Tag: Home Loans

Debt Relief, Foreclosures, Timothy Kingcade Posts

Millions of Americans are making a Come Back after the Housing Crisis

Posted on by Admin

Millions of Americans who lost their homes to foreclosure during the housing crisis are now getting a second chance at home ownership.  Fortunately for our nation’s economy, time heals credit reports. The improvement in credit scores means more Americans will have the ability and means to once again apply for loans, and not just home loans.

“Improving credit scores might entice households to start borrowing more in general,” said Ralph McLaughlin, chief economist at real estate search engine Trulia.

That, combined with an improved rate of employment and bigger increases in pay, could give consumer spending, which accounts for almost 70 percent of the U.S. economy, an increase over the next couple of years.

The number of consumers with a new foreclosure added to their credit reports peaked at about 566,000 in the second quarter of 2009, according to data from the Federal Reserve Bank of New York.

The home ownership rate for consumers who are 35 to 44 years old, which includes members of the generation most hurt by the housing crisis, has risen for two straight quarters on a year-over-year basis, U.S. Census data show.  That is the first time this has happened in two years and another sign some of the previously foreclosed-upon buyers are returning to the market.

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, Timothy Kingcade Posts

Three Tips for Obtaining a Home Loan after Bankruptcy

Posted on by Admin

Many lenders steer clear of individuals who have recently filed for bankruptcy, which can prove frustrating for an anxious homebuyer. However, obtaining a home loan after bankruptcy is not impossible, if the borrower is prepared to pay a higher interest rate and offer a larger down payment.

Privlo, a private lender that is funded by venture and institutional capital recently financed a mortgage for a million dollar home in San Francisco for a retired firefighter who filed for bankruptcy just one year ago.

Privlo is just one of a handful of lenders that will offer these generous type loans to borrowers who have recently filed for bankruptcy. When borrowers use a lender such as Privlo, Citadel Servicing Corp., or Angel Oak Home Loans, they must be prepared to pay a higher interest rate and offer a larger down payment. The lenders will issue “non-prime” mortgages to borrowers whose finances do not meet the government’s underwriting standards.

The Federal Housing Administration and the Veterans Administration mortgage rules allow for certain borrowers to qualify for a mortgage in as little as two years after their bankruptcy is discharged.

Below are three tips for consumers looking to purchase a home after filing for bankruptcy:

• If only one spouse has filed for bankruptcy, do not put his or her name down on the mortgage application.
• Do your research and look at multiple lenders. Some lenders will be more lenient on their requirements depending on your circumstances.
• If you are considering a non-prime lender, check consumer reviews and talk to other borrowers.

Click here to read more on borrowing after bankruptcy.

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, Timothy Kingcade Posts

Consumer Bureau to Propose New Rules for Mortgage Servicers

Posted on by Admin


The Consumer Financial Protection Bureau plans to propose a straightforward approach to loan administration that should benefit consumers and servicers, which are the firms that loan owners hire to collect payments, disburse taxes and insurance, and chase after delinquent borrowers.
The Bureau hopes to finalize the new rules by this summer and have them take effect by January 2013. However, it is likely that mortgage servicers will be given another year to incorporate the rules into their companies’ practices, which means the actual changes might not be seen until January of 2014.
Below is a list of the new rules that will be set in place by the Bureau:
• Mandatory issuing of monthly statements that are understandable to the loan holders. Mortgage servicers would be required to issue broken down loan statements each month that are detailed and easy for loan holders to understand.
• Required interest rate fluctuation warnings. A statement must be issued on what the current rate will be and the options for the loan holders if they are unable to afford the new rates.
• Mortgage servicers must give notice before purchasing “force-placed” insurance on the property.
• It will be required that the property has fire insurance and in some cases where it is not, the servicer must purchase its own as collateral on the property.
• Servicers will be forced to credit accounts immediately as they are paid by the loan holders. This has been required as a result of many consumer complaints that servicers are holding onto the payments for so long that an additional late fee is tacked on, costing consumers more unnecessary money.
• Servicers would be forced to practice with fewer errors made. Customer service from mortgage servicers will be more accessible and available if the consumer believes a mistake has been made on their account.
To read more on this story visit: http://www.latimes.com/business/realestate/la-fi-lew-20120506,0,7793027.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.