Foreclosure Filings Archives - Page 2 of 2

Foreclosures increase in South Florida indicating Mortgage Lenders have worked through Paperwork Problems

Posted on October 18, 2011by Admin

New reports from two industry experts indicate that lenders are beginning to speed up their home-repossession practices, which have been delayed due to last year’s “robo-signing” scandal. Third-quarter foreclosure filings rose 13.2 percent to 9,170 in Miami-Dade County, compared to the previous quarter, according to data released Thursday by real estate research firm RealtyTrac. In Broward, total filings were up 36.9 percent in the third quarter to 7,712.

The increase in foreclosure filings is an indication that foreclosures delayed by the slowdown are beginning to work their way through the system. Current foreclosure totals are still far below last year’s numbers, but the trend is starting to shift upwards. The increase in new initial filings of foreclosure is a national trend; new default notices increased 14 percent nationwide in the third quarter.

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.

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

Decline in Foreclosure Filings Pushes Florida Court System into Deficit

Posted on April 5, 2011by Admin

Florida’s court system is facing a $72.3 million deficit as a result of a decline in foreclosure filings. The State Courts Revenue Trust Fund, established in 2009, is currently incurring the debt. Of the $462 million court system budget, about $370 million is currently funded by the trust fund.

Recently released data suggest that foreclosure filings may not increase any time soon. Although Florida holds the largest shadow inventory in the U.S. at more than 441,000 properties, the average home sits delinquent for 638 days, according to the National Association of Realtors.

It’s been recommended that an emergency plan be created to provide funding to the Florida court system. A temporary transfer of $28.5 million to the State Courts Revenue Trust Fund from the court’s Mediation Arbitration Trust Fund and Court Education Trust Fund is being scheduled to help alleviate the deficit.

Foreclosures, Timothy Kingcade Posts

Foreclosure Filings Drop Nationwide as Officials Raise Questions over Process

Posted on February 18, 2011by Admin

A recent article in the Washington Post reports foreclosure filings fell to about 260,000 last month nationwide, 17 percent lower than in January 2010. In areas where judges and law enforcement have taken aggressive actions against faulty foreclosures, the drop was even sharper.

In Maryland, where Wells Fargo and Ally Financial last month dismissed pending foreclosures because they were approved by a “robo-signer,” foreclosures fell by 70 percent from last January. In Massachusetts, where the state Supreme Court in January invalidated some foreclosures and called into question many others, there was a 66 percent fall.

In Florida, where law enforcement officials are considering criminal charges in foreclosure cases, there was a 54 percent decline. January was also the third straight month in which the number of foreclosure filings fell under 300,000. The trend comes after filings reached above 300,000 for 20 straight months, according to a report released Thursday by Irvine, Calif.-based RealtyTrac.

The number of foreclosure filings began to drop last fall after large mortgage servicers such as Bank of America, J.P. Morgan Chase and Ally put some foreclosures on hold after admitting that some of them had been improperly prepared. Much of the slowdown is expected to be only temporary, until the reviewing of procedures, resubmitting of paperwork and federal investigation is complete.

Florida Bar, Foreclosures, Timothy Kingcade Posts

Foreclosure Firms Face Action from the Florida Bar

Posted on November 17, 2010by Admin

This month, the Florida Bar investigated 43 reports of foreclosure fraud involving 32 lawyers. The investigation prompted the Florida Bar to add a new category solely for foreclosure fraud complaints. To find new cases, the head of the Florida Bar is asking judges around the state to report lawyers who break the rules, pointing specifically to news coverage of claims about foreclosure suits. Judges have been asked to send in copies of any orders they write that mention misconduct, in foreclosures or anywhere else.
Florida Attorney General, Bill McCollum’s office opened investigations of three high volume South Florida foreclosure firms which included: the Law Offices of Marshall C. Watson, the Law Offices of David J. Stern, and Florida Default Law Group. It’s reported that fraud arguments are still rare in foreclosures, but recently Florida is seeing more defense lawyers trying them. It’s argued that for some, the goal is just to delay a foreclosure, not resolve the debt. Bad documentation isn’t evidence of fraud as much as a sign that law firms are trying to handle a lot of work fast and cheap.
To read more on this story, visit http://jacksonville.com/news/florida/2010-11-15/story/foreclosure-firms-facing-action-florida-bar.
If you have any questions on the topic of foreclosure, please feel free to contact foreclosure defense attorney, Timothy Kingcade at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.