Tag: Homeowners

Credit, Foreclosures, Timothy Kingcade Posts

Mortgage Rates Fall to Record Low

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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.

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.

 

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

Credit, Foreclosures, Timothy Kingcade Posts

Federal Government to Investigate Florida’s Housing Program

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Last week, the federal government announced that it would begin investigating the Florida Hardest Hit Fund. The $1 billion state housing program is designed to help homeowners avoid foreclosure. The investigation was called for by U.S. Senator Bill Nelson who said the program was poorly run and not reaching enough people. Sen. Nelson went on to say that it is good news for Florida homeowners and will give them more access to the help that should be available to them.

The program was established as a part of a national program to help homeowners who are struggling as a result of the Recession. However, the program has been struggling to reach those who need assistance. As of March 1, 2013, only approximately 38 percent of the processed applications had been approved. Nearly half of the applicants had yet to be told whether they would get help from the Hardest Hit Fund. Broward County had more applicants than any other county in the State of Florida, with more than 6,000 of the 44,854 applications. The Florida Housing Finance Corp. administers the Hardest Hit Fund and defended the program last month in a letter to Sen. Nelson. In the statement, the agency’s executive director stated that the fund has been reviewed by the U.S. Department of Treasury and two state agencies, which found no evidence of wrongdoing.

Click here to read more about the Federal Government’s announcement to begin investigating the Florida Hardest Hit Fund.

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.

Credit, Foreclosures, Timothy Kingcade Posts

Homeowners Turning Down Refinancing Options

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Since the housing market crashed in 2008, millions of Americans were left underwater on their mortgages. Last year, the federal government began installing programs to help underwater homeowners. One of the programs that was set in place in 2010 but revised several times since, the Home Affordable Refinance Program (HARP) was specifically designed to help homeowners who were underwater on their mortgages but still current on their mortgage payments. The changes made to HARP last year made it much easier for homeowners to qualify. Since these changes were made, mortgage lenders have aggressively tried to let underwater borrowers know about this opportunity to save money by refinancing, however few homeowners are taking the bait.

Mortgage originator, Quicken Loans, says that only about 25% of their qualifying homeowners have actually refinanced. The federal government and mortgage originators believe that homeowners are not taking advantage of the program because they are wary of being “bitten” again. The wounds from all of those who fell victim to no-money-down loans and balloon payments have left many borrowers cautious of any offers made by lenders. Analysts say that it is a shame that so few borrowers are refinancing through HARP since it was specifically designed to reward good borrower behavior.

To read more on this story visit: http://finance.fortune.cnn.com/2013/02/15/mortgage-refi-borrowers/

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.