Miami foreclosure defense Archives - Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

This Florida Metro Has Been Named the Foreclosure Capital of the US

Posted on June 13, 2025by Admin

According to real estate data from ATTOM, Florida’s Lakeland region has the nation’s highest number of foreclosures. One out of every 172 housing units had foreclosure filings, according to the real estate data firm.

There is a combination of factors that attribute to this rating. One being a population influx. Another factor is the price of home insurance, and rising insurance premiums. Floridian’s pay an average annual premium of $5,292 for a home worth $3000,000, according to Bankrate. That’s nearly two-and-a-half times the national average of $2,267. Other factors, include increased property taxes, regulatory changes that impact older condominiums, elevated mortgage rates, inflation, and job losses.

Foreclosures can oftentimes be a precursor to bankruptcy, and both have risen drastically over the last 12 months. The key is to respond quickly to avoid losing your home through foreclosure. It may seem counter-intuitive, but when someone is facing foreclosure and is in the middle of a major financial crisis, bankruptcy can be a viable option to help save that person’s home. Ultimately, it depends on your specific financial situation and the type of bankruptcy you file – but bankruptcy can be used as a tool to help keep your home.

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Choosing the right attorney can make the difference between keeping your home or losing it in foreclosure. 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 McMaken website at www.miamibankruptcy.com.

Foreclosure Defense, Foreclosures, Kingcade Garcia McMaken

Florida Moves Up to No. 2 Status as State with the Highest Foreclosure Rate

Posted on December 18, 2024by Admin

Attom released its November 2024 U.S. Foreclosure Market Report this week. The report includes the total number of properties nationwide that have at least one foreclosure filing. The report showed that 29,390 properties had foreclosure filings in November. That represents a 3% decrease from October and a 9% decrease from November 2023.

While foreclosure filings are down month-over-month and year-over-year, the data reveals states, such as Florida, Nevada, and Connecticut, remain high.

Nevada maintains its status as the state with the highest foreclosure rate (one in every 2,941 homes). Florida moved up to No. 2 with one in every 3,047 homes in foreclosure, followed by Connecticut (one in 3,210), Maryland (one in 3,535) and Indiana (one in 3,567).

The city of Miami has one of the highest foreclosure rates (one in 2,551 homes), among metros with more than 1 million residents. Foreclosure starts – means lenders have started the process but have yet to repossess the home.

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REMEMBER: In Florida, the homeowner has rights when it comes to foreclosure! But do not delay.

Foreclosure Defense, Foreclosures, Zombie Debt

‘Zombie Debt’ Homeowners Face Foreclosure on Old Mortgages

Posted on January 20, 2023by Admin

A number of homeowners are facing the possibility of losing their homes over second mortgages that they had taken out over a decade ago. Many of these homeowners believed that their second loans were either rolled in with their first mortgage payments or were forgiven. Unfortunately, these loans did not go away and now are legally collectible, even if they are years old. This type of debt is often referred to as “zombie debt.”

What are zombie debts? Essentially these debts are old loans being pursued with new collection actions.

COVID-19, Foreclosure Defense, Foreclosures

Foreclosure Filings are up 132 Percent from 2021

Posted on May 24, 2022by Admin

The number of foreclosure filings is up by more than 132 percent when compared to 2021. According to statistics from Black Knight, the number of active foreclosure cases involving homes that have begun the foreclosure process on a seriously delinquent loan, went up by over than 7,000 cases in March 2022. This increase is the first one seen in a year-to-year comparison in over 10 years.

Additionally, more than 78,000 U.S. properties had a foreclosure filing during the first quarter of 2022. This figure is 39 percent higher from the previous quarter and 132 percent more when compared to one year ago, according to figures from ATTOM. Black Knight also reports that the number of serious mortgage delinquencies, mortgages that are 90 days or more past due, are 70 percent higher than they were before the COVID-19 pandemic hit in 2020.

Housing Market Trends

Mortgage Affordability Lowest in 13 Years

Posted on October 7, 2021by Admin

Record home prices and slow growing incomes are two of the driving factors affecting mortgage affordability for so many today.

A median household would need to spend 32.1 percent of its income on mortgage payments for a median-priced home, according to the Federal Reserve Bank of Atlanta. That marks the highest percentage since November 2008, according to the Wall Street Journal.

COVID-19, Foreclosure Defense, Foreclosures

Bank of America, Chase and Wells Fargo Announce Plans Following Expiration of Mortgage Foreclosure Moratoriums

Posted on June 13, 2021by Admin

As the stimulus programs put into place come to an end this year, many homeowners worry about what their futures will hold. Approximately 2.1 million homeowners are still utilizing these mortgage forbearance plans offered following the start of the pandemic, according to figures from the Mortgage Bankers Association, which means that many people are still set to be adversely affected once the moratoriums are lifted.

Even more concerning, nearly 1.8 million families are not in forbearance on their mortgages but are at least 90 days delinquent on their mortgage accounts as of April 2021, according to data from Black Knight.

Foreclosure Defense, Foreclosures

Foreclosure Scams to Beware of

Posted on November 15, 2019by Admin

When someone is at risk of losing his or her home, that person may be willing to take any offer, even one that sounds too good to be true. Many foreclosure scams exist, built on false promises and deception. It is important that consumers be aware of these scams and recognize the red flags in advance.

While the types of foreclosure scams vary, they do have one thing in common. They are built on false promises, and prey on financially distraught homeowners who fear losing their homes. These companies swoop in and take advantage of someone when they are at their most vulnerable and are desperate for any type of assistance.

Foreclosure Defense, Foreclosures

Steps to Take to Keep Your Home and Avoid Foreclosure

Posted on November 8, 2019by Admin

When someone is facing a difficult financial situation, one of the main concerns that person may have is losing his or her home. If a person is not able to pay day-to-day expenses, one of the biggest bills that will go unpaid is the mortgage bill. However, if the mortgage is not paid on time for more than 180 days, the lender may decide to proceed with a foreclosure action. The key is to respond quickly to avoid losing your home through foreclosure.

Foreclosures

Facing Foreclosure? Here’s When You Actually Have to Move Out in Florida.

Posted on August 2, 2019by Admin

When someone receives a foreclosure notice, the first thought that often comes to that person’s mind is the fear of losing their home. A foreclosure notice does not mean that someone is automatically out of his or her home. As a homeowner in Florida, you have rights. It is important that any person in this situation understands clearly what those rights are.

Understanding the Timing

A notice of foreclosure does not mean that it will happen immediately. The homeowner has the legal right to remain in the home until the lender successfully completes all foreclosure procedures and sells the home, which can take several months, depending on the circumstances involved.

Foreclosures

Florida Sees a Sharp Increase in Foreclosures

Posted on June 21, 2019by Admin

While the nation is seeing a drop in the number of foreclosures, Florida is seeing the opposite. For the 12^th month in a row, Florida has seen a double-digit annual increase in foreclosure filings.

These figures come from a study published by ATTOM Data Solutions, which reviewed foreclosure starts from May 2018, comparing these figures to those reported in May 2019. On a national scale, foreclosure filings were down nine percent when compared to figures from May 2018. Florida, on the other hand, saw an increase in foreclosure starts of 23 percent when compared to the previous year.

As of May 1, 2019, one in every 1,238 homes had a foreclosure filing in Florida. These numbers are the third highest in the country, behind New Jersey and Maryland. Of the metropolitan areas in Florida, Jacksonville reported the second highest foreclosure rate, reporting that one in every 764 homes were involved in some stage of foreclosure proceedings.

Since January 2019, these numbers have been increasing incrementally. One of the contributing factors for these high foreclosure numbers has to do with the fact that while the cost of living in Florida has gone up, wages have stayed stagnant for several years. Not only have the cost of purchasing a home gone up, but so have insurances and taxes that come with owning a home.

Other factors leading to higher foreclosure rates could have to do with natural disasters that hit the sunshine state more than others, namely hurricanes. Depending on the severity of the storm, homeowners could lose their jobs or even their homes after a hurricane. Insurance can also skyrocket following a natural disaster, also making it difficult for the person to maintain payments on the home.

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 McMaken website at www.miamibankruptcy.com.

Related Resources:

https://miami.cbslocal.com/2019/06/17/florida-bucks-trend-sees-increases-in-foreclosures/