Foreclosures Archives - Page 4 of 5

Credit, Foreclosures, Timothy Kingcade Posts

PNC Financial Services Subpoenaed on Foreclosure Costs

Posted on August 9, 2013by Admin

PNC Financial Services Group Inc recently received a federal subpoena seeking information about claims for foreclosure expenses related to federally backed mortgage loans. The bank is also being investigated by the Justice Department and a government regulator over the pricing of mortgage loans issued by PNC and National City Corp, the company it bought in 2008. The subpoena from the U.S. Attorney’s office for the Southern District of New York deals with loans insured or guaranteed by the Federal Housing Administration, Freddie Mac and Fannie Mae.

The disclosure about the inquiry comes a week after PHH Corp said it had received a similar subpoena from the same US Attorney office related to foreclosure expenses. In June, the Department of Justice authorized the filing of a civil complaint against PNC, while the Consumer Financial Protection Bureau authorized settlement negotiations with the lender.

Both the Department of Justice and the Consumer Financial Protection Bureau are investigating whether mortgage loan pricing by National City and PNC “had a disparate impact on protected classes.”

The PNC disclosure comes after President Obama vowed to hold companies responsible for breaking the law in financing the housing bubble that caused the financial crisis.

Click here to read more on PNC Financial Services recently being subpoenaed on foreclosure costs.

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 website, www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

South Florida Falls to Number Three in National Foreclosure Rankings

Posted on May 29, 2013by Admin

According to RealtyTrac Inc., Palm Beach, Broward and Miami-Dade counties fell from number one to number three in the foreclosure rankings. One in every 269 homes in the tri-county region was in some stage of foreclosure last month, RealtyTrac reports. South Florida had 9,127 total filings in April, up slightly from a year earlier, but new cases declined by 35 percent, said Daren Blomquist, a spokesman for RealtyTrac. More than 24,600 Florida homes were in the process of foreclosure last month, down slightly from a year earlier, according to RealtyTrac. Florida had the top foreclosure rate for six months in a row until being surpassed by Nevada in March.

The decline can be attributed in part to lenders getting caught up with delayed foreclosures and banks pushing through the backlog. Florida lawmakers have also passed a bill that would speed up the foreclosure process, forcing homeowners to respond more quickly to filings and giving homeowners’ associations more power in process. Opponents of the bill argue that it will strip homeowners of their rights and favors the banks, who have been accused of engaging in questionable foreclosure practices.

Click here to read more about South Florida falling to number three in the national foreclosure rankings along with new legislation aimed to speed up the foreclosure filing process in Florida.

Foreclosures, Timothy Kingcade Posts

Many Florida Homeowners still Underwater as Government Aid Runs Out

Posted on May 27, 2013by Admin

Now in its third year, the Hardest Hit Fund in Florida has served only about 15 percent of the 40,000 homeowners who have applied for help. Once this aid runs out, underwater homeowners are left to find adequate employment or continue struggling with mortgages far bigger than the value of their home. Although the Hardest Hit Fund is a federally funded program, each state decides how to use the money. In Florida, state officials have given principal reductions a high priority.

Since unveiling the state’s version of the Hardest Hit Program in 2010, the Florida Housing Finance Corp. has spent $108.8 million in assistance and an additional $25 million on administration and counseling, according to a first-quarter report released last month by the corporation.

Florida’s handling of the federal program has been criticized for focusing on mortgage modifications and interest-rate reductions more than on principal reductions. The country’s five-largest lenders — Bank of America, Wells Fargo, Ally/GMAC, Citi and Chase — agreed to fund the program as part of a settlement related to allegations that they had dealt in illegal mortgage documents. However, according to the Treasury report, only Citi has forgiven the principal of borrowers not in foreclosure.

The Florida program has also managed to serve homeowners who make more than the local median income. Though about 90 percent of the funds have gone to homeowners with annual incomes of $50,000 or less, about two dozen recipients of aid had incomes of at least $90,000 a year, according to the Florida Housing Finance Corp.’s quarterly report.

Click here to read more on how Florida homeowners are still ‘underwater’ as government aid runs out.

Foreclosures, Timothy Kingcade Posts

Huge WIN for Victims of the Housing Market Crash and Foreclosures

Posted on March 16, 2012by Admin

On March 9th 2012, the Florida State Legislative came to the decision to not pass the foreclosure bills that would ultimately speed up the foreclosure process. The Florida attorneys fighting for the cause worked along side consumer groups and activists for the third year in a row to ensure the Senate did not pass the bills. A few of the groups that worked relentlessly for this cause was PICO Florida, FOCUS, The Florida Consumer Action Network, Sarasota’s Mortgage Justice Group, and some members from Florida’s Tea Party.
To read more on this story visit: http://mattweidnerlaw.com/blog/2012/03/we-fought-the-law-and-we-won-foreclosure-bills-dead-for-now/
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.

Foreclosures, Timothy Kingcade Posts

Florida Awarded $8 Billion in Foreclosure Settlement

Posted on March 16, 2012by Admin

State and Federal authorities recently finalized the $25 billion settlement with banks, and awarded the State of Florida $8 billion in payments and credits from the settlement.
Florida has a guarantee from Wells Fargo, JPMorgan Chase and Bank of America for at least $4 billion in relief from the settlement first unveiled February 9. The guarantee for Florida includes a minimum $3.1 billion to cut principal and modify loans for financially troubled consumers. And it involves at least $309 million in refinancing for borrowers who are current on mortgage payments but stuck in higher-interest loans that exceed home values.
Critics of the proposed settlement say the relief allotted to Florida is disappointing: up to $2,000 for borrowers who lost their homes in foreclosure abuses and an average $20,000 cut in principal on mishandled loans worth more than the value of the homes.
The settlement with the nation’s five largest lenders: Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial require at least $20 billion in help to borrowers by trimming principal and other means.
To read more on this story visit: http://www.orlandosentinel.com/business/fl-foreclosure-settlement-finalized-20120312,0,6790648.story
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.

Foreclosures, Timothy Kingcade Posts

Obama Announces Formation of New Taskforce Aimed at Holding Banks Accountable and compensating Victims of Foreclosure Malpractice

Posted on February 6, 2012by Admin

President Obama addressed many issues dealing with the struggling U.S. economy in his state of the union speech last month. One of these included the formation of a new taskforce to monitor malpractice of banks regarding mortgages. Since the housing crash of 2007, millions have lost their homes, many as a result of the unfair practices by banks in processing foreclosure documents.
New York attorney general, Eric Schneiderman has been appointed to chair this new unit on ‘Mortgage Origination and Securitization Abuses.’ Schneiderman is well known for working on the settlement of the proposed deal between the states and the five large banks. The new unit will not only monitor the future actions of banks and hold accountable those who have participated in unfair practices in the past, but it will also compensate past victims of foreclosure malpractice.
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.

Foreclosures, Timothy Kingcade Posts

Surprising New Trend Emerges in America’s Troubled Housing Market: Big Banks agree to cut losses in order to save homes at the risk of Foreclosure

Posted on January 13, 2012by Admin

In 30 percent of private loan modifications last year, large banks like Bank of America, have agreed to a principal write-down, cutting the amount homeowners owe on their home as far down to the current market value. This is in an effort to allow borrowers to actually afford payments on their home. With housing prices plunging back down to earth after the housing bubble burst and incomes remaining flat, banks are hoping to now match affordable homes with people who can actually afford them.
Bank of America has been the first big bank to launch a pilot project with Boston Community Capital, a nonprofit that is buying homes at market value and reselling them to current homeowners at a slight markup, so the homeowners can actually afford the payments. Some experts have described this as ‘overdue housekeeping’ for America’s economy. Banks clear their balance sheets, investors get a predictable stream of income, and homeowners get to stay in their homes.
To read more on this story visit:
http://www.npr.org/2012/01/02/143601604/in-mortgage-crisis-some-banks-agree-to-cut-losses
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.

Foreclosures, Timothy Kingcade Posts

Another Setback for Struggling Homeowners

Posted on October 28, 2011by Admin

Florida’s foreclosure mediation program, designed to settle residential foreclosures and sort through the huge backlog of cases, is scheduled to end due to a recent ruling by a judicial committee. The program, which mandated that homeowners attend a mediation meeting with their lenders before a foreclosure case goes through the courts, began in late 2009. This ruling comes as another setback for struggling homeowners, placing them at a greater disadvantage against the government and big banks. A report presented to the high court said three main factors led to the program’s demise: borrowers not trusting the program; lenders not willing to settle cases in mediation; and officials not publicizing the program. This could not come at a worse time, as Florida has a backlog of about 350,000 foreclosures and more to come.

http://www.miamiherald.com/2011/10/24/2469820/task-force-end-mandatory-foreclosure.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

Low Income New Yorkers Suffer due to Lack of Legal Representation

Posted on October 6, 2011by Admin

Lack of representation in foreclosure actions has resulted in a number of low-income New Yorkers unjustly losing court battles and even their homes due to not being able to afford adequate legal representation needed to fight baseless legal claims.

The state’s executive deputy attorney general testified that this lack of individual representation in foreclosure actions is one reason there has been systematic abuses of the legal system by lenders and debt collectors.

The top judge recently created a panel to aid the estimated 2.3 million and growing number of low-income New Yorkers who have no legal representation in civil cases ranging from child custody matters to home foreclosures.

Foreclosures, Timothy Kingcade Posts

HOA Foreclosures on the Rise as Many Homeowner Associations are Seeking Revenge on Delinquent Homeowners

Posted on May 14, 2011by Admin

A new trend has surfaced as a result of numerous homeowner associations being fed up with late dues and maintenance bills largely in part to delinquent owners. Due to the fact it is easier for an association to foreclose than a bank- being that there is no proof of ownership necessary, no issue of ‘robo-signed’ documents- the number of HOA foreclosures is climbing as homeowner association boards are taking matters into their own hands.

When a homeowner association forecloses and takes title to a home, the idea is the board will be able to rent it out until the bank forecloses as the primary lien holder. With banks taking years to foreclose on some properties, this allows for the homeowner association boards to potentially collect thousands of dollars.