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Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

New Lawsuit Accuses Ocwen Financial Corp. of filing bad foreclosures… Again

Posted on April 27, 2017by Admin

A lawsuit filed by the State of Florida alleges Ocwen Financial Corp.’s errors have resulted in “significant harm to borrowers, including but not limited to improper late fees, inaccurate negative credit reporting and borrower frustration.”

Twenty states have filed similar actions, along with the federal Consumer Financial Protection Bureau. The Florida lawsuit, filed by the state Attorney General and the Florida Office of Financial Regulation, says the West Palm Beach-based company filed illegal foreclosures, mishandled loan modifications, misapplied mortgage payments, failed to pay insurance premiums from escrow and collected excessive fees.

“When Ocwen has sent escrow statements, in many instances the escrow statements have contained inaccurate information pertaining to the borrowers’ account histories, escrow balances, and escrow payments,” the lawsuit said.

The complaint filed in federal court in West Palm Beach alleges violations of the Real Estate Settlement Procedures Act, the Florida Deceptive and Unfair Trade Practices Act and Chapter 494, Florida Statutes.

This is not the first time Ocwen has been accused of foreclosure misconduct. In 2014, a court approved a $2.1 billion settlement between Ocwen and 49 states, as well as the District of Columbia and the Consumer Financial Protection Bureau, to address allegations of Ocwen’s mortgage servicing misconduct.

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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, Debt Relief, Foreclosures, Timothy Kingcade Posts

With Foreclosures on the Decline, Loan Modifications Increase

Posted on September 20, 2016by Admin

HOPE NOW, a private alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, has released its July 2016 loan modification data. It stated for the month of July that total non-foreclosure solutions (i.e. – the combination of total loan modifications, short sales, deeds in lieu and workout plans) were approximately 112,000. This compares to approximately 25,000 completed foreclosure sales for the month- a ratio of more than four mortgage solutions for every foreclosure sale.

The report states that approximately 5,700 short sales were completed in July 2016 compared to 6,300 in the month prior. This represents a decrease of approximately 10 percent. Short sales were reported to have approximately 5,700 completed in July 2016 in contrast to 7,700 in July 2015, a decrease of 26 percent.

The report also included an estimated 35,000 permanent loan modifications completed in July 2016, compared to 34,000 in July 2015. This was a reported increase of approximately 3 percent. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).

Of the permanent loan modifications completed in the month of July, the report shows that an estimated 23,000 were through proprietary programs and 12,081 were completed through HAMP. In addition, of the 23,000 proprietary modifications completed in July, 46 percent (or 10,437), reduced the monthly principal and interest payment by 10 percent or more.

Foreclosure starts reduced 5 percent month over month to approximately 51,000 in July from 54,000 in June. Additionally, foreclosure sales were reportedly about 25,000 in July from 29,000 in June. This was a decrease of 12 percent month over month. Likewise, foreclosure sales were approximately 25,000 in July 2016. This is compared to 28,000 in July 2015 which was a decrease of 9 percent.

While delinquencies continue to decline to “pre-crisis” levels and the data trends certainly suggest the market is recovering, there remains a portion of the population who still need assistance. These regions include: Florida, Georgia, New Jersey and California.

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Debt Relief, Foreclosures, Timothy Kingcade Posts

House Passes Foreclosure Extension Protection for Military Homeowners

Posted on March 23, 2016by Admin

The Foreclosure Relief and Extension for Servicemembers Act of 2015, which extends foreclosure protection for military homeowners, has been extended from the current 90-day period to a one-year period beginning in January 2018.

The foreclosure protection element of the Servicemembers Civil Relief Act (SCRA) expired at the end of last year, but the extended protection will be retroactive when the bill is signed by President Obama. The legislation was backed by a coalition of veterans’ organizations and housing and financial services trade associations.

The SCRA’s extension provides important foreclosure protections to the brave men and women of our military who are transitioning back into civilian life. This is a vital homeownership tool that helps members of the military stay in their homes.

The Consumer Financial Protection Bureau announced that it received approximately 2,800 complaints from military personnel related to mortgages during 2015. The majority of these complaints were related to servicing issues, including loan modifications, collections and foreclosures.

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Credit, Foreclosures, Timothy Kingcade Posts

NEW Mortgage Protections for Members of the Military

Posted on February 17, 2014by Admin

The responsibilities of home ownership and having a mortgage are demanding enough for the average consumer, but the process becomes increasingly more complicated for borrowers who are serving our country.

To help ease these hardships- which include job and relocation stress, along with time constraints- the Consumer Financial Protection Bureau (CFPB) has written new mortgage protections for these consumers, which are now in place for military men and women.

Holly Petraeus, head of the CFPB’s military office said the new rules have come after the CFPB conducted nationwide listening sessions and heard stories from military families about poor mortgage servicing practices, inconsistent foreclosure practices and sloppy recordkeeping by lenders. These new rules will help military families struggling with a mortgage and those that just got orders requiring them to relocate.

Some of CFPB’s new rules include:

• Require a servicer to evaluate a borrower for all available options as soon as they receive an application for mortgage help.

• Servicers must have policies in place to ensure consistent and constant contact with borrowers.

• One of the big changes relates to what is known as dual-tracking. In the past, a member of the military struggling to make a mortgage payment might have been working on a potential loan modification at the same time their servicer was moving to foreclose on the home. This practice is now restricted under the new rules.

• Eliminate the issue of misplacing documents and other factors that make it hard for borrowers to get accurate and consistent answers regarding their mortgage.

• Mortgage servicers are now required to train their employees to be more readily able to answer questions for borrowers who run into trouble and must assign someone to help military borrowers to ensure a positive experience.

• In the past, service members had to apply multiple times for programs to help keep their homes. The new rules require mortgage servicers to evaluate a borrower who files a complete application for help for all the options that are available to that borrower. This will eliminate multiple rounds of applications.

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Credit, Foreclosures, Timothy Kingcade Posts

Florida Receives $3.6 Billion in Mortgage Relief

Posted on November 30, 2012by Admin

One of the largest consumer financial protection settlements occurred earlier this year and as a result, Florida homeowners received more than $3.6 billion in mortgage relief. Between March 1^st and September 30^th, more than 309,000 borrowers across the nation received some sort of mortgage relief. According to a report by Joseph Smith who monitors the settlement, the average relief per homeowner was about $84,385. As of September 30^th, approximately 48,998 Floridians have received relief. On average, Floridians received $73,663, which is about $10,700 less than borrowers in other states.

The settlement was between 49 states and the five largest mortgage lenders for a total of $26.1 billion. According to Smith, around $13.1 billion of that relief came in the form of short sales. Banks have cut homeowners’ mortgage balances nationwide by $6.3 billion as a part of the settlement. Refinancing home loans accounted for approximately $1.4 billion. Banks participated in trial loan modifications equivalent to $4.2 billion. Also, as part of the settlement, banks erased $2.6 billion in first-lien loans and $2.8 billion in second-lien loans.

To read more on this story visit: http://www.miamiherald.com/2012/11/19/3105335/distressed-florida-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.

Foreclosures, Timothy Kingcade Posts

The Underemployed Seek Loan Modifications for Relief

Posted on November 13, 2012by Admin

Post recession, many Americans have either lost their jobs, are at lower paying jobs or have taken a pay cut at their current job. According to the Bureau of Labor Statistics, one in five Americans are earning at least 20 percent less since before the recession. As a result, homeowners are seeking relief through loan modifications on their mortgages. However, bank requirements are stiff and a low percentage of Americans are actually approved for a loan modification.
A common requirement is that the homeowners’ bills, including a mortgage payment, cannot exceed 45 percent of their total income. Many times homeowners will obtain a second job to meet this requirement. However, most banks require a homeowner to be at the job for a minimum of 12 months before applying for a loan modification. One thing homeowners can do to increase their chances of getting approved for a loan modification is to try and pay down any credit card debt before applying.
During 2012 many mortgage lenders initiated programs to help homeowners who are underwater on their mortgages. States across the country have also adopted their own programs to help struggling homeowners. The federal government has initiated the HARP program and the Federal Housing Authority Streamlined Refinancing program.
To read more on this story visit: http://www.nytimes.com/2012/09/23/realestate/mortgages-help-for-the-underemployed.html?ref=loanmodifications&_r=0
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 Law, Timothy Kingcade Posts

Hearing Held to discuss the Student Loan Debt Crisis

Posted on April 10, 2012by Admin

On March 20, 2012 the U.S. Senate Committee on the Judiciary Subcommittee on Administrative Oversight and the Court held a hearing to discuss the student loan debt crisis. The hearing was entitled, ‘The Looming Student Debt Crisis: Providing Fairness for Struggling Students.’ Since the recession, college graduates have struggled to find not only well paying jobs, but jobs in general. In 2005, a provision was made to the bankruptcy code that prevents borrowers from discharging their student loan debt in bankruptcy court. Financial analysts predict that a crisis with effects similar to the crash of the real estate market could happen if things to do not change.
A variety of professionals who are familiar with the current affects of student loan debt on the economy gave testimonies to remove this provision. In attendance, were Attorney’s Generals from Kentucky and Illinois, borrowers who are struggling to pay their student loan debt and representatives from organizations such as the Student Loan Borrower Assistance Organization. Most of the testimonies were in agreement that student loans should be treated in bankruptcy court just as any other consumer debt. There was also talk about loan modifications being available to borrowers who cannot afford to pay back their student loans, due to economic circumstances.
To read more on this story visit:
http://www.judiciary.senate.gov/hearings/hearing.cfm?id=eb997a7c3376c76b36a041cf2a10ca10
http://www.studentloanborrowerassistance.org/2012/03/24/bankruptcy-and-fairness-for-struggling-students/
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. website at www.miamibankruptcy.com.

Credit, Foreclosures, Timothy Kingcade Posts

A Borrowers’ Bill of Rights

Posted on March 24, 2011by Admin

Recent “robo-signing” and foreclosure scandals suggest that for thousands of homeowners, fairness and competency have not been so readily available. According to witnesses at recent congressional hearings, borrowers with on-time payment histories who sought loan modifications frequently were told they needed to stop payments for two to three months before they would be eligible to even discuss changes to their loan terms. When these individuals and businesses applied for modifications, they were sent foreclosure notices because they were in default.

It’s also suggested that servicers “pyramid” late fees and sloppy documentation, have had an increasing affect on borrowers’ debts to the point where foreclosure has become inevitable.
Some of the most blatant errors involve property insurance records. According to the National Consumer Law Center, $30,000 in fees were added to one homeowner’s principal balance by a bank during the seven months it took to process the modification request. It is reported abuse such as this that’s led to hundreds of lawsuits against banks and servicers that are clogging court calendars nationwide. This has prompted state attorney generals to negotiate a national settlement with the 14 biggest banks and servicers.

The draft proposal calls for billions of dollars in penalties from the banks along with additional billions in principal reductions for distressed and underwater borrowers. The core of the agreement would essentially amount to a new mortgage servicing bill of rights for borrowers. It sets out minimum standards and operating procedures that would govern how homeowners are treated in the future.

Below is a quick overview of the proposed “borrowers’ bill of rights”:

• Servicers would be required to employ enough trained loss-mitigation staff to deal with all borrower inquiries and request for loan modifications

• Servicers would be required to identify the bank or investor that is the legal owner of the mortgage

• Servicers will have to provide mortgage customers with a “single point of contact” – a designated employee, with a name and contact information – for their loan modification requests

• Dual-tracking of modifications and foreclosures would be banned

• Servicers would be prohibited from advising on-time customers to default, or discouraging borrowers from seeking help from non-profit counseling organizations.

• “Force-placed” insurance practices would be severely limited, including prohibitions on obtaining high-premium policies from subsidiaries, affiliates, the lender or servicer

If the proposed settlement occurs, it could give significant new protections to homeowners and borrowers, even for those that never had a payment problem or a need to modify their mortgage terms.

To read more on this story, visit:
http://www.miamiherald.com/2011/03/20/2119880/a-borrowers-bill-of-rights.html

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.