Foreclosure Archives - Page 18 of 19

The State of New York Guarantees Court-Appointed Lawyers to Homeowners Facing Foreclosure

Posted on February 18, 2011by Admin

A recent article in the American Bar Association (ABA) Journal reports that New York will be the first state to offer all homeowners facing foreclosure a court-appointed attorney. According to the New York Times, there are approximately 80,000 foreclosure cases in the New York state court system. Court officials plan to draw appointed attorneys from legal aid groups and volunteer organizations. Judge Jonathan Lippman, the state’s chief judge, has asked the New York legislature for a $100 million increase for legal services programs over the next four years. The first courts to implement the plan will be in Queens and Orange counties.

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.

Homeowners more behind on payments before foreclosure

Posted on February 12, 2011by Admin

It can take a long time for the foreclosure process to move from the time a lender issues a foreclosure notice to the time the homeowner is evicted. But the time between the homeowner’s first missed payment and that eviction is even longer. Last year, homeowners across the country were an average of 507 days behind on payments by the time foreclosures were completed. That is more than 100 days longer that the average in 2009.

So why did the foreclosure process take so much longer last year than the year before? A senior vice president at Florida’s Lender Process Services Inc. has a couple of theories.

First, he says that lenders waited longer to issue foreclosure notices in 2010. Because of the “sheer volume of loans” in default, it took Florida lenders an average of 349 days of a homeowner being delinquent before the foreclosure notice was issued. That is nearly a year of being behind on payments before the lenders took any actions toward foreclosure.

Also, the same individual said that lenders are exercising an “abundance of caution” after the robo-signing fiasco. Lenders want to be sure that they do everything properly before evicting homeowners. This is hopefully leading to lenders showing more respect for homeowners’ rights.

These factors both help explain why homeowners were delinquent 25 percent longer before eviction in 2010 than they were in 2009. Not only are lenders waiting longer to issue foreclosure complaints, the actual foreclosure process itself is taking longer.

Source: Bloomberg, “U.S. Homeowners in Foreclosure Process Were 507 Days Late Paying,” John Gittelsohn, 7 Feb 2011

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.

Foreclosures, Timothy Kingcade Posts

Misery in Miami: Forbes ranks the Magic City 2nd most miserable

Posted on February 9, 2011by Admin

There is no question that Miami has high unemployment and foreclosure rates. Now, those two issues have led Forbes.com to name Miami as the second most miserable city in the United States.

The Misery Index (which does really exist) looks at many factors, including home prices, foreclosure rates, unemployment and even the local sports team’s record. Last year, Forbes.com listed Miami as the sixth most miserable city. This year, we moved up on that list, but managed to avoid the top spot.

Instead, Stockton, California, was listed as the most miserable city for the second year running. According to Forbes.com, “The good weather and lack of state income tax” were our saving grace. But for those two factors, Miami would have come in as the number one most miserable city in America.

NBC Miami speculated that in addition to high unemployment and our foreclosure problems, the crime rate and unscrupulous politicians accounted for Miami’s second spot ranking. The financial struggles related to the unemployment and foreclosure issues certainly contribute to the unhappiness seen in Miami.

Unemployment and foreclosure may be two of the primary sources of discontent here, but they are not unsolvable problems. Solutions do exist for individuals who are facing mounting debt after being laid off or those who have been threatened with foreclosure. Bankruptcy and other debt relief options can help individuals overcome the emotional and financial struggles related to overwhelming debt.

Source: NBC Miami, “Les Miserables: Miami High On Depressing Cities List,” Todd Wright, 2 Feb 2011

Foreclosures, Timothy Kingcade Posts

State Details Foreclosure Chaos – “Unfair, Deceptive and Unconscionable Acts in Foreclosure Cases”

Posted on January 14, 2011by Admin

The state attorney general’s office recently gave a 98-page presentation detailing Florida’s foreclosure chaos at a conference for the Florida Association of Court Clerks and Comptrollers. The presentation included copies of allegedly forged signatures, false notarizations and witnesses. It also focused largely on assignments of mortgage, documents that transfer ownership of mortgages from one bank to another. One example in the presentation, noted a signature by someone named Linda Green and was said to appear on hundreds of thousands of mortgage documents from dozens of banks and mortgage companies, but in varying styles.

The presentation entitled, “Unfair, Deceptive and Unconscionable Acts in Foreclosure Cases,” stands as one of the first examples of what the state has compiled in its exploration of foreclosure malpractice, holding banks, mortgage servicers and law firms accountable for contributing to the foreclosure crisis by cutting corners.

To read more on this story, please visit:
http://www.palmbeachpost.com/money/real-estate/state-details-foreclosure-chaos-1164504.html

Foreclosures, Timothy Kingcade Posts

Fannie Mae Introduces New Florida Foreclosure Prevention Program

Posted on January 10, 2011by Admin

By the time many people consider alternatives to foreclosure, the lender has already begun the foreclosure process. Options like negotiating with the lender become nearly impossible because the foreclosure process is completed before those negotiations have time to produce results.

This is why Fannie Mae has introduced a new program in Florida. The initiative is designed to give homeowners who are behind on their mortgage payments the opportunity to negotiate a lower monthly payment before the foreclosure process begins. While this program should not take the place of working with a bankruptcy attorney to make the best decisions, it may help people stay in their homes and avoid foreclosure.

Foreclosures, Timothy Kingcade Posts

Novice Florida Lawyers Draw Suspicion in Foreclosure Crisis- Know the Importance of Hiring an Experienced Attorney when Facing Foreclosure

Posted on December 30, 2010by Admin

Today, more than 260 attorneys work at four of Florida’s largest foreclosure firms, and 48 percent of them have been practicing law for less than three years, according to Florida Bar records. With the recent allegations pertaining to forged foreclosure documents, fraudulent notarizations and questionable affidavits submitted in tens of thousands of foreclosure cases, these novice lawyers are now under a cloud of suspicion. Some may face Florida Bar investigations that could end their careers, while homeowner advocates wonder whether the foreclosure crisis would have reached its state of disorder if it weren’t for legions of novice lawyers doing the legwork.
As Florida’s overwhelmed court system sorts through the foreclosure chaos, many of the attorneys who worked for the now deposed Stern law firm and others like it have been hired at other large companies doing foreclosure work in the state. In sworn statements taken by the state attorney general’s office, two former Stern employees — a paralegal and a legal assistant — attest to wrongdoing at the firm that included hiding problem files from federal auditors, forging signatures and making up documents as staff struggled to keep up with a mounting volume of foreclosures. Lack of experience could have led young lawyers to follow their employer’s lead, unaware they may be committing an offense.
Hiring an experienced foreclosure attorney is an invaluable asset for those in danger of losing their homes. The skills, knowledge and experience the attorneys at Kingcade & Garcia, P.A. possess go toward helping clients get the results they are seeking. 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.
To read more on this story, please visit:
http://www.sun-sentinel.com/business/fl-foreclosure-novice-lawyers 20101227,0,2092736.story?page=1
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.

Foreclosures, Timothy Kingcade Posts

The Federal Reserve Proposes to Eliminate the Primary Protection Homeowners currently have to Avoid Foreclosure and Abusive Home Loans

Posted on December 15, 2010by Admin

As Americans continue to lose their homes in what’s been referred to as the worst foreclosure crisis since the Great Depression, the Federal Reserve has come up with a proposal making it even more difficult for homeowners to keep their homes and escape predatory home loans. The Fed’s propose to amend the Truth in Lending Act, a 42-year-old provision that since 1968, has given homeowners the right to cancel, or rescind, illegal loans for up to three years.
Attorneys at AARP have used the rescission clause for decades to protect older homeowners stuck in predatory loans with costly terms. In recent years, the Truth in Lending Act has helped struggling homeowners fight a wave of foreclosure cases in which faulty and sometimes-fraudulent disclosures were used. This provision has also been an effective tool in making sure creditors follow the rules and are transparent about the true cost of loans.
Dozens of groups have opposed the new measure, including the National Consumer Law Center, the NAACP and the Service Employees International Union, saying the proposal is “bad medicine at the wrong time.”
To read more about this story and learn more about the proposed changes, please visit:
http://www.miamiherald.com/2010/12/05/1958249/fed-wants-to-strip-a-key-protection.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.

Foreclosures, Timothy Kingcade Posts

Chief Justice Charles Canady addresses the issue of public access to Florida foreclosure proceedings- which has been in jeopardy as a result of the heavy volume of foreclosure cases

Posted on November 29, 2010by Admin

In a recent memorandum sent to chief judges of Florida’s twenty judicial circuits, Chief Justice Charles Canady addressed the important issue of public access to Florida’s foreclosure proceedings. The memorandum set forth that the chief judges ensure that the judges they supervise and the staff who report to those judges, as well as bailiffs and employees of the clerks of court, are not violating the rights of Floridians by improperly closing judicial proceedings to the public.
This comes after a letter was received from the Florida Press Association and other organizations. The letter alleged that in some instances, members of the public and/or press either were advised that they could not attend mortgage foreclosure proceedings or were prevented from attending such proceedings. Under Florida law, the public has a right to observe the workings of the judicial system. The reports, which have documented these incidents around the State of Florida, addressed the barriers, which have left members of the public and press subject to the discretion of individual foreclosure judges to admit or exclude them from attending the judicial proceedings.
The heavy volume of foreclosure cases has led to difficulties finding judges and courtrooms to hear the cases. As a result, some cases are being held in chambers for lack of an available traditional courtroom. Bottom line is- the proceedings must be open, even if they are held temporarily in a smaller and less formal physical setting than usual. While ordinary and uniform security procedures are still necessary, the unavailability of a traditional courtroom cannot justify a deprivation of the rights established under Florida law and the U.S. Constitution.
If you have any questions on this topic please feel free to contact bankruptcy and 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.

Foreclosures, Timothy Kingcade Posts

Foreclosure Filings Fall Sharply as Lenders Continue to Sort through Faulty Foreclosure Documents

Posted on November 16, 2010by Admin

A recent article in the Miami Herald revealed the number of bank repossessions in South Florida fell sharply this past month according to a study conducted by real estate research firm, RealtyTrac.
With just under 20,000 foreclosures across South Florida, the region had the seventh highest foreclosure rate in the nation. One out of every 122 homes in South Florida was in some stage of foreclosure in October, the report found. After increasing steadily for months, bank repossessions fell 19.7 percent in Miami-Dade County in October compared to the previous month, dropping to 1,740. Monroe County had 98 foreclosures in October, down 38 percent for the month and down 47 percent from last October.
To read more on the story, please visit:
http://www.miamiherald.com/2010/11/11/1919784/foreclosures-dip-as-lenders-freeze.html#ixzz15OEZlVrH
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.

Foreclosures, Timothy Kingcade Posts

GOVERNMENT MORTGAGE MODIFICATIONS MAY NOT BE EVERYTHING THEY SEEM

Posted on November 3, 2010by Admin

To financially distressed homeowners, the federal government’s Home Affordable Modification Plan – HAMP – can sound like a dream come true. The promise of a significantly reduced mortgage, accompanied by considerably lower monthly mortgage payments, raises homeowner hopes. However, recent reports show the program delivering on its promise for only a third of participating homeowners.
An analysis from Amherst Securities reveals HAMP’s success rate: just 32 percent of trial mortgage modifications begun will be converted to permanent modifications without defaults.
In other words, two-thirds of homeowners who enter the program either don’t get a permanent modification or they default on their modified loan.
Problems With the Program:
The Financial Times reports that one problem with HAMP is that it doesn’t reduce debt-to-income (DTI) ratios enough. Of the permanent HAMP modifications, the borrower’s DTI (including factors such as mortgages, credit card payments, taxes, insurance, car loans, etc.) dropped from 80 percent to 65 percent. Generally, anything above a 50 percent DTI level is considered unsustainable. (The government requires anyone applying for HAMP with a DTI at 55 percent or above to get credit counseling.)
Another HAMP problem: the principal reduction portion of the plan is voluntary and few lenders are willing to voluntarily reduce principals on houses. The Financial Times speculates that unless this portion of the program is at some point made mandatory – at least for especially distressed homeowners and mortgages – it appears unlikely to do much to stave off a second dip in the housing market and perhaps a second recession as well.
Mortgage Modification can Hurt Credit
The Minneapolis Star Tribune reports that mortgage modifications link to the complex credit reporting system, causing long-term financial damage to homeowners. The credit code used when the three-month HAMP trial modification begins signifies to the credit industry that a borrower is making reduced payments, even if the homeowner isn’t delinquent when beginning the HAMP process.
Many financial professionals tell clients that bankruptcy can be a safer route to fiscal stability than a mortgage modification; The Wall Street Journal points out that some consumers will even see a rise in their credit scores after declaring bankruptcy.
Protecting Assets in Bankruptcy
Consumers saddled with large credit card debts or medical debt often find that Chapter 7 bankruptcy or Chapter 13 bankruptcy provides a way out from under the debt. Florida bankruptcy law provides exemptions for a number of assets, enabling many borrowers deeply in debt to protect the following:
Their home
401k savings
Pension plans
Social Security benefits
Workers’ compensation
Supplemental Security Income
Prepaid school tuition
To learn more about whether a mortgage modification is right for you or if bankruptcy might be the better solution, contact a Miami bankruptcy attorney for an assessment of your bankruptcy eligibility.