Foreclosures, Timothy Kingcade Posts

Call Being Made To Halt Foreclosures During Government Shutdown

Now in its fifth week, an estimated 800,000 government employees have been caught in the political crossfire of the government shutdown. Roughly 380,000 federal workers have been furloughed and 420,000 are working without pay. Many of these individuals, who are now facing an extremely stressful financial situation due to the lack of income, were already in a difficult financial situation prior to the shutdown.

Housing advocates are urging that it is only fair that the foreclosure process is shut down while the federal government remains on a partial shutdown. In fact, 15 organizations across the U.S. are now asking the U.S. Department of Agriculture (USDA) to pause all foreclosure proceedings during the shutdown for its home loans where borrowers are behind.

This request was made this week in a letter submitted to the USDA. The USDA operates a home loan program that focuses on rural home ownership.

The USDA lending program offers options for borrowers who fall behind in their mortgage payments in an effort to avoid foreclosure. However, one of these alternatives is a servicing center that has now stopped operating during the shutdown, thus leaving these homeowners in a major bind. Without the assistance and no end in sight, these homeowners are facing the possibility of foreclosure.

In response, the advocates who have reached out to the USDA believe that a stay on foreclosure is completely justified. However, until now, the USDA has not made any public statements regarding foreclosures during the shutdown, so it is hard to say how they will respond to this most recent request.

It is estimated that there are approximately one million individuals participating in the USDA direct home loan program, as well as another million enrolled in its insured loan program. These individuals are being hit hard during the shutdown, especially those employed by the federal government. If they were in the process of a foreclosure and working with one of these now closed servicing centers, these individuals are left without any other resources.

According to CoreLogic, approximately 4.1 percent of all mortgages are considered at least 30 days past due on their payments or are in foreclosure. However, foreclosures are said to be down at this point, although they still present a problem for many Floridians as delinquent payments on mortgages are on the rise.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 McMaken website at www.miamibankruptcy.com.

Foreclosures

Foreclosure Rescue Scam Targets Hispanic Homeowners in Florida

A Florida law firm has been accused of running a predatory loan scheme, specifically targeting Hispanic homeowners struggling to pay their mortgage.

A lawsuit was filed last week by the Department of Justice, naming the Advocate Law Groups of Florida, Jon Lindeman and Ephigenia Lindeman as parties accused of violating the Fair Housing Act (FHA). The lawsuit states that the Lindemans violated the FHA by intentionally discriminating against Hispanic homeowners through a predatory mortgage loan modification and foreclosure rescue services scheme, which the lawsuit states ran between 2009 and 2015.

Over the course of these six years, the firm and the Lindemans are accused of using Spanish-language advertisements to target Hispanic homeowners, claiming that the firm could cut their mortgage payments in half. If a Hispanic individual followed up on these advertisements and came in for a consultation, the firm is accused of then promising to lower their mortgage payments in exchange for payment of upfront fees, which could be in the thousands of dollars, in addition to monthly fees.

Once the Hispanic clients made these payments, the firm told them to stop making their monthly mortgage payments and to cease communications with their mortgage lenders. The firm would also follow-up with a packet of documents the borrowers needed to read to understand the process, but these documents were written in English only, with no translation. The borrowers were told that these documents were sent to their bank on their behalf, and they contained statements that included an offer to the bank to return the homeowner’s residence in exchange for a rescission or cancellation of the mortgage without the borrower’s consent.  This resulted in many of their clients losing their homes to foreclosure.

These clients who paid high retainers and fees to the firm, in exchange the law firm did very little on their behalf to get loan modifications or reduce their monthly mortgage payments.

It was not until three former clients of the firm filed complaints with the Department of Housing and Urban Development (HUD). HUD investigated the matter and then referred the issue to the DOJ.

The clients allege that they were targeted specifically because of their ethnic backgrounds then taken advantage of because of their lack of understanding of the English language. Had they understood the documents, they claim they would not have lost their homes and gone through the immense stress that followed with this scheme.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 McMaken website at www.miamibankruptcy.com.

Debt Relief, Foreclosures, Timothy Kingcade Posts

Serious Mortgage Delinquencies Hit 12-Year Low, Florida Sees the Most Improvement

Mortgage delinquencies declined 8.2 percent in October and almost 18 percent from the same time last year, according to Black Knight. The data showed that there were 165,000 fewer past due loans in October than the month before. Serious delinquencies hit a 12-year low after falling by 14,000 from September and 90,000 on a year-over-year basis, according to the report.

The Sunshine State led the top five states by a 6-month improvement in non-current percentage with a decline of 28.92 percent, followed by Alaska, Oregon, Texas, and New Jersey. This can be attributed to the continued improvement in delinquencies related to the spike seen after last year’s hurricanes Harvey and Irma.

The number of loans in active foreclosures fell 24 percent from the same period last year, with the report highlighting that only 267,000 loans remained in active foreclosure during October, falling by 1,000 from September and by 81,000 from October 2017.

Surprisingly, mortgage prepays increased 14 percent from September. While the number of properties that were 30 or more days past due, but not in foreclosure declined by 165,000 to approximately 1.8 million, those that were 90 or more days past due but not in foreclosure declined by 14,000 to 499,000 properties.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 McMaken website at www.miamibankruptcy.com.

 

Debt Relief, Foreclosures, Timothy Kingcade Posts

New Bill Seeks to Enhance Foreclosure Protections

The Mortgage Servicing Fairness Act of 2018, introduced by Rep. Maxine Waters (D-CA), aims to protect homeowners against foreclosure and increase the Federal Housing Finance Agency’s (FHFA) oversight of mortgage servicers that conduct business with Fannie Mae and Freddie Mac. Both of these agencies own or guarantee nearly 60 percent of all mortgage loans.

Waters, who is a ranking member of the House Committee on Financial Services, introduced the bill on Monday and said the new legislation will strengthen FHFA oversight of servicers who conduct business with Fannie Mae and Freddie Mac. The new legislation will require:

  • Documentation of servicer behavior;
  • FHFA evaluation of the services provided to borrowers; and
  • Will penalize servicer failure to meet minimum standards established by the FHFA.

The bill is supported by the National Consumer Law Center and the National Fair Housing Alliance.

Click here to read more.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Mortgage Delinquencies Hit Lowest Point in a Decade

The number of mortgage delinquencies dropped to their lowest level in more than a decade, according to CoreLogic.  In the month of September, 5% of mortgages remained in some stage of delinquency, 30 days or more past due including those in foreclosure. This is a decrease of 0.2 percentage points from last year’s overall delinquency rate of 5.2%.

“September’s early-stage delinquency rate increased by 0.3% from a year ago, the largest increase since June 2009,” CoreLogic Chief Economist Frank Nothaft said. “This does not reflect a deterioration in credit, but rather the impact of the hurricanes in Texas, Florida and Puerto Rico.”

The foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, decreased from 0.8% in September 2016 to 0.6% in September 2017. This represents the lowest foreclosure rate since June 2007 when foreclosure inventory was also at 0.6%.

The serious delinquency rate, mortgages that are 90 days or more past due, decreased 0.4 percentage points from last year to 1.9% in September. This rate marks the lowest level for any month since October 2007’s 1.9%.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

5 Signs it’s Time to File for Bankruptcy

Filing for bankruptcy is a complicated process and a decision that should not be taken lightly.  But for some, it is the only solution that will get them out of debt and serious financial problems.  So how do you know if bankruptcy is right for you?  Here are five signs it’s time to consider filing for bankruptcy:

You are being sued by debt collectors.  When you fail to make payments on a debt, that debt gets turned over to a collection agency.  If the collection agency’s calls and letters go unanswered they may file a lawsuit against you.  Fighting these lawsuits can be difficult and if you lose, you will likely end up paying more in attorneys’ fees and court costs.  It is best to not let it get to this point.  Filing for bankruptcy provides you legal protection against creditors and debt collectors.  Once the automatic stay is issued, it bars any additional collection attempts, including lawsuits being filed against you.

Your credit cards are maxed out.  This not only is affecting your credit score negatively, but you are likely trapped in a cycle of making only the minimum payment on these cards while the interest accrues to amounts you will never be able to pay off.  Credit card debt is one of the easiest kinds of debt to discharge in bankruptcy.

Your wages are being garnished. If a creditor obtains a court order for a wage garnishment, your employer is required by law to abide by the order and withhold money from your check each pay period until the debt is paid off.   If your wages are being garnished you can still be protected by the automatic stay, which will halt further wage garnishment.

You cannot afford your bills.  If you were recently laid off from your job or had an unexpected medical expense, for many Americans it is just a matter of time before even a small amount of debt can spiral into something much greater.   Chapter 7 bankruptcy is specifically designed for individuals and families whose income level is not sufficient to pay their debts.

You are in danger of losing your home.  If your financial situation has reached the point where you are behind on mortgage payments and facing possible foreclosure, filing for bankruptcy can help you get caught up on those payments while staying in your home.

If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 McMaken 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 McMaken website at www.miamibankruptcy.com.

Related Resources:

https://smartasset.com/credit-score/4-signs-its-time-to-file-bankruptcy

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

U.S. Bankruptcy Judge Fines Bank of America $45 Million

Judge Christopher Klein of the U.S. Bankruptcy Court in Sacramento issued a $45 million fine against Bank of America Corp., calling the treatment of a California couple who fought to save their home “brazen” and “heartless.” According to Judge Klein, the bank’s mortgage modification process and mistaken foreclosure on Erik and Renee Sundquist’s home left them in a “state of battle-fatigued demoralization.”

“It is apparent that the engine of Bank of America’s problem in this case is one of corporate culture… not rogue employees betraying an upstanding employer,” Judge Klein said. He added that he hopes the fine is large enough that it will not be “laughed off in the boardroom as petty cash or ‘chump change’.” Most of the money from the fine will go to law schools and consumer advocacy organizations.

The Sundquists’ financial troubles started in 2008 after their construction business closed down due to the economic downturn. The couple later bought a cheaper home outside of Sacramento and borrowed approximately $590,000 from a lender that was later taken over by Bank of America. After which, the bank promised them that they could request lower monthly payments. However, in 2009 when the couple stopped making payments, Bank of America officials said they would not consider a loan modification. Over the next few years, the couple requested loan modifications approximately 20 times. Each time their requests were “routinely either lost or declared insufficient, or incomplete or stale or in need of resubmission or denied without comprehensible explanation,” the ruling said.

In 2010 the couple filed for bankruptcy which halts foreclosure sales. However, the bank still improperly took over the home and gave them a three-day eviction notice. A few weeks after the couple moved out, Ms. Sundquist was hospitalized with stress-related heart attack symptoms.

Bank of America later reversed the sale but never formally notified the couple of the change. According to the ruling, they moved back in several months later.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

New Home Sales Surge to Seven-Month High in February

Last month, new single-family home sales jumped to a seven-month high. The hike suggests the housing market recovery is stable despite the challenges of high prices, increased mortgage rates and tight inventories. According to the Commerce Department, new home sales increased 6.1 percent to a seasonally adjusted annual rate of 592,000 units last month, the highest level since July of last year.

New home sales were up 12.8 percent when compared to February of last year. Economists believe the hike in sales is partially due to the unseasonably warm weather across most of the country. In the Northeast region, new single-family homes dropped 21.4 percent. However, in the Midwest, sales were up 30.8 percent and in the South sales were up 3.6 percent.

Fortunately, high mortgage rates have not had a negative impact on home sales this year, largely due to a tightening labor market that is improving employment opportunities for young adults. The market is also benefitting from a shortage of properties for sale in most areas.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

What the Fed Rate Hike Means for Homebuyers

Last week the Federal Reserve increased its benchmark interest rate by one-quarter of a percentage point. This marked the second increase in three months and the third increase since 2015. As a result, mortgage rates have already increased. The average rate of a 30-year fixed mortgage jumped to a 2017 high of 4.21 percent, up from 3.68 percent last year.

What this means for house hunters is that buying a home is going to be more expensive. “That is going to create a bit of sticker shock for some buyers looking to buy this spring,” said Len Kiefer, deputy chief economist at Freddie Mac.

Fortunately, the changes in the Federal Reserve benchmark interest rate are somewhat predictable. The market expects two more Fed rate hikes before the end of the year. However, another increase is not likely in the next few weeks.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website at www.miamibankruptcy.com.

Related Resources:

http://money.cnn.com/2017/03/15/pf/fed-rate-hike-mortgage-rates/index.html?iid=SF_LN

http://www.cnbc.com/2017/03/15/fed-raises-rates-at-march-meeting.html

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Foreclosure Activity Hits 11-Year Low

During the month of February, foreclosure activity dropped to an 11-year low, according to new data from ATTOM Data Solutions. This was the lowest point since November 2005 and the 17th consecutive month of annual decreases.

Although the nationwide average significantly dropped, there were 10 states that experienced an increase in foreclosure activity in February. States that saw the largest increase include: New Jersey with an increase of 16 percent, Delaware with 14 percent, Louisiana with 12 percent, Alabama with 10 percent and Hawaii with eight percent.

Foreclosure starts were also down 13 percent from February of last year, however some states experienced an annual increase including: Alabama with an increase of 40 percent in foreclosure starts, Texas with an increase of 26 percent, New Jersey with an increase of 24 percent, Florida with an increase of 12 percent, Illinois with an increase of 11 percent and Arizona with an increase of nine percent.

ATTOM Senior Vice President Daren Blomquist said there are two major reasons why some states are still seeing an increase in foreclosure starts. The first reason is due to the backlog stemming from the housing crisis. States such as Florida and New Jersey are still experiencing distress from the bubble-era. The second reason is due to the newly relaxed lending standards in some areas.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami 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 website at www.miamibankruptcy.com.