Sherry Hunt of O’Fallon, Missouri started at Citigroup as Vice President of Mortgages in late 2004. As someone who worked in the mortgage business for many years, Hunt quickly recognized the shortcomings of the mortgage processing at Citigroup. In 2007, her sector of the company reported that about 60% of the mortgages being processed were defective. In Hunt’s report, it stated that much of the documentation from the buying and selling of mortgages was missing. After confronting her boss about this, Hunt did not notice much change in the process. Attorneys for Citigroup began questioning Hunt and she began keeping personal records on a spreadsheet at home.
In 2008, Hunt was transferred to the quality control group at Citigroup. It was there that Hunt recognized even more wrongdoings by her company. Hunt saw that her team shipped questionable loans, with issues such as forged signatures, whited-out income lines on tax forms and misspelled bank names on borrower bank statements. Hunt reached her breaking point in 2011 when a supervisor called her into his office to say that, “her ass was on the line” if the defect numbers did not decrease. At this point, Hunt decided to take advantage of the Dodd-Frank rule and blow the whistle on Citigroup.
Hunt followed all of the necessary steps that she researched, knowing there was a slim chance she would receive help from the federal government. She hired a lawyer and decided to file a false-claims complaint against Citigroup. Almost six months later U.S. Attorney Preet Bharara, who was going to assist her in her suit against Citigroup, contacted her. Ultimately, Citigroup admitted wrongdoing, settled with the Justice Department and Hunt collected $31 million.
To read more on this story visit: http://www.businessweek.com/news/2012-05-31/woman-who-couldn-t-be-intimidated-by-citigroup-wins-31-million#p5
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
Tag: Kingcade & Garcia
State of Florida Still Number One in Percentage of Mortgages in Foreclosure
According to CoreLogic, twelve percent of Florida’s home mortgages are in foreclosure, the highest percentage of any state in the nation.
In April, 66,000 foreclosures were completed across the nation, flat with the month of March and down from 78,000 in April 2011. The percentage of mortgages in foreclosure in Florida was down 0.4 percent from April 2011.
The five states that logged the most completed foreclosures for the year ended in April 2012 were California with 142,000; Florida with 92,000; Michigan with 60,000; Texas with 58,000; and Georgia with 57,000, CoreLogic said.
To read more on this story visit: http://www.miamiherald.com/2012/05/30/2824533/florida-still-no-1-in-percentage.html#storylink=cpy
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.
“Taxmaggedon” Expected to Throw the U.S. Back into a Recession
At the end of the year, the Bush Administration’s tax cuts are set to expire. The Obama Administration’s payroll tax cuts are also set to expire along with cuts for several federal agencies, such as the Pentagon. All of these changes are expected to send the economy into another recession beginning in early 2013. If no changes are made to the expiring cuts, the economy will take an estimated $607 billion hit.
As of now, the Republicans and the President are not in agreement on how to avoid the recession. President Obama has made it clear he will veto any attempt at continuing Bush’s tax cuts, which is precisely what the Republicans want to happen. President Obama has threatened to veto any effort to amend current policies unless Republicans agree to let the Bush tax cuts expire for households earning more than $250,000 a year.
To read more on this story visit: http://www.washingtonpost.com/business/economy/cbo-taxmageddon-would-throw-us-back-into-recession/2012/05/22/gIQAblvliU_story.html
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
IRS Makes More Changes to Help Taxpayers gain a ‘Fresh Start’ with their Finances
On May 21, 2012 the Internal Revenue Service (IRS) announced a change in the terms of the Offer In Compromise presented to taxpayers to promote the ‘Fresh Start’ initiative. An Offer In Compromise is a leniency accessible to financially distressed taxpayers who meet certain guidelines. The new terms for the ‘Fresh Start’ initiative reflect the government’s attempt to help struggling taxpayers resolve their tax debt in 1 – 2 years, as opposed to 4 – 5 years.
The changes to be made to the guidelines for an Offer In Compromise include:
• Calculating a taxpayers future income will now include only one year if payment can be made in 5 months or fewer, or two years if payment will be made anywhere from 6 months to 2 years
• Taxpayers will now be allowed to pay student loans as part of their living expenses
• Taxpayers will be allowed to pay delinquent state and local taxes
• Taxpayers Allowable Living Expenses will be expanded to provide a more fair and consistent plan
To read more on this story visit: http://www.irs.gov/newsroom/article/0,,id=257542,00.html
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
South Florida Ranks Number One in Credit Card Delinquencies
CredAbility, a non-profit credit counseling agency, conducted a study of 25 metro areas in the United States to determine the financial standings of major cities across the country. According to the study, Palm Beach, Broward, and Miami-Dade counties ranked highest in overall consumer credit card delinquencies. South Florida also ranked fourth of the 25 metro areas with the highest number of bankruptcy filings during the first quarter of 2012.
Much of the credit problems in South Florida can be attributed to lenders handing out credit cards to freely during the recession. Many South Floridians used their credit cards as spending money as they suffered pay cuts and job losses. Over time lenders began taking steps to hold borrowers to higher standards and not lending out money as freely as before. The financial problems for many South Floridians are not expected to ease up until the job market becomes more secure, which could take a couple more years.
To read more on this story visit: http://www.sun-sentinel.com/business/fl-worst-credit-rating-20120515,0,2146740.story?track=rss
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
Local Foreclosure Case has Banks and Courts Confused as to Ownership
Abby Lopez of West Palm Beach found herself in a foreclosure trial, where even the bank was unsure who owned her home. Lopez bought her home in 2006 for $608,715. In September 2009 she was served with foreclosure papers. The trial that is now underway has proven just how faulty the paperwork of banks can be when it comes to mortgages. Emails have surfaced that prove bank officials are unsure if the bank that served the papers (Bank of America) actually owns the mortgage. HSBC Bank USA is the bank that is listed as the trustee that is foreclosing on the home. As many mortgages before, Lopez’s mortgage went straight to the Mortgage Electronic Registration System, which is now under investigation for keeping accurate records of mortgages.
In the emails, bank officials also discussed ignoring the lack of knowledge of mortgage ownership due to extra court fees that would be applied to change the plaintiff in the case. Lopez’s attorney said he is not expecting to win the home back for his client, which is now valued at only $189,343. However, he is determined to ensure that the correct party forecloses on the home.
To read more on this story visit: http://www.palmbeachpost.com/money/foreclosures/foreclosure-case-on-despite-glitch-confusion-2358300.html
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.
GM Relieved from Paying Federal Income Taxes for Years to Come
General Motors received a government bailout in 2009 of approximately $49.5 billion. After generating a reported $13 billion in profit since 2009, $7.6 billion was made in 2011; however General Motors paid no income taxes for 2011. The spokesman for GM disclosed that GM would not have to pay income taxes for “many more years.”
In 2009, GM received the government bailout after filing for bankruptcy and recording about $18 billion in losses. According to the U.S. Treasury Department, GM must record at least a $1 billion profit for at least 18 straight quarters before they will be expected to pay federal income taxes, again. GM is still paying a worldwide tax and state taxes. GM’s limited liability partner, the Chrysler Group, is taking advantage of the partnership and not paying federal income taxes, either.
Ford Motor Co. has also avoided paying federal income taxes due to profit losses of up to $30 billion in previous years. Auto manufacturers are not the only major corporations receiving huge tax breaks from the government. AIG and Citibank have also received government bailouts after major profit losses.
To read more on this story visit: http://www.torquenews.com/1081/despite-massive-profits-gm-pays-zero-federal-income-taxes
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.
Consumer Bureau to Propose New Rules for Mortgage Servicers
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.
Bank of America Gets a BIG Surprise at their Front Door
The residents of a Liberty City neighborhood recently came together to clean up an abandoned property and later in the day planned on delivering the collected trash to a Bank of America branch. According to the Miami Workers Center, the home is owned by the Bank of America. Trenise Bryant, a member of the Miami Workers Center who organized the clean-up said, ”Banks maintain foreclosed properties in white neighborhoods why can’t they do the same in black communities?’ It’s bad enough these big banks put families out of their homes, now they just let the houses sit there bringing down the property value for everyone else in the neighborhood.”
To read more on this story visit: http://photoblog.msnbc.msn.com/_news/2012/05/03/11526492-protesters-in-miami-clean-garbage-from-foreclosed-homes-and-dump-it-at-bank?fb_action_ids=359465957435303%2C3864095560290&fb_action_types=news.reads&fb_ref=type%3Aread%2Cuser%3A1RchtAP5LJ9kvYUWzTJKGr9yz-8&fb_source=other_multiline
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
Bankruptcy filings decrease as many Americans Struggle to afford the Filing Fee
In recent years, filing for bankruptcy has become a luxury for people who have seen their debt snowball out of control due to events like job loss, foreclosure or medical emergency during the economic downturn. The average cost to file for Chapter 7 bankruptcy protection, the most common form of consumer bankruptcy, is more than $1,500, according to recent research submitted to the National Bureau of Economic Research.
The cost of filing for bankruptcy has risen in recent years as a result of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, which aimed to reduce the number of bankruptcies taking place by adding more requirements to the filing process — including additional paperwork and the credit counseling and debtor education.
The research, conducted by a group of professors from Columbia University, the University of Chicago and Washington University in St. Louis, examined how bankruptcy filings spiked after people received their tax rebates in previous years. They estimate that another 200,000 consumers, who would otherwise not have enough money to file, will use their tax refunds to pay for bankruptcy this year.
Gerri Detweiler, director of consumer education for Credit.com warns consumer of ‘going it alone.’ “Make one mistake and your case is dismissed,” she said. “A dismissed bankruptcy hurts your credit just as badly as one you complete. So you are stuck with all of the downside without the fresh start.”
She also warns against ‘low-cost document preparation services’ claiming to help consumers fill out necessary documents. “It’s easy for consumers to think they’re getting sound legal advice even though the preparers aren’t lawyers,” she said.
To read more on this story visit: http://www.abcactionnews.com/dpp/money/money-some-seeking-bankruptcy-are-too-broke-to-file
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com