Tag: Foreclosure

Foreclosures, Timothy Kingcade Posts

A Heartwarming Thanksgiving Story- 1,000 Homes Saved from Foreclosure

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1,000 homes have been saved from foreclosure thanks to Affordable Housing Resources, a Nashville-based non-profit. Dorothy Fisher was all smiles this week following a difficult year and a half. She worked as an administrative assistant at Meharry Medical College for 20 years, until the school let her go last summer. After losing her job, she exhausted what little savings she had trying to keep up with her mortgage payments.

At the end of her rope, Fisher reached out to Affordable Housing Resources, a non-profit that helped her fight off foreclosure and keep her home. Affordable Housing Resources announced Fisher was just one of 1,000 Tennessee homeowners the Nashville-based non-profit helped avoid foreclosure.

Fisher is still working to get back on her feet and says, “Being able to keep her home makes the light at the end of the tunnel shine a little brighter.” This year, she will be able to have her family over for Thanksgiving. “Without Affordable Housing, we wouldn’t have a Thanksgiving dinner and I wouldn’t have my granddaughter and my grandson over to enjoy that festivity.”

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, Foreclosures

U.S. Consumer Debt on the Rise- Highest Since Early 2008

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According to data from the Federal Reserve Bank of New York, U.S. household debt increased in the latest quarter by the most it had in more than five years and student loans in delinquency hit a record high. Total consumer debt rose to $11.28 trillion, which marked the biggest quarterly jump since 2008. The increase in the third quarter suggests that the cycle may be nearing its end.
There is has been an increase of household debt essentially across all spectrums. Americans have recently put more on credit cards, borrowed more money to buy houses and cars and took out more student loan debt.

The continued rise in student debt continues to be a cause for concern. Outstanding balances increased $33 billion to $1.03 trillion in the third quarter. A record 11.8 percent of loans were behind by 90 days or more, the New York Fed said, up from 10.9 percent in the second quarter. Student loan debt can unfortunately not be discharged under current bankruptcy law. Economists worry that in the coming years delinquencies could lock people out of economic participation.

Foreclosures which continue to decline, hit their lowest levels since the end of 2005.

Click here to read more on this story.

If you are in a financial crisis and are considering filing 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.

Foreclosures, Timothy Kingcade Posts

Foreclosure Activity Increases Nationwide in October

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According to RealtyTrac Inc., foreclosure filings in October- default notices, scheduled auctions and bank repossessions- were reported on 133,919 U.S. properties, a 2 percent increase from the previous month but a 28 percent decrease from a year ago. The report states that one in every 978 U.S. homes had a foreclosure filing during the month of October.

Among the nation’s 20 largest metro areas, the highest foreclosure rates were in Miami, Tampa, Chicago, Baltimore and Riverside-San Bernardino. The biggest annual increases in foreclosure activity were in Baltimore (up 296 percent for 13th consecutive month with an annual increase), Washington, D.C. (up 48 percent for fifth consecutive month with an annual increase), New York (up 20 percent for 16th consecutive month with an annual increase), Philadelphia (up 15 percent for eighth consecutive month with an annual increase), and Miami (up 7 percent for first annual increase after two consecutive months of annual decreases).

According to Daren Blomquist, vice president of RealtyTrac, this is attributed to the “backlog of delayed judicial foreclosures making their way through the pipeline, with many of these properties scheduled for public auction.”

States with the biggest annual increases in scheduled judicial foreclosure auctions included Maryland (up 177 percent), Delaware (up 142 percent), New York (up 98 percent), New Jersey (up 97 percent), Pennsylvania (up 58 percent), Connecticut (up 35 percent), and Florida (up 32 percent).

Miami posted the highest foreclosure rate: one in every 264 housing units with a foreclosure filing. Miami foreclosure activity in October increased 7 percent from a year ago boosted by a 51 percent jump in scheduled foreclosure auctions.

Click here to read more on the 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.

Credit, Foreclosures, Timothy Kingcade Posts

New Finance System Provides Hispanics the Key to Homeownership

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The goal of owning a home is deeply rooted in the Hispanic culture. It’s considered a symbol of success and an important element when providing for one’s family. The housing crisis hit Hispanic families particularly hard. The Hispanic homeownership rate now stands at 45.9 percent, well below the national rate of 65 percent. Thousands of Hispanic homeowners are still “underwater” on their homes, while even more lost their homes to foreclosure.

New Directions for National Policy, the Bipartisan Policy Center Housing Commission has put forth a comprehensive plan for an entirely new system of housing finance. Under the plan, the private sector will play a far greater role in bearing mortgage-credit risk.

A key goal of the plan is to preserve the 30-year fixed-rate mortgage, which has allowed millions of low- and moderate-income families to achieve their dreams of homeownership. Stretching out the mortgage payments over 30 years helps keep monthly payments low and provides certainty to borrowers by protecting them against interest rate volatility over the life of the loan. Other elements of the plan include promoting the widespread availability of housing counseling for first-time homebuyers and adopting sound underwriting standards.

As the housing market continues to recover, the National Association of Hispanic Real Estate Professionals (NAHREP), reports why Hispanics will be a dominant force in the housing market for years to come- First, the Hispanic community is growing dramatically, with some experts predicting the Hispanic share of the overall population climbing to 29 percent by the year 2050. Second, the purchasing power of Hispanics is on the rise and exceeded $1 trillion in 2012. Third, Hispanic educational levels are increasing, with Hispanics now the largest minority group on our nation’s college campuses.

Click here to read more on this story.

Foreclosures, Timothy Kingcade Posts

Foreclosure doesn’t have to mean the End of Homeownership

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When the housing bubble burst in 2007, Americans were hit hard. According to RealtyTrac, 4.8 million borrowers lost their homes to foreclosure and 2.2 million gave up their homes in short sales. The recovery has been slow, but finally the housing market is re-emerging and showing signs of strength. Many former homeowners have learned difficult lessons and gained a new perspective on saving and making wise investments.

Following these tips will help set prospective buyers who have previously faced a foreclosure or short sale on the right path to homeownership:

• Work with a reputable lender. Make sure that person has the experience and knowledge to help you make an informed, affordable lending decision. They can also explain the time limits that affect buyers who have previously faced a foreclosure or short sale. There is generally a set amount of time that needs to pass before you are eligible to be considered again for a mortgage loan.

• Make an honest assessment of your credit situation. Having a foreclosure or short sale on your financial record will affect what options you may have for loan approval. Be an informed borrower. Access your credit report from all three credit agencies by visiting www.annualcreditreport.com. It’s free!

• Save up for a down payment. Homebuyers re-entering the housing market after a foreclosure or short sale typically need to have a 20% down payment before purchasing a home. Keep in mind the additional expenses you may have to cover, such as closing costs. Properly handling financial responsibilities of homeownership beyond the monthly mortgage payment like taxes, homeowner’s insurance, utilities and other household expenses will be important in earning your loan approval.

• Get preapproved. It’s a good idea to work with a lender who offers a pre-approval program. The preapproval process helps borrowers determine their budget, first before getting into their home search.

Click here to read more on the steps to take to achieve homeownership after facing a foreclosure or short sale.

Foreclosures, Timothy Kingcade Posts

National Foreclosure Settlement Rules Revised Following Complaints

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The $25 billion national mortgage foreclosure settlement is getting tweaked following numerous complaints that mortgage servicers are falling short on the promises made to struggling borrowers. When the settlement was originally announced in February 2012, its goal was to compensate borrowers for the wrongs they experienced in the foreclosure process. It also put into place new servicing requirements that applied to the nation’s five largest servicers: Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally/GMAC.

However, recent complaints from homeowners, housing counselors and state attorneys contend that banks are not complying with the set standards agreed to as part of their pact with the Justice Department, attorney generals and the banks.

The new procedures put into place include:

• All five banks will give homeowners 60 days, instead of 30, to submit additional documents that might help them secure a loan modification before their home moves into foreclosure.

• Banks have promised to do a better job of overseeing employees who work with borrowers.

• Bank of America and Wells Fargo have agreed to be more specific about what missing information they need from homeowners.

• Bank of America and Wells Fargo have agreed to escalate loan modification applications when a customer is being asked repeatedly for more documents.

• Bank of America and Wells Fargo will now use an online portal to submit documents and create a direct contact for the housing counseling agencies working with struggling homeowners.

Click here to read more on the new changes in the national foreclosure settlement rules.

Foreclosures, Timothy Kingcade Posts

117,088 Foreclosures Prevented in Second Quarter by Fannie Mae, Freddie Mac

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According to the Federal Housing Finance Agency’s quarterly report, Fannie Mae and Freddie Mac completed approximately 117,000 foreclosure-prevention actions in the second quarter of 2013. The modifications, repayment and forbearance plans helped 75 percent of struggling homeowners manage their mortgage payments and keep their homes. The short sales and deeds-in-lieu allowed 25 percent of the borrowers to avoid foreclosure.

Additional findings from the second-quarter report included:

• One-third of the permanent loan modifications in the quarter included principal forbearance.
• More than half of the homeowners who received a permanent loan modification in the quarter had their monthly payment reduced by more than 30 percent.
• The number of Fannie Mae and Freddie Mac delinquent loans dropped nationally during the quarter. This was attributed to a drop in seriously delinquent loans.
• Borrowers who were more than 60 days delinquent on a Fannie Mae or Freddie Mac loan dropped 7 percent during the quarter.
• As of June 30, about 11 percent of the borrowers whose loan was modified in the third quarter of 2012 had missed two or more payments.

Click here to read more on the Federal Housing Finance Agency’s quarterly report.

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.

Foreclosures, Timothy Kingcade Posts

U.S. Foreclosure Inventory Down 33 Percent from a Year Ago

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According to a report released this week from CoreLogic, there were 48,000 completed foreclosures in the U.S. in August of 2013, down from 72,000 in August 2012, a year-over-year decrease of 33 percent. As exhibited by the numbers, foreclosure inventory continues to improve. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.

Overall residential shadow inventory, as of July 2013, was 1.9 million homes, accounting for a value of $293 billion and representing a supply of 3.7 months. This was down 22 percent from a year ago, when it was at 2.4 million and down 38 percent from its peak in 2010, when it reached 3 million homes, according to CoreLogic.

This past year, the value of the U.S. shadow inventory dropped by $87 billion- a sign of increased normalcy in the housing market. Highlights from the report include:

• The five states with the highest number of completed foreclosures for the 12 months ending in August 2013 were: Florida (111,000), Michigan (60,000), California (58,000), Texas (43,000) and Georgia (40,000).

• The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (7.9 percent), New Jersey (6.2 percent), New York (4.9 percent), Maine (4.0 percent) and Connecticut (3.9 percent).

Shadow inventory highlights include:

• As of July, shadow inventory was under 2 million properties, representing 3.7 months’ supply or 85 percent of the 2.2 million properties that were seriously delinquent, in foreclosure or REO.

• Of the fewer than 2 million properties in the shadow inventory, 874,000 properties were seriously delinquent (1.8 months’ supply), 661,000 were in some stage of foreclosure (1.3 months’ supply) and 318,000 were already in REO (0.6 months’ supply).

• The value of shadow inventory was $293 billion as of July 2013, down from $380 billion in July 2012.

Click here to read more on U.S. foreclosure inventory being down 33 percent from a year ago.

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.

Foreclosures, Timothy Kingcade Posts

How the Government Shutdown Could Hurt Housing Market Recovery

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The improvement in the housing market has been a driving factor for economic recovery. However, the recent government shutdown could impact this. Existing home sales increased 1.7% to an annual rate of 5.48 million units in August, the highest level since February 2007, according to the National Association of Realtors.

The housing market’s path to recovery has not been an easy one. It seems before the housing bubble burst, anyone with a pulse could qualify for a mortgage loan. One of the biggest problems the housing market has faced is extremely stringent lending requirements, which are expected to be compounded by the current government shutdown.
Banks remain risk adverse to issuing new loans in the wake of a financial crisis. In a tight credit market, potential buyers are expected to have a high credit score and put down at least 20% down payment.

To show proof of income, sellers are often asked to provide IRS Form 4506, but the majority of the Internal Revenue Service has been dark since Tuesday after lawmakers failed to reach an agreement on funding the government. There is also a strict IRS loan verification process. If buyers do not meet specific requirements, most mortgage loans cannot be authorized. David Stevens, president and CEO of the Mortgage Bankers Association and a former FHA commissioner, said if the shutdown extends beyond Monday that is when the delays in the mortgage process will really begin. Another hurdle, Stevens points out is that many lenders have to go through the FHA to get a mortgage approved and are unable to verify Social Security numbers because that system is also down- another obstacle for buyers trying to secure a loan.

Click here to read more on the recent government shutdown’s effect on the housing market.

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.

Foreclosures, Timothy Kingcade Posts

Family’s Home Mistaken for Foreclosed Property across the Street

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A woman from Ohio claims a bank mistakenly cleared items from her home confusing it for a foreclosed house across the street, then demanded receipts when she asked to be compensated for her missing possessions. Katie Barnett, 36, a nurse, said her family had left for about two weeks last month and returned to find the locks on their home had been changed and many of their belongings had been taken.

Turns out First National Bank in Wellston, had mistaken her home for a bank-owned property across the street. Two dressers and clothing for her five children were taken, as well as items from outside their home, including pool cleaning supplies and patio furniture. The house that should have been repossessed was just two houses down the street.

Barnett’s home is not the first that a bank has mistaken for a foreclosed property. Just two weeks ago, a couple in Fort Worth, TX, discovered their home was confused for a vacant home, then mistakenly demolished. She asked the bank for compensation for the missing items, which she estimated were worth $18,000.

First National Bank apologized and said “two representatives were assigned to clean and refurbish a bank-owned residential property and a GPS locator led them to the wrong home, which was located on the same street as the bank owned property.” The bank argues that the value Barnett assigned to the items is inconsistent with the list and descriptions of the items removed from the home. Barnett said she has an attorney and plans to bring a lawsuit.

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.