Foreclosure Trends Archives - Page 2 of 2

Latest Decision out of the 4th District Court of Appeal in Florida ruled that Ownership Must be Proven at Time Foreclosure is Filed

Posted on December 22, 2011by Admin

The latest foreclosure decision out of the 4th District Court of Appeal in Florida ruled that the plaintiff in a foreclosure must prove ownership of the property at the time the foreclosure case is filed. In McLean v. JP Morgan Chase, the appellate court reversed the trial court’s entry of summary final judgment in favor of the bank because the bank failed to provide evidence that, at the time the case was filed, it “obtained its rights and standing to proceed in this cause” prior to the filing date.

In reversing this decision, the 4th DCA said:
‘While it is true that standing to foreclose can be demonstrated by the filing of the original note with a special endorsement in favor of the plaintiff, this does not alter the rule that a party’s standing is determined at the time the lawsuit was filed.’

While this ruling is viewed by many as stating the obvious, because of the immense volume of foreclosure cases in Florida courts, some judges are forgetting their most important job is interpreting the law. Many judges have made it their top priority to clear out the backlog of foreclosure cases, even it means ignoring Florida Statutes, Florida case law, the Rules of Evidence and Rules of Procedure. This can leave the plaintiff at a disadvantage in these foreclosure proceedings.

To read more on the latest foreclosure decision out of Florida, visit: http://www.leagle.com/xmlResult.aspx?xmldoc=In%20FLCO%2020111214197.xml&docbase=CSLWAR3-2007-CURR
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.

Record Highs in Foreclosure Processing Time

Posted on December 9, 2011by Admin

Foreclosures continue to make headlines. This time it is for the time it takes foreclosed properties to be processed through the legal system. The average loan in foreclosure has now been delinquent a record 631 days, according to a recent report from Florida-based Lender Processing Service.

The effects of “robo-signing” continue to linger in a number of states, requiring cases to go before a judge. The difference in processing time comes down to judicial versus non-judicial states. Non-judicial state foreclosure inventories are less than half those of judicial states, like we have here in Florida.

This discrepancy between judicial and non-judicial states is not new. Prior to the worst of the housing market crisis, loans were 4-5 months more delinquent in judicial states at the time of foreclosure sale. Today, these numbers are closer to 8 months, but are likely to return to the 4-5 month difference depending on the sale of these foreclosed properties.

New foreclosures continue to outnumber foreclosure sales 3:1, with repeat foreclosures making up nearly 45 percent of new foreclosures. On the other hand, loans from 2010 and 2011 are now the best performers on record due to strict credit requirements.

Recovery is predicted to be a slow one. With a record-high inventory of foreclosures combined with the already historically high existing home inventory, these distressed foreclosure properties will sell at a deep discount, which is likely to bring down the prices of surrounding homes.

To read more on this story visit: http://www.cnbc.com/id/45507581

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

Law Firms Nationwide Descend on Florida to capture Growing Foreclosure Business

Posted on November 14, 2011by Admin

Law firms from Atlanta, North Carolina, Massachusetts, New Jersey, and Philadelphia are heading south to take over files from the Law Offices of David J. Stern and Ben-Ezra & Katz, previously two of Florida’s largest foreclosure firms. David J. Stern and Ben-Ezra Katz’s law offices abandoned business after being investigated for possible foreclosure fraud, leaving tens of thousands of cases in need of representation. The new law firms are being handed between 3,500 and 5,000 transfer files at $1,200 to $1,400 per file, according to a legal headhunter. Many of these foreclosure firms are placing their South Florida central offices in the Fort Lauderdale area. Fannie Mae and Freddie Mac’s plan is to spread out the cases among more firms, instead of a few large ones, preventing any streamlining.

Since being under the congressional spotlight, Fannie Mae is being proactive to ensure firms maintain proper procedures and are even sitting in on lawyer interviews at firms. Fannie Mae is using new criteria when choosing new firms to contract with. This new criteria requires firms to be in good standing with the Florida Bar and local bar associations, demonstrate experience in handling foreclosures, provide quality and cost-efficient work, posses diversity and overall capacity to handle the foreclosure volume, among other considerations. Despite new legislation to monitor foreclosure firms, without some sort of program in place to teach young lawyers how to conduct themselves properly– the same problems will exist.

Foreclosures, Timothy Kingcade Posts

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.

Foreclosures, Timothy Kingcade Posts

Low Income New Yorkers Suffer due to Lack of Legal Representation

Posted on October 6, 2011by Admin

Lack of representation in foreclosure actions has resulted in a number of low-income New Yorkers unjustly losing court battles and even their homes due to not being able to afford adequate legal representation needed to fight baseless legal claims.

The state’s executive deputy attorney general testified that this lack of individual representation in foreclosure actions is one reason there has been systematic abuses of the legal system by lenders and debt collectors.

The top judge recently created a panel to aid the estimated 2.3 million and growing number of low-income New Yorkers who have no legal representation in civil cases ranging from child custody matters to home foreclosures.

Foreclosures

New Trend in Foreclosure Filings

Posted on November 2, 2010by Admin

Florida, California, Nevada and Arizona remain the states with the highest rates of foreclosure, accounting for 19 of the top 20 metropolitan areas, according to RealtyTrac Inc. But the latest data show that many of the metro areas in those states saw a decline in the number of households receiving foreclosure-related filings, while many cities in other states saw a substantial increase in foreclosure filings.
This trend is the latest sign that the nation’s foreclosure crisis is worsening as homeowners facing high unemployment, slow job growth and uncertainty about home prices continue to fall behind on their mortgage payments. Eleven out of the nation’s 20 largest metropolitan areas saw foreclosure activity increase in the third quarter compared to the same period last year.
The Seattle-Tacoma-Bellevue metro area registered the sharpest annual increase – 71 percent. One in every 129 households received a foreclosure filing. The Chicago-Naperville-Joliet metropolitan area posted the second-highest annual jump, a 35 percent increase. One in every 84 households received a foreclosure notice.
Rounding out the rest of the top 10 metro areas with the highest foreclosure rate were Cape Coral-Fort Myers, Fla.; Modesto, Calif.; Stockton, Calif.; Merced, Calif.; Riverside-San Bernardino-Ontario, Calif.; Miami-Fort Lauderdale-Pompano Beach, Fla.; Phoenix-Mesa-Scottsdale, Ariz.; Bakersfield, Calif.; and Vallejo-Fairfield, Calif.
To read more about this story, please visit:
http://www.google.com/hostednews/ap/article/ALeqM5h77P49EWZXCUcIXK2EG-be5lKqlQ?docId=e91bf1b9140b4f3d93fd14e7dbe99720
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.