Since the housing market crash, South Florida has experienced a string of ‘foreclosure waves.’ This is where foreclosure filings skyrocket, forcing a large number of delinquent homeowners out of their homes. After a foreclosure is final, the bank is granted ownership of the property. Ownership means the bank is legally responsible for the full amount of maintenance fees and partial fees during the foreclosure proceedings.
As a result of the foreclosure waves, a new trend has developed where lenders are opting not to pay their HOA fees. As a result, Homeowners Associations’ have been forced to increase maintenance fees and cut back on security, in some cases. Homeowners who have faithfully paid their bills throughout the recession are now suffering the consequences. Some of the HOA residents in South Florida are paying up to a 25 percent increase in HOA fees due to the banks’ delinquencies.
It appears that oftentimes lenders are remaining intentionally delinquent on their fees until the house is sold. After the house is off the market, lenders use the money from the sale to pay off the accumulated HOA fees. The rate of HOA foreclosure suits against lenders has recently increased and the trend is expected to continue throughout the rest of this year.
Banks and HOAs have been at odds for some time over who is responsible for the maintenance fees. Some banks claim they are not liable for the fees because they are only the ‘trustee’ for the legal owner. Homeowners Associations’ claim the banks are making their own rules.
To read more on this story visit: http://www.sun-sentinel.com/business/realestate/fl-hoa-foreclose-banks-20120810,0,5206219.story?page=1
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
Homeownership Rate at Nearly a 50-Year Low
During the second quarter of 2012, the Census Bureau showed homeownership rates declined to 65 percent, the lowest since 1965. Rates reached a peak of 69 percent during the boom of the housing market in 2005-2006. The ‘real rate’ subtracts homeowners who will soon face foreclosure due to delinquent mortgage payments.
The ‘real rates’ display a more accurate image of the financial stance of the housing market, considering how many foreclosure proceedings are backed up in the court system. The adjusted figures only go back to 1991 due to lack of tracking delinquencies and foreclosures before this time. Since there have been no major declines in the housing market before 1991, Sean Fergus of John Burns Real Estate Consulting said he believes the pattern is also accurate of ‘real rates.’
To view a chart displaying the information and read more on this story visit: http://www.businessweek.com/articles/2012-08-29/real-homeownership-rate-at-nearly-50-year-low#r=lr-fst
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.
Facing Foreclosure? Rent your Home from the Bank
CitiMortgage announced a plan to release a pilot program to help underwater homeowners stay in their homes. The ‘mortgage giant’ partnered with Carrington Mortgage Services LLC and together came up with a Home Rental Program where underwater homeowners could essentially rent their home from the bank as an alternative to foreclosure. The bank has already sold a reported $158 million in mortgages to Carrington to start the program. Bank of America released a similar successful program earlier this year.
The trial program will be offered to 500 homeowners from six states that have the most distressed housing markets: Arizona, California, Texas, Florida, Nevada and Georgia. Rent will vary from market to market, based on local rates.
Eligibility for the program requires homeowners:
• Be ineligible for loan modifications, but ability to make monthly payments
• Have a loan in the pilot portfolio serviced by Carrington
• Occupy the property
• Are underwater on mortgage
• Be delinquent for at least 120 days
CitiMortgage’s hope for the program is to not only aid individual families, but also jumpstart the recovery of the housing market by reducing the amount of vacant homes in neighborhoods. CitiMortgage’s CEO Sanjiv Das said that in order for the economy to recover, homes must be occupied. The Home Rental Program will assist in “neighborhood revitalization and stabilization efforts.”
To read more on this story visit: http://www.cbsnews.com/8301-505145_162-57490022/facing-foreclosure-rent-your-home-from-the-bank/
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.
Housing Market Improves a bit this Summer
July turned out to be a positive month for the housing market. Existing home sale and unit sale percentages significantly increased. From June to July existing home sales rose 2.3 percent and unit sales increased from 4.37 to 4.47 million according to the National Association of Realtors. Experts said these are all positive signs for both the housing market and the economy. The NAR attributed the improvement to two factors: the lowest interest rates since before the housing market crashed and a stable increase in the job market.
Although the numbers from July 2012 compared with 2011 are optimistic, senior economist at the Royal Bank of Scotland, Michelle Gillard, said she anticipates a gradual recovery for the housing market. Unit sales rose 10.4 percent from July 2011 to July 2012. Another positive sign for the economy is the prices of homes are also on the rise. The average price has increased 9.4 percent since last summer.
The housing market is still facing obstacles such as tight lending standards and lessening housing inventory due to sporadic foreclosure waves. The National Association of Realtors has requested that the government rapidly turn over foreclosed properties, in an attempt to speed up the recovery.
To read more on this story visit: http://economywatch.nbcnews.com/_news/2012/08/22/13413991-housing-market-improved-a-bit-in-summer?lite
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.
Gold Medalist Ryan Lochte’s Parents Face Foreclosure
U.S. Olympic swimmer and two-time gold medalist Ryan Lochte’s parents are facing foreclosure. The Lochte’s are being sued by their mortgage lender, CitiMortgage, for foreclosure on their Port Orange, Florida home. The foreclosure suit was filed in May 2012 on a 2007 mortgage. The bank is hoping to recover $250,000 from Steven and Ileana Lochte.
Lochte’s parents divorced last year after 36 years of marriage and have recently been in London watching their son compete. Lochte has won a total of five medals for the U.S. Ileana hired an attorney and in July she filed a motion to dismiss the foreclosure proceedings. She reported to ABC News that none of her children knew about the foreclosure suit.
To read more on this story visit:
http://www.huffingtonpost.com/2012/08/05/ryan-lochtes-parents-face_n_1743686.html
http://abcnews.go.com/Sports/ryan-lochtes-parents-face-foreclosure-port-orange-fla/story?id=16930499#.UCE-xWjl3zI
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
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Bankruptcy Attorney Timothy S. Kingcade Quoted in the Miami New Times Discussing Sun-Sentinel Editor’s Financial Troubles
MIAMI – Bankruptcy Attorney Timothy S. Kingcade, Managing Partner of the Miami-based law firm of Kingcade & Garcia, P.A. (www.miamibankruptcy.com) was recently interviewed by reporter, Rich Abdill for an article that was published in the Miami New Times. In the article he discussed the controversy surrounding Sun-Sentinel editor, Howard Saltz’s financial troubles. Saltz was recently relieved of millions of dollars in debt after filing for bankruptcy protection earlier this year. In an email to the Miami New Times, Saltz claimed it was a “business bankruptcy, not a personal bankruptcy.”
“It was a personal bankruptcy,” Timothy S. Kingcade said after reviewing the documents. “The character of the debt does not change the fact that it’s a personal bankruptcy.”
Later Kingcade went on to say that by filing for bankruptcy separately from his wife, Saltz was likely trying to stall a foreclosure or other settlement. “We call those types of cases ‘Ping-Pong’ cases. The creditors are being ping-ponged between the spouses,” Kingcade said. This is a method many have chosen during the recession as a last ditch effort to stay in their homes.
Saltz began purchasing real estate in the late 1990’s. Much of his debt came from unpaid mortgages, totaling more than $2.5 million. Saltz was also deep in credit card debt. He had a $17,000 credit-card bill due to Discover, a $52,000 credit-card bill due to Bank of America, a $60,000 credit-card bill due to Chase, an unpaid medical bill and other unpaid bills such as utilities.
To read more on this story visit: http://www.miaminewtimes.com/2012-07-26/news/sun-sentinel-editor-howard-saltz-bailed-on-millions-in-debts/
Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy Kingcade in 1996. The firm represents clients throughout the Southern District of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care. More information can be found at www.miamibankruptcy.com or by calling 305-285-9100.
Mortgage Fraud Scheme may Land Maryland Resident in Prison for Five Years
Business owner and Maryland resident, Carline M. Charles, pled guilty on charges of conspiracy to commit bank fraud on July 27, 2012. Charles was the owner of the company, C&O Property Solutions LLC. She had concocted a scheme where she fraudulently obtained mortgages, financial losses for lenders and evictions for her clients who were relying on her to help save their homes.
Charles would reportedly track down financially distressed homeowners and offer them help in refinancing their mortgages. She told her clients that after a few months they would be able to remove investors’ names from the property deeds. While homeowners were under the impression they were refinancing their homes with Charles, she was in fact selling their properties to ‘straw buyers.’ She would pay the purchasers about $10,000 for use of their name and information.
Charles’ plea agreement required her to forfeit the $838,978 she profited from the scheme. Some of the homeowners were paying Charles their monthly mortgage payments, which she claimed she would be forwarding to the lenders, and never did. This resulted in 12 families being forced out of their homes. The lenders of these 12 mortgages lost somewhere between $1 and $2.5 million. The mortgage scheme resulted in a major investigation conducted by the FBI. Charles’ sentencing is scheduled for October 24, 2012.
To read more on this story visit: http://www.loansafe.org/foreclosure-prevention-business-owner-pleads-guilty-in-major-mortgage-fraud-scheme
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.
South Florida’s Bankruptcy Filings Fall for the Third Month in a Row
After a major surge in bankruptcy filings earlier this year, May was the third month in a row where South Florida experienced yet another decrease in bankruptcy filings. The U.S. District Court of Miami released a statement saying that during the month of May bankruptcy filings dropped 2.75 percent from April filings in Broward, Palm Beach, and Miami-Dade counties combined. In Broward County, 732 consumers filed for bankruptcy, in Palm Beach County 412 filed and in Miami-Dade 1,293 filed.
Bankruptcy and foreclosure trends tend to go hand in hand. Therefore, foreclosure cases in South Florida have also decreased over the past three months. From March to April this year, foreclosure cases were down approximately 15 percent in Palm Beach County, down 36 percent from a year ago. Foreclosure cases were down 31 percent from March to April in Broward County. In April, there was some speculation from attorneys that bankruptcy filings were down due to consumers waiting for new qualification factors beginning May 1st. The new qualifications include a change on income limits that would make filing for bankruptcy easier for financially distressed consumers.
To read more on this story visit: http://www.sun-sentinel.com/news/palm-beach/fl-bankruptcies-may-20120602,0,1862683.story
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
Bank of America Offers Principal Reductions to Underwater Homeowners
Bank of America recently announced that homeowners underwater on their mortgages will soon be receiving relief in the mail. The first wave of letters will be mailed out by the third quarter of this year to some 200,000 homeowners who may qualify for a principal reduction on their mortgages. Homeowners who qualify will save an average of 30% monthly on their mortgage or a total of about $150,000.
The homeowners who qualify must meet the following criteria:
1. They must be underwater on their mortgage.
2. They must be 60 days delinquent as of January 31, 2012.
3. Their monthly payment combined with insurance and other fees must account for 25% of their gross monthly income.
4. Their loan must be held by Bank of America, not a federally backed lender.
In March, Bank of America started a trial program for principal modifications for about 5,000 underwater homeowners. The bank disclosed that of these 5,000 homeowners, the combined savings reached approximately $700 million in just a few short months. Bank of America views this move as a way to hold up to their end of the settlement reached earlier in the year with the government as a result of the robo-signing scandal. Although the principal reductions are expected to relieve homeowners of much of their debt, it might also end up diminishing their credit scores. FICO spokesman, Anthony Sprauve said that as of now it is ‘undetermined how the reductions will be reported.’
To read more on this story visit: http://moneyland.time.com/2012/05/09/behind-on-your-bank-of-america-mortgage-relief-may-be-in-the-mail/
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.
The Federal Housing Finance Agency Releases its Goals for 2013-2017
The director of the Federal Housing Finance Agency, Edward J. DeMarco, released a rough draft of the goals the Agency has set to construct a more efficient and effective housing finance system. The FHFA is the agency created by the merging of the Office of Federal Housing Enterprise Oversight, Federal Housing 
Finance Board and the government sponsored enterprises mission office. The FHFA was created after the 2008 Housing and Economic Recovery Act, and has acted as a regulator for the GSE’s such as Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
Below are the FHFA’s strategic goals for 2013 – 2017:
1. Safe and sound housing GSEs
2. Stability, liquidity, and access in housing finance
3. Preserve and conserve enterprise assets
4. Prepare for the future of housing finance
The FHFA will create a safer housing finance system for Americans, not by directing day-to-day operations, but by setting boundaries and expectations for the GSEs. The FHFA plans to monitor the actions of the Enterprises through on-site examinations and program reviews.
To read more on this story visit: http://stopforeclosurefraud.com/2012/06/14/fhfa-strategic-plan-2013-2017-preparing-a-foundation-for-a-more-efficient-and-effective-housing-finance-system/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ForeclosureFraudByDinsfla+%28FORECLOSURE+FRAUD+%7C+by+DinSFLA%29
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