foreclosure defense Archives - Page 3 of 4

Is it better to file bankruptcy BEFORE or AFTER foreclosure?

Posted on September 9, 2014by Admin

If you plan to file bankruptcy and are also facing foreclosure, the timing of your bankruptcy can make all the difference- depending on whether you want to keep your home. When you file for bankruptcy, an automatic stay immediately goes into effect. This freezes all collection activities against you, including any collection attempts from your mortgage lender. Once the automatic stay goes into effect, creditors cannot take money from you or pursue any lawsuits against you. Even collection phone calls and letters violate the automatic stay.

If you file for bankruptcy before your home is sold at foreclosure, the automatic stay will prevent the foreclosure from moving forward. This will also allow you to stay in your home longer and add to the time it takes the lender to sell your home.

If you do not want to keep your home and your bankruptcy is complete before the foreclosure, this can give you peace of mind. You will not need to worry about any lingering deficiency balance once the foreclosure goes through. Bankruptcy will eliminate this. Even if you try and negotiate a loan modification with the bank and do not succeed, you can still walk away without owing anything.

If you have any questions on this topic or 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, 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.

Top U.S. Banks Fail to Correct Foreclosure Abuse Practices

Posted on December 5, 2013by Admin

A report this week revealed that some of the top U.S. banks, including Bank of America and Citigroup, have failed to fully comply with the government settlement to correct mortgage servicing abuses. Bank of America failed to file accurate documents in bankruptcy proceedings and Citigroup’s mortgage unit failed to notify borrowers about missing documents within 30 days of a request for a short sale.

According to the monitor, the two banks have submitted plans to fix the problems and are in the process of correcting the failures. JPMorgan Chase was also cited in the recent report. The report revealed that the bank failed in some instances in 2013 to make decisions on borrower applications to modify loans within a timetable required, and it failed a test that measures whether a pre-foreclosure notice sent to customers was accurate.

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

Foreclosure Compensation Checks Arrive, Some Homeowners Angered

Posted on May 16, 2013by Admin

Millions of American homeowners who have struggled with foreclosures are now receiving checks in the mail for compensation from the companies that serviced their mortgage- part of the government’s efforts to resolve the foreclosure crisis. But some homeowners are claiming these checks are an insult, that neither punish the banks nor helps homeowners recover.

A Seattle homeowner said she recently received a check for $300. “It was more than pathetic. It was insulting,” she said. The struggling homeowner claims she spent more money on postage providing government agencies with detailed descriptions of what had happened in her case. The compensation payment checks, which range from $300 up to $125,000, are part of the Independent Foreclosure Review Payment Agreement announced in January between federal regulators and 13 mortgage servicing companies, which were subject to enforcement actions for “deficient practices in mortgage loan servicing and foreclosure processing.” Deficient practices have included errors and misrepresentations and the “robo-signing” of documents.

The recipients of the checks are mortgage loan borrowers whose homes were in any stage of a foreclosure process during 2009 or 2010, and whose mortgage servicers were among the 13 companies, or their subsidiaries or affiliates. The 13 servicers are: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo. Compensation payment checks, which began going out April 12, have so far been sent to 3.7 million homeowners. In all, 4.2 million eligible mortgage loan borrowers will receive them.

Click here to read more on the foreclosure settlement checks, which are angering many struggling homeowners.

Foreclosures, Timothy Kingcade Posts

Foreclosures Expected to Deter Thousands of Voters in Upcoming Election

Posted on October 30, 2012by Admin

Thousands of foreclosure victims are expected to be absent from the polls next week, according to a study published by the University of California. The study showed that voter turnout was lower during the election in 2008 in areas struggling with higher foreclosure rates.
In every state, voter registration is tied to residency, but states vary in how a voter must establish their residency and re-register to vote. With some 1.3 million homes in some stage of foreclosure as of August 2012 and with approximately 3.8 million foreclosures already complete since September 2008, according to the market research firm CoreLogic, foreclosures could keep hundreds of thousands of voters away from the polls.
Swing states such as Ohio and Florida are also the hardest hit foreclosure states. Many voters are reportedly angry by the lack of discussion about the housing market problems by the candidates during their campaigns. This might also serve as a reason for low voter turnout by those affected by foreclosure.
To read more on this story visit: http://www.foxbusiness.com/personal-finance/2012/10/25/foreclosures-expected-to-deter-thousands-voters/
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

Bank of America Sued for $1 Billion by Federal Government over Mortgage Losses

Posted on October 29, 2012by Admin

Last Wednesday, the federal government filed a civil lawsuit against Bank of America Corp. The lawsuit alleged that Bank of America misrepresented the quality of loans it sold to Fannie Mae and Freddie Mac, costing the federal government $1 billion in losses. The government is suing Bank of America under the Federal False Claims Act, which has become a popular tool for prosecutors seeking to hold banks accountable for alleged mortgage misdeeds and calls for triple damages when the government can show taxpayers were ripped off.
The government alleges Countrywide, which Bank of America acquired in 2008, dismembered quality control and checks on loan quality from 2007 to 2009, in a process called “the Hustle” that aimed to boost the speed at which it originated and sold loans to the companies. This procedure was created to speed up the selling process of mortgage loans. Wednesday’s suit was also brought under a federal statute known as the Financial Institutions Reform, Recovery and Enforcement Act, which was enacted in 1989 following a wave of bank failures triggered by the savings-and-loan crisis. This action isn’t Bank of America’s first False Claims Act suit. In February, Bank of America agreed to a $1 billion settlement of False Claims Act fraud allegations tied to Federal Housing Administration-backed loans brought by the Eastern District of New York. The bank settled without admitting wrongdoing.
To read more on this story visit: http://finance.yahoo.com/news/u-s–sues-bofa-for–1-billion-over-mortgage-losses-24401588.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

Home Construction on the Rise

Posted on October 25, 2012by Admin

Home construction is on the rise in the U.S., which is good news for economic growth and recovery. The Commerce Department reports home construction rates during September were the highest seen in four years. The steady growth is due to record low mortgage rates, reduced home prices and a shortage of homes for sale on the market. Single-family home construction increased 11 percent in September and apartment construction increased 25.1 percent. Overall new construction has increased more than 38 percent in the past 12 months.
A rise in home construction rates will help boost the economy, not only from a housing market standpoint, but it will also create more jobs in construction, home improvement and retail. Employment in the construction industry took a major hit after the recession, dropping from six million employed in June 2009 to 5.46 million in January 2011. Housing is one of the most important contributors to economic recovery and economists expect the housing market will continue to improve for the next several years.
To read more on this story visit: http://www.wrex.com/story/19841616/us-housing-construction-up-15-percent-in-september.
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

Obama Announces Formation of New Taskforce Aimed at Holding Banks Accountable and compensating Victims of Foreclosure Malpractice

Posted on February 6, 2012by Admin

President Obama addressed many issues dealing with the struggling U.S. economy in his state of the union speech last month. One of these included the formation of a new taskforce to monitor malpractice of banks regarding mortgages. Since the housing crash of 2007, millions have lost their homes, many as a result of the unfair practices by banks in processing foreclosure documents.
New York attorney general, Eric Schneiderman has been appointed to chair this new unit on ‘Mortgage Origination and Securitization Abuses.’ Schneiderman is well known for working on the settlement of the proposed deal between the states and the five large banks. The new unit will not only monitor the future actions of banks and hold accountable those who have participated in unfair practices in the past, but it will also compensate past victims of foreclosure malpractice.
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

The Obama Administration Announces Modifications to the Home Affordable Refinance Program to Help Underwater Homeowners

Posted on November 29, 2011by Admin

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.

Foreclosures, Timothy Kingcade Posts

Foreclosure Crisis Only Halfway Over

Posted on November 29, 2011by Admin

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.

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

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