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.
Tag: foreclosure defense
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.
Another Setback for Struggling Homeowners
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.
To read more on this story visit:
http://www.tampabay.com/news/business/realestate/floridas-foreclosure-mediation-could-end/1198314
http://www.miamiherald.com/2011/10/24/2469820/task-force-end-mandatory-foreclosure.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.
A Borrowers’ Bill of Rights
Recent “robo-signing” and foreclosure scandals suggest that for thousands of homeowners, fairness and competency have not been so readily available. According to witnesses at recent 
congressional hearings, borrowers with on-time payment histories who sought loan modifications frequently were told they needed to stop payments for two to three months before they would be eligible to even discuss changes to their loan terms. When these individuals and businesses applied for modifications, they were sent foreclosure notices because they were in default.
It’s also suggested that servicers “pyramid” late fees and sloppy documentation, have had an increasing affect on borrowers’ debts to the point where foreclosure has become inevitable.
Some of the most blatant errors involve property insurance records. According to the National Consumer Law Center, $30,000 in fees were added to one homeowner’s principal balance by a bank during the seven months it took to process the modification request. It is reported abuse such as this that’s led to hundreds of lawsuits against banks and servicers that are clogging court calendars nationwide. This has prompted state attorney generals to negotiate a national settlement with the 14 biggest banks and servicers.
The draft proposal calls for billions of dollars in penalties from the banks along with additional billions in principal reductions for distressed and underwater borrowers. The core of the agreement would essentially amount to a new mortgage servicing bill of rights for borrowers. It sets out minimum standards and operating procedures that would govern how homeowners are treated in the future.
Below is a quick overview of the proposed “borrowers’ bill of rights”:
• Servicers would be required to employ enough trained loss-mitigation staff to deal with all borrower inquiries and request for loan modifications
• Servicers would be required to identify the bank or investor that is the legal owner of the mortgage
• Servicers will have to provide mortgage customers with a “single point of contact” – a designated employee, with a name and contact information – for their loan modification requests
• Dual-tracking of modifications and foreclosures would be banned
• Servicers would be prohibited from advising on-time customers to default, or discouraging borrowers from seeking help from non-profit counseling organizations.
• “Force-placed” insurance practices would be severely limited, including prohibitions on obtaining high-premium policies from subsidiaries, affiliates, the lender or servicer
If the proposed settlement occurs, it could give significant new protections to homeowners and borrowers, even for those that never had a payment problem or a need to modify their mortgage terms.
To read more on this story, visit:
http://www.miamiherald.com/2011/03/20/2119880/a-borrowers-bill-of-rights.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.