Foreclosure Defense Attorney Archives - Page 8 of 9

President Obama Announces New Program to help ‘Underwater’ Homeowners Reduce their Monthly Mortgage Payments

Posted on November 3, 2011by Admin

The Obama administration recently unveiled a new government program aimed to provide assistance to ‘underwater’ homeowners who owe more than their properties are worth and help reduce their monthly mortgage payments. The goal of the program is to keep families in their homes and lower interest rates for responsible lenders. Those who qualify for the program will be eligible to refinance their mortgages at a new low rate, near 4 percent.

This plan is part of what the Obama administration calls the “We Can’t Wait” campaign. In order to be eligible for the program homeowner loans must be backed by Fannie Mae and Freddie Mac. Final details will be published in mid-November 2011. The plan comes as an official revision to the Home Affordable Refinance Program (HARP), which began at the start of Obama’s term. It was initially designed to provide assistance to as many as 5 million homeowners; of which only 822,000 (one-tenth) have been helped by the program.

However, HARP had several barriers that resulted in its lack of success. These barriers included: limiting the program to lenders owing 25 percent more than the worth of their home, upfront fees, and banks concerns that they would be ultimately responsible in the case of a default. Officials backing Obama’s new program hope this will reallocate money and help stimulate economic growth and development.

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.

Another Setback for Struggling Homeowners

Posted on October 28, 2011by Admin

Florida’s foreclosure mediation program, designed to settle residential foreclosures and sort through the huge backlog of cases, is scheduled to end due to a recent ruling by a judicial committee. The program, which mandated that homeowners attend a mediation meeting with their lenders before a foreclosure case goes through the courts, began in late 2009. This ruling comes as another setback for struggling homeowners, placing them at a greater disadvantage against the government and big banks. A report presented to the high court said three main factors led to the program’s demise: borrowers not trusting the program; lenders not willing to settle cases in mediation; and officials not publicizing the program. This could not come at a worse time, as Florida has a backlog of about 350,000 foreclosures and more to come.

http://www.miamiherald.com/2011/10/24/2469820/task-force-end-mandatory-foreclosure.html

Foreclosures, Timothy Kingcade Posts

Recent Ruling could have major implications on Florida Foreclosures setting Precedent for Similar Cases

Posted on September 18, 2011by Admin

A recent ruling in Wellington, FL could have major implications on foreclosure proceedings statewide. The ruling from the 4th District Court of Appeal ruled in favor of the owners of a Wellington home whose bank filed papers sworn by a loan service employee who had no personal knowledge of the case.

This decision reversed an earlier ruling stating the homeowners owed more than $400,000 to LaSalle Bank. The amount was based on an affidavit of indebtedness signed by an employee who obtained the information from a company computer.

The decision hits at the essence of the nation’s foreclosure robo-signing scandal in which tens of thousands of foreclosure court documents were signed by people swearing they had personal knowledge of cases when they did not. From July 2010 to June of this year more then 100,000 foreclosure cases were dismissed in Florida courts often because lenders did not file important paperwork properly.

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

Thirty-Two Plaintiffs File RICO Action against JPMorgan Chase Bank and Chase Home Finance, LLC

Posted on September 10, 2011by Admin

A Complaint has recently been filed in the Circuit Court of Palm Beach County, Florida against JPMorgan Chase Bank and Chase Home Finance, LLC. The 29-page Complaint alleges several causes of action including violations of the Florida RICO Act, and requests temporary and permanent injunctive relief on a national level to halt all Chase-related foreclosure activity in the eight separate states in which the Plaintiffs reside.

The Complaint alleges a pattern of criminal activity on the part of JPMorgan Chase Bank and Chase Home Finance in connection with the institution of both judicial and non-judicial foreclosures. These include but are not limited to the filing and recording of forged and fraudulent documents, fraudulent collection activities, intentional misuse of the MERS system, and the intentional misrepresentation in foreclosures across the United States. The four counts from the complaint include:

COUNT I: COMMON LAW FRAUD
COUNT II: CONSPIRACY TO DEFRAUD
COUNT III: VIOLATIONS OF FLORIDA CIVIL REMEDIES FOR CRIMINAL
PRACTICES ACT (FLORIDA RICO ACT)
COUNT IV: TEMPORARY AND PERMANENT INJUNCTIVE RELIEF

If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy and foreclosure defense attorneys at (305) 285-9100. Since 1996 the attorneys at Kingcade & Garcia, P.A. have been helping people from all walks of life build a better tomorrow. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

U.S. is set to Sue Big Banks over Mortgages

Posted on September 10, 2011by Admin

The Federal agency that oversees mortgage giants Fannie Mae and Freddie Mac is scheduled to file suit against more than a dozen big banks. The suit is accusing Bank of America, JPMorgan Chase, Goldman Sachs, Deutsche Bank and other banks of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and are seeking billions of dollars in compensation.

The Federal Housing Finance Agency suits are expected to be filed in the coming days and stem from subpoenas the finance agency issued to banks a year ago. The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value. Fannie Mae and Freddie Mac lost more than $30 billion, in part as a result of the deals. These losses were borne mostly to tax payers.
The suits are being filed now because regulators are concerned that it will be much harder to make claims after a three-year statute of limitations expires this Wednesday, the third anniversary of the federal takeover of Fannie Mae and Freddie Mac.

If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy and foreclosure defense attorneys 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

Burt Reynolds Florida Home in Foreclosure

Posted on September 4, 2011by Admin

It seems that even Hollywood celebrities are not exempt from financial difficulties these days. Burt Reynolds joins the list of Hollywood celebrities that recently had their home foreclosed upon. The 4-acre waterfront estate the actor owned in Hobe Sound, Florida had a $1.2 million mortgage on the house, which reports state had not been paid since September 2010.

Merrill Lynch is asking a judge to order the Reynolds’ home be sold to satisfy all debts, including a $750,000 second mortgage held by Bank Atlantic. It is reported that the Mediterranean-style home, which has a swimming pool, private beach, boat dock, cinema and its own hair salon, is valued at $2.4 million.

To read more on the story visit:

http://abcnews.go.com/Entertainment/burt-reynolds-bottoms-florida-foreclosure/story?id=14324008
http://money.cnn.com/2011/08/17/real_estate/burt_reynolds_foreclosure/index.htm
http://www.huffingtonpost.com/2011/08/18/burt-reynolds-facing-foreclosure_n_930443.html

Foreclosures, Timothy Kingcade Posts

Foreclosure Relief Effort Finally Kicks Off- But there’s a Catch

Posted on June 25, 2011by Admin

A long-awaited $1 billion program designed to provide the unemployed with loans to assist them in avoiding foreclosure is finally underway. But there’s a catch: Homeowners will have only one month to apply. The new Emergency Homeowners’ Loan Program aims to help unemployed homeowners with their mortgage payments by providing zero-interest loans of up to $50,000. The program is expected to aid 30,000 borrowers, and the loans can be forgiven over five years. Homeowners will need to apply by July 22 to be eligible for the program. Borrowers must be approved by September 30. At this point, the government’s authority to make new loans will have run out, so timing is everything!

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 this topic or would like to schedule a FREE office consultation, contact our experienced team of foreclosure defense attorneys today at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

How Filing Bankruptcy Can Help you Avoid Foreclosure

Posted on May 14, 2011by Admin

If you are facing foreclosure, bankruptcy can be a powerful alternative to saving your home. Filing Chapter 7 or a Chapter 13 bankruptcy automatically places a stay on foreclosure of your property; provided that you include the house as part of your bankruptcy and that your home is your personal residence. Upon filing a Chapter 7 or Chapter 13, the bankruptcy court automatically sends all of your creditors an order directing them to cease collection activity on your property. The “Order for Relief” legally postpones the foreclosure while the bankruptcy is pending, which can last approximately three to four months.

However, it’s important to remember that timing is everything. If you allow your foreclosure proceedings to continue beyond the point of no return and the foreclosure notice is already filed with the courts, the automatic stay means nothing and foreclosure will continue. You have to make sure that you file the bankruptcy before the foreclosure is filed and your auction date set. This is best accomplished by filing the bankruptcy after your first missed mortgage payment.

While the bankruptcy is pending, and the weight of paying other creditors is lifted, this is your opportunity to take your resources that do not go directly to immediate living expenses (i.e. – food, utilities, gas and transportation) and channel that money directly into a lump sum payment to satisfy the mortgage company. If you head into bankruptcy court with the resources to reinstate your loan, you will have avoided foreclosure.

If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. 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. website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

HOA Foreclosures on the Rise as Many Homeowner Associations are Seeking Revenge on Delinquent Homeowners

Posted on May 14, 2011by Admin

A new trend has surfaced as a result of numerous homeowner associations being fed up with late dues and maintenance bills largely in part to delinquent owners. Due to the fact it is easier for an association to foreclose than a bank- being that there is no proof of ownership necessary, no issue of ‘robo-signed’ documents- the number of HOA foreclosures is climbing as homeowner association boards are taking matters into their own hands.

When a homeowner association forecloses and takes title to a home, the idea is the board will be able to rent it out until the bank forecloses as the primary lien holder. With banks taking years to foreclose on some properties, this allows for the homeowner association boards to potentially collect thousands of dollars.

Foreclosures, Timothy Kingcade Posts

U.S. Regulators Order Banks to Quickly Improve their Foreclosure Practices

Posted on April 29, 2011by Admin

U.S. regulators have ordered 14 financial institutions to lay out plans to clean up their mortgage-servicing operations- and another 60 days to make the changes. Recently Fannie Mae, Freddie Mac and their federal regulator established new guidelines designed to encourage more successful modifications while preventing foreclosures from dragging on. The rules will require servicers to approach borrowers earlier and more frequently after a first missed payment in order to have a better chance at modifying loans. The mortgage titans will also pay more to servicers that meet certain benchmarks and establish timelines for banks to modify loans or process foreclosures.

Below are the requirements of the new regulatory order and how the banks have adjusted so far:

Single point of contact. Borrowers who have been bounced from one bank employee to another must get a “single point of contact” to steer them through loan modification the foreclosure process.

In June, Wells Fargo & Co. began assigning an employee and backup employee to each borrower seeking a loan modification. It plans to expand the effort to foreclosures and short sales, or sales for less than what is owed on the property.

Ally Financial Inc. assigns borrowers who have had trouble submitting a completed financial package a team of employees to help them gather documents, execute a final loan modification or weigh other foreclosure alternatives.

J.P. Morgan is working on a software program to make it easier for employees and borrowers to track loan-modification requests. Last year, it started providing some borrowers with a “relationship manager” to advise on the process.

Citigroup now provides borrowers with a single point of contact for gathering documents and handling short sales. In the next months, it will roll out a “concierge” system that will assign a small team of employees to help delinquent borrowers and homeowners at risk of default navigate the system.

Deadlines. Banks are required to set “appropriate deadlines” for deciding whether borrowers can get a loan workout.

Wells Fargo’s initial reviews average 79 days. Ally Financial said it responds to the average borrower within seven to 10 days of receiving a complete financial package. At Citigroup, the goal is to give borrowers a final answer about a permanent modification within 22 days of their final trial payment.

Staffing levels. Banks must make sure they have enough employees to deal with the tidal wave of troubled loans.

J.P. Morgan said it will add as many as 3,000 new home-lending jobs, mostly drawing the workers from elsewhere in the company. BofA said it hired roughly 3,000 people in the first quarter to work on troubled mortgages. Citigroup said it will expand its loan-modification unit by 500 employees.

Wells Fargo doesn’t expect to increase staffing because the number of borrowers behind on loan payments is declining. It might transfer employees from other parts of the company with excess capacity.