The Federal Trade Commission is giving debt collection agencies a dose of their own medicine in terms of harassment. The FTC is taking strong steps forward to hold these agencies responsible for harassing debtors. In 2010, a reported 140,036 claims of harassment were filed, which was not only the largest in history, but a 20,000 increase from the previous year. The collection agencies are not only in trouble with the FTC for harassment, but also for failure to notify the debtor of their outstanding debt in writing and also for “misinterpreting” the debt.
Many cases such as the one filed by an 85 year-old in Oregon are surfacing and becoming national news. Anne Sessions is suing Wells Fargo Bank for harassment after she was falsely turned in by a debt collector for being in danger of committing suicide. After Sessions was taken into custody by the police and sent to a mental health institute, she was observed and later released due to the fact she was found to be of no danger to herself or anyone else.
Sessions is now suing in hopes to receive compensation for her $1,055 medical bill from the mental health facility. She is also suing for $250,000 in punitive damages. Sessions claims that she made the remark to the debt collector that some people must want to commit suicide from the harassment of the company, and later was drilled with questions by the debt collector such as, “If you did commit suicide, how would you do it?”
To read more on this story visit: http://www.bankruptcyhome.com/bankruptcyblog/2012/02/13/harassment-goes-too-far-in-debt-collection-efforts/
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
Recent Audit uncovers Extensive Legal Violations and Flaws still Evident in the Foreclosure System
According to a recent report, an audit revealed legal violations and suspicious documentation of approximately 400 foreclosures in San Francisco. The report, compiled by Aequitas Compliance Solutions examined files of properties subject to foreclosure sales from January 2009 to November 2011. Among the legal violations uncovered in the analysis were cases where the loan servicer did not provide borrowers with a notice of default before beginning the eviction process.
The report comes just days after the $26 billion settlement over foreclosure improprieties between five major banks and 49 state attorneys general, including California’s. The report findings raise questions as to whether some foreclosures should be considered void. The audit also raises questions about the accuracy of information recorded in the Mortgage Electronic Registry System, or MERS, which was set up in 1995 by Fannie Mae, Freddie Mac and other major lenders. The report found that 58 percent of loans listed in the MERS database showed different owners than were reflected in other public documents like those filed with the county recorder’s office.
To read more on the story, visit: http://www.nytimes.com/2012/02/16/business/california-audit-finds-broad-irregularities-in-foreclosures.html?_r=2&emc=tnt&tntemail1=y
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.
$26 Billion Deal signed to Aid Homeowners and Eliminate Fraudulent Acts by Lenders
On Thursday, February 9, President Obama along with other government officials announced the $26 billion mortgage plan that is said to be the first major step in the right direction for America’s struggling housing market. All 50 states and the five major banks, Bank of America, JPMorgan Chase, Ally, Wells Fargo, and Citigroup agreed upon the plan. There is anticipation that further deliberation will lead to all nine of the major lenders becoming involved in the plan, which would increase the deal to $30 billion.
The majority of the money, $17 billion will go exclusively to aid homeowners who are underwater on their mortgages. State and federal authorities will receive $5 billion to create programs throughout the country to meet specific needs of Americans. Of the last $4 billion, $3 billion will go to the refinancing for those who are eligible to get a portion of their debt reduced and the last billion will be for the Federal Housing Administration.
The plan is expected to not only benefit the millions of Americans who have lost their homes since 2007, but it also creates a sense of relief for mortgage lenders as well. The last week alone, shares in Bank of America have made a 5 percent gain. The plan will also force banks to take a greater responsibility to ensure their mortgage lending practices are done legally in the future.
To read more on this story visit:
http://www.nytimes.com/2012/02/09/business/states-negotiate-25-billion-deal-for-homeowners.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.
Increase in Foreclosure Home Sales in Palm Beach County
During the months of July through September 2011, one in four home sales was the result of foreclosures in Palm Beach County. Throughout the State of Florida, average home sales from foreclosures were approximately 19 percent during the third quarter of 2011. In the third quarter of 2010, the statewide average was at about 39 percent. Just before the housing market crash of 2007, the average of foreclosed home sales from preceding years was around five or six percent. The sizeable percentages are commonly credited to the unfair practices from banks during the foreclosure process.
While the percentage of sales of foreclosed homes is increasing in Palm Beach County, the average selling prices on the homes are decreasing. In the third quarter of 2011, the average sale price was $115,082, which is a 15 percent cut from the third quarter of 2010, which was $135,158. This is an extremely low number in comparison to the national average home sale price that was $165,332. RealtyTrac attributes the high percentage of sales as a positive sign for Palm Beach County due to the depreciation of homes that sat idle too long before being sold.
To read more on this story visit: http://www.palmbeachpost.com/money/foreclosures/1-in-4-third-quarter-home-sales-were-2126425.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.
Banks Propose $25 Billion Deal to U.S. State Officials to help Victims of Deceptive Foreclosure Practices
The five major mortgage lending banks, Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial have proposed a deal to U.S. state officials that could re-shape the structure of mortgage lending and better protect homeowners from foreclosure malpractice.
Since the housing market crash of 2007, almost eight million American homes have been foreclosed on. A reportedly 11 million homeowners in America owe more than half of what their home is currently worth. Under the proposed deal, those who are eligible will receive a check for approximately $1,800, but it is doubtful they will get their homes back. The purpose of the reserve accounts will be to help those who have been victims of deceptive foreclosure practices.
Under the proposed $25 Billion deal:
• $17 billion would go toward reducing the principal that struggling homeowners owe on their mortgages.
• $5 billion would be placed in a reserve account for various state and federal programs; a portion of that money would cover the $1,800 checks sent to those homeowners affected by the deceptive practices.
• $3 billion would be to help homeowners refinance at 5.25 percent.
To read more on this story visit: http://abcnews.go.com/Business/wireStory/25b-nationwide-mortgage-deal-states-15421108#.TyGfg5jl1SU
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.
Houston Man Convicted of Internet and Bankruptcy Fraud Sentenced to 15 years in Federal Prison
A 64 year old Houston man, James Maceo Ramey, was recently sentenced to 15 years in federal prison for 25 counts of fraudulent activity. Ramey was charged with bankruptcy fraud after an investigation proved he had filed 15 different bankruptcy cases in less than five years, all in different jurisdictions. Under Chapter 7 and Chapter 13 bankruptcy laws, an individual is prohibited from filing bankruptcy more than one time in an eight-year period, regardless of the jurisdictions.
During the period of Ramey’s bankruptcy scandal, he was conducting an Internet gold scheme as well. Ramey launched a website under a fake business name, “Manhattan Gold, Inc.” The website solicited the selling of numerous gold items, most in the form of coins, all of which, Ramey had no possession of or intent to actually distribute to consumers. During the gold scandal Ramey profited some $400,000, all of which he did not claim in any of the bankruptcy cases he filed.
After five days of deliberation, Ramey was convicted on all 25 counts. Eight of those counts were mail fraud, due to the Internet gold scheme. The other 17 counts were due to false oaths and declarations, concealment of assets, and conspiracy to commit bankruptcy fraud.
To read more on this story visit: http://7thspace.com/headlines/403574/internet_gold_scam_lands_houston_man_15_years_in_federal_prison.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. 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. website at www.miamibankruptcy.com.
Auto Lenders Pursue a Surprising New Type of Consumer
A recent report in the Wall Street Journal has shown that auto lenders are pursuing an unlikely growth market: people who have fallen behind on their mortgages and those with less than sterling credit. In the first three quarters of 2011, auto lenders issued roughly 205,000 loans to borrowers whose credit records showed they had been at least 60 days past due on their mortgage or experienced a foreclosure, up from roughly 80,000 during the same period in 2006.
The trend seems surprising, but there are reasons the auto industry is embracing the subprime category (individuals with a credit score below 619). For one the industry is seeing fewer bad auto loans; the amount of repossessions has actually fallen in recent years. Also, the recession has lead to more people choosing to keep to date on their credit card payments and car loans as opposed to making their mortgage payments on time. The auto industry also realizes this move opens the market to significantly more prospects. Today, more than half of all consumers fall into non-prime, subprime and deep subprime categories. These individuals carry a credit score below 679.
To read more on this story visit:
http://money.msn.com/credit-rating/article.aspx?post=425479b1-46f0-4d17-85c0-8792d13ff4b3
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. 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. website at www.miamibankruptcy.com.
Tax Representation Firm JK Harris to file Chapter 11 Bankruptcy
The CEO of one of the nation’s largest tax representation firms, John K. Harris, has suspended all current operations at JK Harris and will reportedly file Chapter 11 bankruptcy. Since October 2011, Harris has been attempting to restructure and possibly sell the business and two affiliates under Chapter 11 bankruptcy protection.
Harris is calling the firm’s current state a “reorganization process.” By filing Chapter 11 bankruptcy, Harris is attempting to keep many of the company’s assets while reorganizing and restructuring JK Harris’ finances.
The company who made its name by marketing the slogan, “resolving taxpayer’s debt issues for pennies on the dollar,” has been in financial crisis after multiple client settlements, where plaintiffs claimed they had been misled by JK Harris. Harris’ firm has a countless number of former and current clients who claim to have paid large amounts in fees after being promised compensation and receiving little, if any, return.
To read more on this story visit: http://www.examiner.com/tax-preparation-in-national/jk-harris-to-file-bankruptcy-shutdown-fueled-by-taxpayer-complaints
If you are in a financial crisis and are considering filing Chapter 13 bankruptcy, contact an experienced attorney who can advise you of all of your options. Our bankruptcy attorneys at Kingcade & Garcia can help families and individuals get the most out of Chapter 13 bankruptcy. We fully evaluate your financial situation, debt and income to make sure that Chapter 13 is your best option. Many people who come to our firm are surprised to discover that Chapter 13 may not be the right option, and that with the assistance of an experienced and qualified lawyer, they can be better served by Chapter 7’s debt elimination strategies. You can find more useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Minnesota Bankruptcy Case Leads to an Unforeseen Religious Dispute
U.S. Bankruptcy Judge Nancy Dreher ordered the arrest of Attorney Naomi Isaacson in Minnesota after an on-going bankruptcy case lead to an unveiling of religious and racial slurs in court documents against Judge Dreher and other court officials.
Isaacson represented a subsidiary group in the bankruptcy case called the Samanta Roy Institute of Science and Technology. After failing to turn over mandatory court documents and making accusations of bigotry and conspiracy in a memo concerning the court officials, Judge Dreher placed Isaacson under arrest. She also ordered that she and another attorney involved each pay $5,000 in penalties and attend legal ethics classes.
Judge Dreher, who claims no particular religious faith was repeatedly named “Nancy Dreher, the Catholic Judge,” in the memo. “It is referring to a mentality and an adherence to a universal creed of White Supremacy,” Judge Dreher stated, after reviewing the memo.
Judge Dreher has turned the matter over to Chief U.S. District Judge Michael Davis for further review.
To read more on this story visit: http://www.chicagotribune.com/news/chi-ap-mn-anti-catholicfili,0,209481.story
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. 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. website at www.miamibankruptcy.com.
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
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.