Tag: Miami foreclosure defense attorney

Bankruptcy Law, Debt Relief, Foreclosures, Timothy Kingcade Posts

Mortgage Fraud on the Rise- Florida Remaining the State with the Highest Risk

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Fraud is on the rise in the mortgage industry, with Florida remaining the state most at risk, according to new data from CoreLogic. More than 12,000 mortgage applications were estimated to have fraud associated with them, according to the company’s 2016 Mortgage Fraud Report.

The mortgage application fraud risk index was up 3.9% year over year from the second quarter of 2015, continuing an upward trend in fraud since 2010.

“This is consistent with the loosening of credit policy after historically tight credit policies post-crisis,” CoreLogic stated in its report. CoreLogic cited a number of factors contributing to the increase in fraud risk, including an increased share of purchase loans, the availability of higher loan-to-value mortgages and the loosening of GSE credit policies.

Florida had the highest application fraud risk, followed by New York, New Jersey, Hawaii and Washington, D.C.

Click here to read more on this story.

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.

Foreclosures, Timothy Kingcade Posts

Seasonality Plays a Part in the Increase in U.S. Foreclosure Starts

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Total U.S. foreclosure starts numbered 68,800 for the month of August with a 12.23 percent increase from July. While this may seem like a large increase, the 12 percent rise in foreclosure starts in August is actually more a product of just how low starts were in July, which saw the second lowest volume of foreclosure starts in over 10 years, according the Data & Analytics division of Black Knight Financial Services, Inc.

August still remains the fifth lowest month for foreclosure starts in 10 years.  90-day defaults tend to rise in the summer months, showing the effect seasonality has on foreclosure starts.

The report states that inventory of loans in foreclosure has been on the decline for 19 consecutive months and in 51 of the past 52 months with total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) currently sitting at 4.24 percent. This is a decrease of 6.04 percent from the previous month as well as a 11.41 percent increase from the past year.

Finally, the report states that the number of properties that are 30 or more days past due or in foreclosure sat at 2,678,000. This was a decrease of 158,000 properties in July and 483,000 properties in August of 2015.

Click here to read more on this story.

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.

Debt Relief, Foreclosures, Timothy Kingcade Posts

6 Percent Increase in New South Florida Foreclosure Cases

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For the past six months, new foreclosure cases have increased 6 percent in South Florida.  Miami-Dade, Broward and Palm Beach counties had 7,354 new cases from March through August, compared with 6,934 during the same period of 2015, according to a report from ATTOM Data Solutions.

The recent increase is a sign that there is still distress in the South Florida housing market.  Despite the increase, the number of new cases still remains below pre-recession levels. The number of foreclosures peaked in South Florida during 2009, when 133,250 new cases were filed, according to ATTOM Data Solutions.

Home prices bottomed out by the end of 2011, causing an increase in sales to buyers looking to capitalize on the bargains, which ultimately helped the housing market recover.  During that time, the job market and the economy improved as well.  With home sales leveling in recent months, some analysts predict the housing market has peaked and is facing an inevitable slowdown, which could mean more delinquencies.

But thanks to better underwriting standards, interest rates remaining low and incomes gradually increasing; this will not come close to mirroring the housing collapse of 2006-2011.

Click here to read more on this story.

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.

 

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

5 Tips to Bounce Back from a Foreclosure or Short Sale

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More than 9.3 million homeowners lost a home through a distressed property sale from 2006 through 2014, according to the National Association of Realtors (NAR).  As rents continue to rise and mortgage rates remain low as the economy continues to improve, some who lost their homes during the housing market crash are now ready to re-enter the market.  In fact, a 2015 study by the NAR found that 1.5 million previous homeowners might be eligible to buy within the next five years, based on the time it takes to improve credit scores and save for a down payment.

Here are some tips to remember when re-entering the housing market after a foreclosure or short sale:

Know your options. For homeowners who had extenuating circumstances, such as prolonged income loss or major medical expenses, Fannie Mae has shortened the waiting period to two years after a pre-foreclosure sale – a short sale or deed in lieu of foreclosure – and to three years after a foreclosure. You no longer have to wait seven years after a bankruptcy or foreclosure to purchase a new home.

Start saving. Saving for a down payment and closing costs are the biggest hurdles for would-be home buyers. Create a strategy for savings and avoid impulse purchases.  Save your bonus checks, tax refunds and set up a direct deposit to your savings account to help build your down payment.

Repair your credit. The FHA’s minimum credit score requirement for maximum financing is 580. However, other mortgage lenders require a FICO score of 640 or higher. Here are some quick tips to help repair your credit:

  • Pay off any high-interest debt on time each month;
  • Do not take out new loans or maximize your lines of credit;
  • Ask your utility providers or landlord to report your on-time monthly payments to the major credit bureaus.

Beware of predatory lenders. Never sign any contract you are unsure of and if you encounter a lender that tries to sell you a “special” zero-down home loan or any offer that sounds just too good to be true- do not take the bait.  Always get a second opinion.  Have a real estate attorney, housing counselor or a different lender review the paperwork for you.

Enlist expert help. Not only can housing counselors help you address credit issues and set up a savings plan, they can connect you with state, local and private resources that can help get you into a new home.  If you are looking to re-enter the housing market, reach out to a “HUD-approved” housing counselor before you begin. Also, the National Foundation for Credit Counseling (NFCC) provides help to more than 3 million people each year. Find a NFCC-certified housing counselor to discuss your options.

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.bradenton.com/news/business/article95538517.html

Debt Relief, Foreclosures, Timothy Kingcade Posts

‘Zombie’ foreclosures decline across the country- but not in some states

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As the foreclosure crisis winds down, some consequences of the crash continue to loom in neighborhoods across the country. ‘Zombie foreclosures’- properties that are still in the process of foreclosure but remain vacant- fell in the third quarter, and make up 4.7% of all foreclosures- down 9% from a year ago.

Among the top ten states for zombie foreclosures, there have been some big declines: zombies are down 28% in Florida, 26% in California, and 14% in Illinois compared to a year ago. But they are up 6% in New York and 3% in Massachusetts.

The number of vacant bank-owned properties jumped 67% in the third quarter compared to a year ago, to 46,604, according to Attom Data Solutions.

Coincidentally, the states with the greatest number of properties in foreclosure are the states with the greatest number of zombies.  These states are also judicial foreclosure states (states that require foreclosures go through a court process), and include New York, New Jersey, Florida, Illinois, and Indiana.

States that go through the court process provide greater protections to homeowners, but take longer to complete. The lengthy process increases the likelihood that a foreclosure will become a zombie. But the recent turn in the housing market and our nation’s economy has given struggling homeowners more of an incentive to fight to save their homes.

Click here to read more on this story.

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.marketwatch.com/story/zombie-foreclosures-decline-across-the-country-except-in-some-states-where-theyve-built-strongholds-2016-09-08

Foreclosures, Timothy Kingcade Posts

Banks sell off foreclosure remnants, helping eliminate housing ‘zombies’

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Zombie foreclosures remain a big problem in certain parts of the country. Banks are taking action on those vacant, foreclosed homes and selling them at a fast turnover.  In fact, vacant homes in the foreclosure process are expected to drop 9 percent in the third quarter from a year ago, but vacant bank-owned properties are expected to jump 67 percent during the period, according to ATTOM Data Solutions.

Currently, there are just over 46,600 vacant bank-owned properties (known as REOs) littering neighborhoods nationally. More low-priced homes would seem to be a bonus for a housing market plagued with a short supply, but that is not the case in this situation. The vast majority of these zombie foreclosures are in the least desirable markets for investors. New York, Philadelphia and Chicago have the highest number of vacant foreclosures, but they are in some of the most impoverished areas. The homes are also in terrible disrepair.

That means the homes that are left, the zombie foreclosures, require thousands of dollars of work to make them either desirable to renters or buyers. Government-backed mortgage entities like Fannie Mae and the FHA have strict lending requirements when it comes to distressed properties.

Click here to read more on this story.

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, Credit, Debt Relief, Foreclosures

Bank of America Accused of Racial Discrimination as Neglect of Foreclosures Worsens

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The National Fair Housing Alliance (NFHA) and nine local fair housing organizations filed an amended discrimination complaint against Bank of America (BoA) this week.  The complaint alleges illegal discrimination by BoA in African American and Latino neighborhoods in six additional cities.  The cities include: Columbus, OH; Gary, IN; Minneapolis, MN; Newark, NJ; Tampa, FL; and neighborhoods in suburban Detroit.

“Bank of America’s deliberate neglect of its foreclosures in communities of color creates financial concerns as well as health and safety risks for people living near poorly-maintained foreclosed homes,” said Shanna L. Smith, President and CEO of NFHA. “Too many of these foreclosures have overgrown weeds, unsecured doors or windows, and debris left in the yard, creating perfect breeding grounds for rats, mice, snakes, and mosquitoes.  Bank of America is exacerbating the risk of spreading the Zika virus in south Florida by allowing standing water to accumulate in pool covers, tires, and debris around these foreclosures.”

This new evidence formed the basis of the amended complaint.  The complaint is now comprised of evidence from 1,267 BoA properties in 30 metropolitan areas and 201 cities throughout the United States.

Evidence obtained during the investigation reveals continued failure by Bank of America to perform simple and routine maintenance on its foreclosures in African American and Latino neighborhoods.  This includes the failure to lock or secure doors and windows, remove trash and debris left by former owners, mow and edge lawns, trim shrubs, and cut back invasive plants.

On the contrary, the investigation revealed BoA keeps its foreclosures in white neighborhoods in good condition.  Lawns are mowed and edged regularly, and BoA properly disposes of the belongings left behind by former owners. BoA is paid to perform these routine duties in all neighborhoods for all of its foreclosures.

Click here to read more on this story.

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.

 

Foreclosures, Timothy Kingcade Posts

From a $150 HOA fee to Foreclosure

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One missed HOA payment could cost a Hillsborough family their home. The family is taking on the Rivercrest Community Association, who just sold their $300,000 home at auction.  The family claims they had no warning.  Now the fight to save their home could very well leave them homeless.

The family has called their Rivercrest neighborhood home since 2005, when they bought if for around $270,000. The HOA put a foreclosure lien on the house and recently sold it at auction for $19,000. The family’s cut: $14,000.

The family said they had been paying their annual dues, but say they did not get a notice that the HOA was missing a 2009 payment for four years.  In that time, $150 turned into $750 then $3,000 in fees.  They agreed to a payment plan with HOA lawyers.  The HOA’s law firm, Bush Ross landed in a class-action suit accused of violating the Fair Debt Collection Practices Act.

The family received $300 from the settlement and thought they no longer owed the past dues, so they stopped paying.  They were scheduled to make a plea to a Hillsborough County judge on August 31. The Clerk’s Office told the media that court documents from April gave the family a month to pay their then-$4,300 balance or the home would be auctioned.

Click here to read more on this story.

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.

Debt Relief, Foreclosures, Timothy Kingcade Posts

Florida Court Upholds City’s Rights to Place Liens on Zombie Foreclosure Homes

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A state appeals court recently ruled that liens placed on foreclosed homes cannot be discharged when the home goes through a judicial sale.  The decision comes from the Fourth District Court of Appeal of the State of Florida, which upheld a lower court’s ruling that liens placed on abandoned properties by Florida cities for code violations cannot be terminated once the home is sold through the judicial process.

The decision is meaningful to Florida cities because the state currently has the third highest total of zombie foreclosures, which are homes that have been foreclosed on and abandoned by the homeowner but not yet sold.

Florida has 2,467 zombie foreclosures as of the second quarter of this year, ranking behind New Jersey, which has 4,003 zombie homes, and New York, which has 3,352 zombie homes, according to data from RealtyTrac.

The court’s full decision can be read here.

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.housingwire.com/articles/37891-florida-court-upholds-citys-rights-to-place-liens-on-zombie-homes

 

Debt Relief, Foreclosures, Timothy Kingcade Posts

FHA’s New Guidelines Help Struggling Homeowners Remain in their Homes

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New procedures put in place by the Federal Housing Administration (FHA) will help strengthen the process mortgage services currently use and help struggling families stay in their homes and avoid foreclosure.

The updated procedures will streamline the process servicers use to engage borrowers, specifically when evaluating them for the FHA-Home Affordable Modification Program (FHA-HAMP).  These changes will reduce the number of steps that a servicer and borrower must take to resolve a delinquency and enter into a loss mitigation home retention product.  In addition, FHA is removing certain obstacles that will allow servicers greater flexibility for evaluating an unemployed borrower for a special forbearance agreement.

Here is what homeowners need to know about the new provisions. Specifically, the FHA will:

  • Require servicers to convert successful 3-month trial modifications into permanent modifications within 60 days instead of the average four-to-six months;
  • Allow borrowers with three missed mortgage payments to qualify for a partial claim to bring their payments current versus the previous requirement for a minimum of four missed payments;
  • End the traditional stand-alone Loan Modification option so struggling borrowers can access the FHA-HAMP option, to receive payment relief quicker;
  • Eliminate the required 12-month term for FHA’s special forbearance option.  This will allow servicers to offer this option to more unemployed households.

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:

www.fhfa.gov

https://rismedia.com/2016/08/28/fha-streamlines-process-to-help-delinquent-homeowners-stay-in-homes/