Tag: HOA

Foreclosure Defense, Foreclosures, Housing Market Trends

Florida, Delaware, and South Carolina Top List with Most Foreclosures

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U.S. Foreclosure Filings Spike 18%, Florida is one of the nation’s primary hot spots for distressed property activity.

U.S. foreclosure rates are up 18% from a year ago, according to the latest data from ATTOM. There was a total of 42,430 U.S. properties with foreclosure filings, just in the last month. This total includes default notices, scheduled auctions, and bank repossessions.

Foreclosure starts were up 12% from a year ago, while completed foreclosures increased 42%.

ATTOM’s report incorporates documents filed in all three phases of foreclosure: default and notice of default; notice of foreclosure; and real estate-owned or REO properties, defined as properties that have been foreclosed on and repurchased by a bank.

In Florida, 1 in every 2,092 housing units show a foreclosure filing. Florida has a median listing price of $426,000, with homes staying on the market a median of 74 days.

Florida homeowners are feeling the squeeze. Property insurance premiums are still among the highest in the nation. Soaring property taxes, and increases in Condo Association/ HOA fees are leaving many homeowners in financial distress.

What Florida Metro has the most foreclosures?

Lakeland, Florida recorded the highest foreclosure rate in April, with one filing for every 1,221 housing units.

In Lakeland, the median listing price is $335,000 and homes stay on the market a median of 75 days.

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Choosing the right attorney can make the difference between keeping your home or losing it in foreclosure. 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 are facing a foreclosure filing and need professional representation, you can request a complimentary case evaluation through the Kingcade Garcia McMaken website or call their office directly at (305) 285-9100.

Foreclosures, Timothy Kingcade Posts

Big Banks Face Foreclosure to HOAs in South Florida

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Since the housing market crash, South Florida has experienced a string of ‘foreclosure waves.’ This is where foreclosure filings skyrocket, forcing a large number of delinquent homeowners out of their homes. After a foreclosure is final, the bank is granted ownership of the property. Ownership means the bank is legally responsible for the full amount of maintenance fees and partial fees during the foreclosure proceedings.
As a result of the foreclosure waves, a new trend has developed where lenders are opting not to pay their HOA fees. As a result, Homeowners Associations’ have been forced to increase maintenance fees and cut back on security, in some cases. Homeowners who have faithfully paid their bills throughout the recession are now suffering the consequences. Some of the HOA residents in South Florida are paying up to a 25 percent increase in HOA fees due to the banks’ delinquencies.
It appears that oftentimes lenders are remaining intentionally delinquent on their fees until the house is sold. After the house is off the market, lenders use the money from the sale to pay off the accumulated HOA fees. The rate of HOA foreclosure suits against lenders has recently increased and the trend is expected to continue throughout the rest of this year.
Banks and HOAs have been at odds for some time over who is responsible for the maintenance fees. Some banks claim they are not liable for the fees because they are only the ‘trustee’ for the legal owner. Homeowners Associations’ claim the banks are making their own rules.
To read more on this story visit: http://www.sun-sentinel.com/business/realestate/fl-hoa-foreclose-banks-20120810,0,5206219.story?page=1
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.