclosure Business
Law firms from Atlanta, North Carolina, Massachusetts, New Jersey, and Philadelphia are heading south to take over files from the Law Offices of David J. Stern and Ben-Ezra & Katz, previously two of Florida’s largest foreclosure firms. David J. Stern and Ben-Ezra Katz’s law offices abandoned business after being investigated for possible foreclosure fraud, leaving tens of thousands of cases in need of representation. The new law firms are being handed between 3,500 and 5,000 transfer files at $1,200 to $1,400 per file, according to a legal headhunter. Many of these foreclosure firms are placing their South Florida central offices in the Fort Lauderdale area. Fannie Mae and Freddie Mac’s plan is to spread out the cases among more firms, instead of a few large ones, preventing any streamlining.
Since being under the congressional spotlight, Fannie Mae is being proactive to ensure firms maintain proper procedures and are even sitting in on lawyer interviews at firms. Fannie Mae is using new criteria when choosing new firms to contract with. This new criteria requires firms to be in good standing with the Florida Bar and local bar associations, demonstrate experience in handling foreclosures, provide quality and cost-efficient work, posses diversity and overall capacity to handle the foreclosure volume, among other considerations. Despite new legislation to monitor foreclosure firms, without some sort of program in place to teach young lawyers how to conduct themselves properly– the same problems will exist.
To read more on this story visit:
http://www.law.com/jsp/article.jsp?id=1202517889234&Law_Firms_Descend_on_Florida_to_Take_Over_Foreclosure_Business&slreturn=1
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.