Foreclosure Archives - Page 4 of 19

Florida Offers Homeowners Facing Foreclosure a Free Assistance Program

Posted on October 6, 2016by Admin

According to CoreLogic, Florida had the highest number of completed foreclosures of any state last year, with a total of 57,000 foreclosed homes. South Florida led the state with 9,603 in September alone. As a result, the Florida Housing Finance Corporation is offering a free statewide assistance program designed to help homeowners facing foreclosure called the Foreclosure Counseling Program.

The program provides struggling homeowners with one-on-one counseling and financial education services. Residents in all 67 counties are eligible.

“Foreclosure is still an issue facing thousands of homeowners in every county of our state,” said Florida Housing Communications Director Cecka Rose Green. “As a participant in the FCP, homeowners can expect to receive extensive housing and financial counseling services that can help them save their homes and become more financially stable.”

The Florida Legislature allocated $10 million from the state’s National Mortgage Settlement funds to implement the program. More than 40 agencies are available to assist interested homeowners across the state.

Click here to read more on this story or click here to visit the Florida Housing website for a full list of participating agencies.

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

Wells Fargo’s Bogus Accounts, Echoes of Foreclosure Abuses

Posted on October 4, 2016by Admin

Wells Fargo’s Chairman and Chief Executive, John Stumpf, sat through hearings with the Senate Committee on Banking, Housing and Urban Affairs on Capitol Hill last month. During the hearings, Stumpf was drilled about the bank’s years long practice of opening bogus accounts for customers and charging fees to do so.

Throughout the hearings, many members of the Senate Committee took an opportunity to scold Stumpf. Senator Jon Tester of Montana told Stumpf, “You have done something I’ve never seen in 10 years, you have united this committee – and not in a good way.”

Financial experts are now saying that Wells Fargo’s latest scandal where they opened fake accounts and charged unknowing customers fees to do so is similar to the some of the elements in the foreclosure scandal. For example, both scams consisted of improper fees and forgeries.

A major difference between the two is that Stumpf has apologized to customers who were affected in the “account opening charade,” however, no such apology was made after the foreclosure scandal.

Click here to read more on this story.

If you 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, 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 website at www.miamibankruptcy.com

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

5 Tips to Bounce Back from a Foreclosure or Short Sale

Posted on September 16, 2016by Admin

More than 9.3 million homeowners lost a home through a distressed property sale from 2006 through 2014, according to the National Association of Realtors (NAR). As rents continue to rise and mortgage rates remain low as the economy continues to improve, some who lost their homes during the housing market crash are now ready to re-enter the market. In fact, a 2015 study by the NAR found that 1.5 million previous homeowners might be eligible to buy within the next five years, based on the time it takes to improve credit scores and save for a down payment.

Here are some tips to remember when re-entering the housing market after a foreclosure or short sale:

Know your options. For homeowners who had extenuating circumstances, such as prolonged income loss or major medical expenses, Fannie Mae has shortened the waiting period to two years after a pre-foreclosure sale – a short sale or deed in lieu of foreclosure – and to three years after a foreclosure. You no longer have to wait seven years after a bankruptcy or foreclosure to purchase a new home.

Start saving. Saving for a down payment and closing costs are the biggest hurdles for would-be home buyers. Create a strategy for savings and avoid impulse purchases. Save your bonus checks, tax refunds and set up a direct deposit to your savings account to help build your down payment.

Repair your credit. The FHA’s minimum credit score requirement for maximum financing is 580. However, other mortgage lenders require a FICO score of 640 or higher. Here are some quick tips to help repair your credit:

Pay off any high-interest debt on time each month;
Do not take out new loans or maximize your lines of credit;
Ask your utility providers or landlord to report your on-time monthly payments to the major credit bureaus.

Beware of predatory lenders. Never sign any contract you are unsure of and if you encounter a lender that tries to sell you a “special” zero-down home loan or any offer that sounds just too good to be true- do not take the bait. Always get a second opinion. Have a real estate attorney, housing counselor or a different lender review the paperwork for you.

Enlist expert help. Not only can housing counselors help you address credit issues and set up a savings plan, they can connect you with state, local and private resources that can help get you into a new home. If you are looking to re-enter the housing market, reach out to a “HUD-approved” housing counselor before you begin. Also, the National Foundation for Credit Counseling (NFCC) provides help to more than 3 million people each year. Find a NFCC-certified housing counselor to discuss your options.

Related Resources:

http://www.bradenton.com/news/business/article95538517.html

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

What to do When Debt Collectors Call

Posted on August 12, 2016by Admin

According to the Consumer Financial Protection Bureau (CFPB), collectors have reached out to one-third of all consumers over the past year in an attempt to recover a debt. Although there are many laws in place to protect consumers, the CFPB reported that approximately 25 percent of all grievances the agency has received are complaints about debt collection practices. The CFPB recently proposed new rules to better protect consumers against illegal or unethical debt collection practices.

The CFPB recommends these four measures you need to take when debt collectors call:

Know your rights. Familiarize yourself with the Fair Debt Collection Practices Act (FDCPA), this will help you better understand your rights as a consumers and how you are protected by the CFPB. When a debt collector contacts you, make sure you tell them you are aware of your rights under the FDCPA.
Verify everything. Under the FDCPA, debt collectors are legally require to follow up their call with a written notice detailing your debt. Make sure you ask for that information while you have them on the phone. You also need to verify the debt and the collector. Sometimes debt collectors try to collect “zombie debt” that is past the statute of limitations in your state.
Take detailed notes. Write down every time the collector makes contact with you. In your notes include: the agency’s name, the number they called from or the email address used, the time of the call and the name of the representative you spoke with. Also write down any threats that are made or unethical tactics the collector used to get you to pay the debt.
Complain to the CFPB. If you know your rights and you are aware that a debt collector has violated the FDCPA to try to collect debts, report the encounters to the CFPB.

Click here to read more on this story.

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

New Mortgage Rules Aim to Stop Wrongful Foreclosures

Posted on August 10, 2016by Admin

Last week the Consumer Financial Protection Bureau (CFPB) approved new rules that will help prevent borrowers from being improperly foreclosed on by their mortgage lenders. The recently approved rules build on the current regulations that were created in the aftermath of the housing bust. The original rules required mortgage lenders to grant certain foreclosure protections to a struggling borrower once over the life of the loan. The new rules will require mortgage lenders to provide protections more than once, offering them to borrowers who make current payments after they have worked out an agreement to avoid foreclosure.

“This change will be particularly helpful for borrowers who obtain a permanent loan modification and later suffer an unrelated hardship – such as the loss of a job or the death of a family member – that could otherwise cause them to face foreclosure,” the CFPB said in a statement outlining the new rules.

In addition, the rules expand surviving family members’ protections and require mortgage lenders to give borrowers who have filed bankruptcy information about possible options. The rules also prohibit servicers from taking legal steps once borrowers have completed loss mitigation applications.

The rules come after a June report from the CFPB revealed that some servicers were giving homeowners wrong or outdated information or no information at all.

Click here for more on this story.

Credit, Foreclosures, Timothy Kingcade Posts

Mortgage Rates Fall to Record Low

Posted on August 9, 2016by Admin

The national average 30-year fixed home mortgage rate fell to 3.36 percent last week. The number matches the record low reached in December 2012, according to Bankrate.com. It is down seven points from the last week in July. With a 30-year fixed-rate mortgage of 3.36%, a homeowner would pay approximately $441 per month in principal and interest for every $100,000 borrowed.

Financial experts believe low mortgage rates mean that now is the best time to re-finance. Many homeowners and homebuyers have both benefited from the drop in mortgage rates, according to Bloomberg.com.

The average 15-year fixed-rate mortgage is down four points from the previous week at 2.65%. With shorter-term loans such as 15-years, homebuyers pay more per month but save thousands of dollars in the long run.

If you are considering refinancing your home or purchasing a new home, make sure you get your paperwork in order beforehand. Mortgage lenders have strict requirements on paperwork including copies of proof of income, debts, assets, etc.

Related Resources:

http://www.bankrate.com/financing/mortgages/mortgage-rates-monday-august-1/

http://www.bloomberg.com/news/articles/2016-08-01/u-s-mortgage-rates-fall-to-lowest-on-record-chart

Bankruptcy Law, Credit, Debt Relief, Florida Bar, Timothy Kingcade Posts

5 New Rules Can Protect You From Extreme Debt Collection Practices

Posted on August 4, 2016by Admin

The Consumer Financial Protection Bureau (CFPB) has taken many steps to protect borrowers from illegal debt collection practices. However, debt collectors continue to use extreme measures to try to collect on debt. The Director of the CFPB, Richard Cordray said, “We continue to hear about serious problems with debt collection – debiting accounts without authorization, calling at all hours of the day or night, threats of arrest or criminal prosecution or threats of physical harm to consumers and even their pets.”

As a result, the CFPB has proposed a new set of rules that will further monitor debt collectors’ practices and prohibit them from harassing and tricking consumers. Below are five of the new rules that will protect consumers from abusive debt collection practices.

According to the CFPB, approximately one-third of all consumers who are contacted by debt collectors said the attempt to collect was for the wrong amount. This occurs because debts are often sold to debt collectors with limited and inaccurate or incomplete information about the consumers and their debts. However, new proposed rules would force debt collectors to “scrub” their files and make sure they have the correct consumer and debt information before contacting the borrower.
The CFPB’s new proposal would also prohibit debt collectors from contacting consumers more than six times per week. Some debt collectors contact consumers multiple times per day, causing a major disruption to their daily lives. The new limits would also give consumers the right to tell collectors not to call on a particular phone line or at a particular time of the day, such as during work hours.
Another new rule would force debt collectors to disclose more information to consumers regarding their debt. This rule gives consumers the opportunity to defend themselves against illegal practices and enable them to spot a debt collection scam. The same rule would also force collectors to tell consumers if their debt is too old to initiate legal action.
Debt collectors would also be forced to provide consumers with a debt report if they disputed a debt via written notice. Until the debt report is provided to the consumer the collectors would not be permitted to actively pursue debt collection.
Finally, the new rules would also prevent debt collectors from transferring debt without responding to debt disputes. If the debt is transferred before the dispute, the next collector would not be able to pursue the debt until a response is submitted.

Click here to read more on this story.

Debt Relief, Foreclosures, Timothy Kingcade Posts

Condo Associations Scam South Florida Consumers

Posted on August 3, 2016by Admin

According to the Miami Herald, condo associations are scamming South Florida consumers and residents with exorbitantly high application fees. The Florida state laws permit condo association to charge people a maximum of $100 per person who are applying to rent or buy a unit. The law also states that married couples should be treated as one person and prohibits charges for dependent children or consumers who are renewing their leases. The fee is nonrefundable and covers costs such as background checks and credit checks. However, recent reports have revealed that associations are charging anywhere from $125 to $625 per person.

Further investigation by the Miami Herald also proved that some associations are tacking on additional charges, sometimes several hundred dollars or more, for “move-in fees” or “pet fees.” In fact, the Herald reported that nearly half of all listings in Miami-Dade County charged application fees that exceeded $100.

In addition to the cap on application fees, the Florida Condominium Act also prohibits associations from charging fees that exceed $100 for transfers such as sales, mortgages, leases, sublets or any other unit transfers.

Click here for more on this story.

Credit, Foreclosures, Timothy Kingcade Posts

Florida Homeowners find a way to “Free” Foreclosed Homes

Posted on April 3, 2015by Admin

States such as Florida, New Jersey and New York have a five or six year statute of limitations on foreclosure cases. This allows cases of foreclosure to potentially be thrown out of court if dragged on for five or more years. Many Florida homeowners are using this statute of limitations to stay in their homes without having to make another payment to their lender.

Many defaulting homeowners continue to live in their homes after the foreclosure process has begun. For example, Bank of America has started the foreclosure process on approximately 20,000 mortgages that have not been paid in five or more years and 90 percent of those homeowners are still living in their homes.

While the issue is still being argued in the court system, Florida attorneys say lenders have five years to file a foreclosure once a homeowner defaults on his or her mortgage. The lenders argue that the clock resets every time a homeowner misses a payment.

Florida attorneys argue that once a foreclosure case is dismissed for technical reasons, the lender cannot re-file a foreclosure on the home because the statute of limitations has passed. However, in these types of cases the lender can keep a lien on the home that must be paid off before it is sold.

Click here to read more on this story.

Credit, Foreclosures, Timothy Kingcade Posts

Refinance with HARP before Mortgage Rates Increase

Posted on March 19, 2015by Admin

The Home Affordable Refinance Program (HARP) is a program that was set up in 2009 to assist struggling homeowners in refinancing their homes- reducing mortgage payments by an average of $3,000 a year. It has also allowed homeowners to pay their mortgages off faster. Taking advantage of the benefits HARP has to offer can reduce your monthly mortgage payments and pay your mortgage off in less time.

How do you know if you qualify for HARP? If your mortgage is $625,000 or less, you most likely qualify for the program. HARP was created by the Government as a way to help the economy recover from the recession. Homeowners who have refinanced through HARP have saved an average of $250 a month. But you must act NOW! These valuable benefits are set to expire at the end of this year.

Click here to read more about how to reduce your mortgage payments through HARP.