Foreclosures

Reverse Mortgages: Thousands of Florida Homeowners at Risk of Foreclosure

Thousands of Florida seniors are facing foreclosure, even homelessness due to being stuck in reverse mortgages now going into foreclosure. According to the U.S. Department of Housing and Urban Development (HUD), nearly 15,000 Florida seniors out of the 85,000 currently holding reverse mortgages are at risk of losing their homes.

A reverse mortgage is also often referred to as a home-equity conversion mortgage. Reverse mortgage lenders normally target individuals over the age of 62 who are living in homes with larger amounts of equity. The reverse mortgage allows the homeowner to borrow against the equity in his or her home. Instead of monthly mortgage payments, the balance only becomes due when the borrower dies, moves away from the home permanently or sells the home.

Foreclosures

Facing Foreclosure? Here’s When You Actually Have to Move Out in Florida.

When someone receives a foreclosure notice, the first thought that often comes to that person’s mind is the fear of losing their home. A foreclosure notice does not mean that someone is automatically out of his or her home. As a homeowner in Florida, you have rights. It is important that any person in this situation understands clearly what those rights are.

Understanding the Timing

A notice of foreclosure does not mean that it will happen immediately. The homeowner has the legal right to remain in the home until the lender successfully completes all foreclosure procedures and sells the home, which can take several months, depending on the circumstances involved.

Foreclosures, Timothy Kingcade Posts

Foreclosure Rates Reach Pre-Recession Record Low

Good news has come from the housing market involving mortgages and delinquencies across the nation. According to a recent report, the rate of foreclosures and loan delinquencies is now at the lowest it has been since before the 2008 financial crisis.

The report comes from the Data and Analytics division of Black Knight, Inc. and showed that just shy of four percent of mortgages nationwide were delinquent as of 2018, which is down 18 percent from 2017. One word of caution from the report was that it was possible that these figures could be inflated by the after-effects from the 2017 and 2018 hurricanes. The effect could not be too significant, however, since areas that were not impacted by hurricanes were also down 11 percent from 2017. It is anticipated that these rates will decrease even more and could even go lower than they were before the recession.

Mortgages that were seriously delinquent also went down as of the end of 2018. A mortgage is said to be seriously delinquent when the payment is more than 90 days past due. Foreclosure starts, as well as foreclosure sales, were at an 18-year low, according to Black Knight’s reports.

Of all of the states, Colorado reported the lowest serious delinquent rate at 0.37 percent, while Mississippi was at the highest at 3.06 percent. The national foreclosure rate was also down 19 percent over 2018, dropping 0.52 percent from 2017. Even more promising were reports that five states experienced more than 30 percent declines in their foreclosure rates, including New Jersey, Oregon, Nevada, Washington, Utah and D.C.

States that reported the highest number of non-current home loans, meaning loan obligations that were in some level of delinquency or were past due, were from southern states, including Mississippi, Alabama, West Virginia, Arkansas, and Louisiana. Colorado, North Dakota, Idaho, Washington and Oregon reported the lowest number of non-current loans.

As of the end of 2018, 60,000 loans were in foreclosure to the point where the borrower had not made a payment in over two years. Over 40,000 loans had not received a payment in at least five years. These figures may seem high, but the report also showed that the aged foreclosure inventory rate was dropping, as well.

In fact, foreclosures that were ongoing for five or more years dropped by 35 percent from 2017 to 2018. Interestingly enough, the aged foreclosures seem to be from two states, including New York and Florida. These two states alone claim 40 percent and 20 percent respectively of aged foreclosure loans.

Many borrowers are taking this opportunity to refinance their mortgages. The report indicated that the lower rate of mortgage foreclosures in the last two months alone led to a 50 percent increase in the number of borrowers seeking a refinance on their mortgages.

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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 McMaken website at www.miamibankruptcy.com.

Debt Relief, Foreclosures, Timothy Kingcade Posts

Phony South Florida “Lawyers” Face Prison Time after Scamming Distressed Homeowners

A number of South Florida homeowners were recent victims to two scam artists, posing as attorneys promising mortgage relief, but instead pocketed the upfront fees they charged.  Joseph Anton Hilton and Adam Todd Forman plead guilty to federal charges in connection with the scheme.

Authorities say the pair operated phony law firms based in Coral Springs, Boca Raton and West Palm Beach, FL.  The pair posed as lawyers and even manipulated real attorneys into working on their behalf. They tricked homeowners into paying legal fees in lieu of making mortgage payments. Hilton and Forman targeted homeowners across Florida and in other states, including New Jersey and Ohio, according to authorities.

The Florida victims were from cities including Sunrise, North Palm Beach, Cooper City, Miami, Fort Lauderdale, Hollywood, Miramar and Delray Beach.

The Attorney General’s office said the fake law firms had more than 300 clients who could have potentially been harmed.

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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 of 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Credit, Debt Relief, Foreclosures

Florida Offers Homeowners Facing Foreclosure a Free Assistance Program

According to CoreLogic, Florida had the highest number of completed foreclosures of any state last year, with a total of 57,000 foreclosed homes. South Florida led the state with 9,603 in September alone. As a result, the Florida Housing Finance Corporation is offering a free statewide assistance program designed to help homeowners facing foreclosure called the Foreclosure Counseling Program.

The program provides struggling homeowners with one-on-one counseling and financial education services. Residents in all 67 counties are eligible.

“Foreclosure is still an issue facing thousands of homeowners in every county of our state,” said Florida Housing Communications Director Cecka Rose Green. “As a participant in the FCP, homeowners can expect to receive extensive housing and financial counseling services that can help them save their homes and become more financially stable.”

The Florida Legislature allocated $10 million from the state’s National Mortgage Settlement funds to implement the program. More than 40 agencies are available to assist interested homeowners across the state.

Click here to read more on this story or click here to visit the Florida Housing website for a full list of participating agencies.

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.

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

New Mortgage Rules Aim to Stop Wrongful Foreclosures

Last week the Consumer Financial Protection Bureau (CFPB) approved new rules that will help prevent borrowers from being improperly foreclosed on by their mortgage lenders. The recently approved rules build on the current regulations that were created in the aftermath of the housing bust. The original rules required mortgage lenders to grant certain foreclosure protections to a struggling borrower once over the life of the loan. The new rules will require mortgage lenders to provide protections more than once, offering them to borrowers who make current payments after they have worked out an agreement to avoid foreclosure.

“This change will be particularly helpful for borrowers who obtain a permanent loan modification and later suffer an unrelated hardship – such as the loss of a job or the death of a family member – that could otherwise cause them to face foreclosure,” the CFPB said in a statement outlining the new rules.

In addition, the rules expand surviving family members’ protections and require mortgage lenders to give borrowers who have filed bankruptcy information about possible options. The rules also prohibit servicers from taking legal steps once borrowers have completed loss mitigation applications.

The rules come after a June report from the CFPB revealed that some servicers were giving homeowners wrong or outdated information or no information at all.

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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.

 

 

 

Credit, Foreclosures, Timothy Kingcade Posts

Mortgage Rates Fall to Record Low

The national average 30-year fixed home mortgage rate fell to 3.36 percent last week. The number matches the record low reached in December 2012, according to Bankrate.com. It is down seven points from the last week in July. With a 30-year fixed-rate mortgage of 3.36%, a homeowner would pay approximately $441 per month in principal and interest for every $100,000 borrowed.

Financial experts believe low mortgage rates mean that now is the best time to re-finance. Many homeowners and homebuyers have both benefited from the drop in mortgage rates, according to Bloomberg.com.

The average 15-year fixed-rate mortgage is down four points from the previous week at 2.65%. With shorter-term loans such as 15-years, homebuyers pay more per month but save thousands of dollars in the long run.

If you are considering refinancing your home or purchasing a new home, make sure you get your paperwork in order beforehand. Mortgage lenders have strict requirements on paperwork including copies of proof of income, debts, assets, etc.

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.

 

Related Resources:

http://www.bankrate.com/financing/mortgages/mortgage-rates-monday-august-1/

http://www.bloomberg.com/news/articles/2016-08-01/u-s-mortgage-rates-fall-to-lowest-on-record-chart

Debt Relief, Foreclosures, Timothy Kingcade Posts

New York Attorney General Fights Against Zombie Foreclosure Crisis

New York Attorney General Eric Schneiderman recently announced a grant initiative to fight against the zombie foreclosure crisis. The growing problem has affected hundreds of neighborhoods and towns across the state of New York since the housing bubble burst. The initiative known as, the Zombie Remediation and Prevention Initiative, will give $13 million in grants to local governments across the state through a competitive application process.

The 100 communities dealing with the greatest problems of zombie foreclosures and vacant homes have been invited to apply for the funds. The money will address housing vacancy and the damage to property value in neighborhoods by supporting municipalities’ capacity for housing code enforcement, tracking and monitoring vacant properties and providing legal enforcement to ensure banks and mortgage companies comply with local and state law.

The initiative will also have preventative benefits due to the requirement of communities to develop innovative programs and policies and connect at-risk homeowners to services so they can avoid foreclosure. It also coincides with the recent enactment of the Abandoned Property Neighborhood Relief Act.

The initiative will be funded by the $3.2 billion settlement agreement with Morgan Stanley that was settled in February. The settlement resulted in $550 million in cash and consumer relief for New York residents.

“Too many communities across this state have been hit hard by the proliferation of zombie properties. This new grant initiative puts tools directly in the hands of towns and cities across the state to reverse course, rebuild from the foreclosure crisis and put zombie homes in the rear-view mirror,” Attorney General Schneiderman said.

Click here to read more on this story.

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.

 

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Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Florida Foreclosure Improvement Still Lagging Behind the National Average

The nationwide foreclosure filings rate has shown signs of improvement in the first half of 2016. However, the improvement rate in Florida, New Jersey, Illinois, New York and Indiana is still significantly lower than the pre-recession rates and seem to be lagging behind the rest of the country. RealtyTrac released the data from the first two quarters of 2016 that reveal that foreclosure filings are were down 20 percent compared to the previous two quarters in 2015.

Although the foreclosure filings rate is still 21 percent higher than the normal rates, there were 15 states in the first half of 2016 with foreclosure rates that were significantly lower than “pre-housing bust” levels including: Arizona, California, Colorado, Nevada and Michigan.

According to RealtyTrac Vice President Daren Blomquist, the obvious divide between states is largely due to the fact that some states require foreclosures to take place in court, such as Florida. He went on to say, “the root issue that created the dysfunctional foreclosures processes was sloppy and improper documentation on the part of the banks.” Blomquist said that in non-judicial states, “it wasn’t an issue because there wasn’t oversight.”

Click here to read more on this story.

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.

Foreclosures, Timothy Kingcade Posts

New Jersey Senator Introduces New Bill to Address Zombie Foreclosure “Crisis”

Sen. Bob Menendez, D-NJ, recently introduced a bill to the Senate that addresses the nationwide crisis – zombie foreclosures. The bill is called “Preventing Abandoned Foreclosures and Preserving Communities Act of 2016.” This crisis refers to homes that sit vacant, sometimes for years, while in “legal limbo” throughout the process of foreclosure. The zombie foreclosure crisis has negatively impacted economies across the country by lowering property values in neighborhoods. According to Menendez, the vacant homes “scare away new homebuyers and investors,” which eventually impacts surrounding neighborhoods, and so on.

While introducing the new bill, Sen. Menendez stated that New Jersey had the highest foreclosure rate in the country in 2015, with 35,000 foreclosure filings. He went on to say that it also has the highest rate of vacant “zombie foreclosures,” with 4,003, according to RealtyTrac. However, his new bill would address the zombie foreclosure crisis across the country.

According to Menendez, his new bill would:

  • Require mortgage servicers to tell borrowers at the beginning of the foreclosure process they can remain in the home until state law requires them to leave
  • Require the servicer to make clear to the borrower that he or she remains responsible for the payment of any taxes, assessments, and other fees during the foreclosure process
  • Require the mortgage servicer to make prompt notifications to both the borrower and the municipality where the property is located when it walks away from the foreclosure
  • Prohibit mortgage servicers on loans backed by Fannie Mae and Freddie Mac and insured by the Federal Housing Administration from walking away from an initiated foreclosure unless the servicer releases the lien on the property and provides proper notice to the borrower and municipality
  • Require the Government Accountability Office and the CFPB to study and report on the prevalence and impact of abandoned foreclosures

Click here to read more on the story.

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.