In Palm Beach County, 17 percent of the foreclosure cases are currently lying dormant in Palm Beach County courts. A large portion of the 6,927 ‘zombie cases’ have stalled for more than a year, some dating as far back as 1997. This growing number of vacant and deteriorating homes is creating a widespread problem and affecting the value of other homes on the market. While some of the dormant cases are mistakes due to one party forgetting to request a dismissal, much of the inaction is a result of homeowners filing for bankruptcy, lenders inability to prove ownership, and loan modification negotiations. Whatever the reason, many homeowners are clueless about the status of their cases and have not been making payments for years.
If a case has been dormant for 10 months, the homeowner can legally file for a dismissal of the case. The lender then has 60 days to act. If no action occurs, then the case is thrown out. Peter Blanc, Palm Beach County Chief Judge, thinks Palm Beach County will see a rise in dismissals due to the recent state funding received to hire extra help for foreclosure cases. Another frustrated Palm Beach County Judge, John Hoy’s advice to banks is, “If you can’t take care of old cases, don’t file new ones.” Both judges were in agreement that the problems with zombie cases now, stem from malpractices by banks in earlier years.
To read more on this story visit: http://www.palmbeachpost.com/money/foreclosures/the-zombie-files-nearly-7-000the-zombie-files-nearly-7-000-stagnating-foreclosure-2305388.html?viewAsSinglePage=true
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
Florida Bill to Speed up Foreclosure Process
A bill to speed up the foreclosure process is on the fast track to becoming a law in the State of Florida. So far, the majority seem to be in support of the bill. However, many Florida attorneys and government officials see several problems if the bill becomes a law. The bill is intended to speed up the foreclosure process for homes that have been abandoned or in cases which the defendant is unable to prove a legitimate reason they should not lose their home in a “show cause” hearing. If the individual is unable to prove his or her case, the bill will allow the lienholder to immediately file a judgment of foreclosure on the home.
Another way the bill would change the foreclosure process is that banks will no longer be able to file a deficiency judgment for more than one year. A deficiency judgment is how much debt is still left after the property is resold. Currently, banks may file a deficiency judgment for up to five years.
Critics of the bill see a problem due to the fact that Florida courts have always ruled that when homeowners are absent from their homes, the homes are not considered “abandoned.” Another criticism with the bill is that homeowners who lost their homes due to fraudulent foreclosure practices are only able to receive monetary compensation and have no chance of repossessing their homes. However, the most substantial problem with the bill, deals with the “show cause” hearing. Attorneys say that it is difficult to prove a defendant’s case because there is typically very little time and that most initial court documents filed are false, but it is impossible to tell they are false.
If the bill is passed, it will go into effect July 1, 2012. The law will apply to any future and current foreclosures that are making their way through the system.
To read more on this story visit: http://www.palmbeachpost.com/money/foreclosures/bill-to-streamline-foreclosures-moves-one-step-closer-2203415.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.
Big Banks Pay Homeowners to Avoid Foreclosure
In an interesting twist, banks are offering delinquent homeowners as much as $35,000 or more in cash to sell their properties for less than they owe. Lenders have routinely delayed or blocked such transactions, known as short sales, in which they accept less from a buyer than the seller’s outstanding loan. With the foreclosure system being bogged down by the number of cases, banks have decided the deals are faster and less costly than foreclosures.
For banks, approving a sale for less than is owed on the home can cut a year or more off the time it takes to sell a property. From listing to sale, the transactions took about 123 days on average at the end of last year, according to the Campbell/Inside Mortgage Finance Housing Pulse Tracking Survey.
Some of the banks that are extending this opportunity to struggling homeowners include: Bank of America, which sent letters to 20,000 Florida homeowners as part of a pilot program, offering incentives of as much as $20,000, or 5 percent of the unpaid loan balance; Wells Fargo, which offers relocation assistance of as much as $20,000 for borrowers who complete short sales or agree to transfer title through a deed in lieu of foreclosure “in certain states with extended foreclosure timelines, including Florida; and Citigroup, which offers $3,000 to most borrowers who qualify for its program.
To read more on this story, visit:
http://www.bloomberg.com/news/2012-02-07/banks-paying-homeowners-a-bonus-to-avoid-foreclosures-mortgages.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.
BREAKING NEWS: Florida’s Foreclosure Mediation Program Cancelled
On December 19, 2011, Chief Justice Charles T. Canady signed an order that terminated Florida’s mandatory foreclosure mediation program. The program was originally established as a means for the court system to address the overwhelming number of mortgage foreclosure cases coming through the system, and level the playing field between foreclosure victims and big banks.
This is another huge win for big banks. Cases already referred to and pending mediation prior to December 19, 2011 will remain in the program through completion of mediation. After the date of the order, no new cases may be referred to Florida’s Foreclosure Mediation Program.
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. If you have any questions on this topic please contact foreclosure defense attorney, Timothy Kingcade at (305) 285-9100. He 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. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Latest Decision out of the 4th District Court of Appeal in Florida ruled that Ownership Must be Proven at Time Foreclosure is Filed
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
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.
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.
Foreclosures increase in South Florida indicating Mortgage Lenders have worked through Paperwork Problems
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.
To read more on this story visit: http://www.miamiherald.com/2011/10/13/2451238/foreclosure-filings-back-on-the.html#ixzz1ahVvm7Dd
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.
Governor Gone Crazy
With Florida having the nation’s second-highest foreclosure rate and court proceedings taking an average of 638 days, the pressure has mounted for the state to eliminate courts from the foreclosure process. Supporters of the concept-which is used in nearly 30 states, say it will speed up the foreclosure process, get houses back onto the real estate market and boost the economy. Opponents say it puts property owners at the mercy of banks.
Governor Rick Scott, House Speaker Dean Cannon and Senate President Mike Haridopolos are proponents of new legislation which will change Florida laws so judges will no longer be necessary in the foreclosure process. Florida is one of the 20 states that require all foreclosures go through the court system.
Even in states where judges are not forced to preside over foreclosure cases, property owners can take the proceedings to court. However, with the filing fee being nearly $2,000 in the State of Florida, that’s cost prohibitive for most people struggling to keep their home and their finances intact. Taking away individuals’ property rights is denying their ability to access the courts.
This has not been the first attempt to eliminate courts from the foreclosure process. In 2010, the Florida Bankers Association pushed unsuccessfully to change the state’s law so judges did not need to sign off on foreclosures. Representative Darren Soto, D-Orlando, who fought against the 2010 legislation, said he will fight again if it returns in 2012.
To read more on this story visit:
http://www.tampabay.com/news/business/realestate/rick-scott-gop-look-at-taking-courts-out-of-florida-foreclosure-process/1192603
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.