Miami foreclosure defense attorney Archives - Page 16 of 21

Credit, Foreclosures, Timothy Kingcade Posts

Home Buyers Obtain Mortgages After Foreclosure

Posted on April 14, 2015by Admin

Nearly five million American families lost their homes to foreclosure between 2007 and 2014. Foreclosures can have a negative impact on your credit score, but that doesn’t disqualify you from purchasing a home, again. Events such as foreclosure can stay on your credit report for up to seven years, but if you stay financially responsible after foreclosure, you can obtain another mortgage in seven years or less.

Homeowners who lost their homes in the early years of the housing crisis are starting to see the black marks erased from their credit reports, improving their chances of owning a home. Fair Isaac Corp., the developer of FICO credit scores estimated there were 910,000 homeowners who had foreclosure proceedings filed against them, between October 2007 and October 2008. Of those consumers, approximately 264,400 had the foreclosure erased from their credit reports by October 2014.

Some of the larger mortgage lenders, such as Bank of America Corp. and J.P. Morgan Chase & Co., are still hesitant to lend to borrowers who have a foreclosure on their credit report. Many of the large lenders were hit hardest with mortgage-related penalties and have since implemented tougher credit requirements on borrowers.

Click here to read more on purchasing a home after foreclosure.

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

New Florida Rule to Expedite Foreclosure Cases

Posted on April 10, 2015by Admin

The court system’s backlog of foreclosure cases in Florida has inspired a proposed rule that would expedite foreclosure cases by considering them “abandoned” if not set for hearing (or heard) within 90 days. South Florida courts have been flooded with foreclosure cases since the 2008 housing bubble burst and has been one of the hardest hit regions for foreclosures. In 2009, there were more than 64,000 foreclosure suits filed in Miami-Dade County alone.

In an attempt to conserve judicial resources, the court has proposed a new rule that will push cases through much faster by using an administrative order to automatically dispense homeowners’ motions as abandoned.

This rule will be devastating for homeowners trying to save their homes. Their cases will not be looked at individually and cases where lenders are looking to stop or delay the foreclosure process over objections will still be pushed through the system.

A recent change to the system has allowed case managers to perform administrative tasks that judges once performed. This has already caused a lot of cases to be pushed through the system that lenders themselves have attempted to stop.

The good news for homeowners is that the market is on the mend and the backlog of foreclosure cases is just a small portion of what it was in 2009 and 2010. Nonetheless, judges say that a docket of more than 20,000 foreclosure cases creates a crisis in the judicial system.

Click here to read more on Florida’s new proposed rule to expedite foreclosure cases.

Credit, Foreclosures, Timothy Kingcade Posts

Existing Home Sales Rise at a Slow Pace

Posted on April 9, 2015by Admin

The New York Times reported that existing home sales rose slightly in February, approximately 1.2 percent. Economists were hoping to see a sharper increase in sales in the first quarter, but the current lack of inventory has slowed down the pace. The sluggish growth may halt the Federal Reserve from increasing mortgage interest rates in June.

Economists forecasted home re-sales to increase 4.90 million in February; however, the National Association of Realtors said that home re-sales rose to only 4.88 million.

The shortage in inventory is causing a rise in home prices and a decrease in houses on the market. The median price of an existing home was 7.5 percent higher than February of last year.

Traditionally, April to August is referred to as “spring selling season,” the busiest time of year for the housing market. However, economists are predicting that insufficient equity and uncertainty about the economy’s strength may cause potential sellers to stay in their homes longer.

Click here to read more about the slow rise in existing home sales.

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Home Prices Increase, Outpacing Wages

Posted on April 6, 2015by Admin

According to RealtyTrac, home prices are rising 13 times faster than wage growth nationwide. From 2012-2014, median wages rose only 1.3% and median home prices climbed 17%. Low interest rates have helped keep buying an option. However, with wages not keeping pace with home prices in many of the markets analyzed, real estate experts believe this will result in another housing bubble.

On the flip side, homeowners who lost equity in their homes during the crash are likely rejoicing over the rapid increase. At the height of the crash, 13 million homeowners were underwater. Now the number is down to seven million.

According to the report, the markets with the highest rate of price appreciation compared to wage growth were:

• Merced, CA
• Memphis, TN
• Santa Cruz, CA
• Augusta, GA
• Palm Bay-Melbourne- Titusville, FL

First-time buyers often purchase starter homes, which according to RealtyTrac, have faced the biggest deficit in inventory. Rising home prices could be an incentive for more people to list their homes and ease up the tight inventory levels.

Click here to read more about rising home prices outpacing wages.

Credit, Foreclosures, Timothy Kingcade Posts

Florida Homeowners find a way to “Free” Foreclosed Homes

Posted on April 3, 2015by Admin

States such as Florida, New Jersey and New York have a five or six year statute of limitations on foreclosure cases. This allows cases of foreclosure to potentially be thrown out of court if dragged on for five or more years. Many Florida homeowners are using this statute of limitations to stay in their homes without having to make another payment to their lender.

Many defaulting homeowners continue to live in their homes after the foreclosure process has begun. For example, Bank of America has started the foreclosure process on approximately 20,000 mortgages that have not been paid in five or more years and 90 percent of those homeowners are still living in their homes.

While the issue is still being argued in the court system, Florida attorneys say lenders have five years to file a foreclosure once a homeowner defaults on his or her mortgage. The lenders argue that the clock resets every time a homeowner misses a payment.

Florida attorneys argue that once a foreclosure case is dismissed for technical reasons, the lender cannot re-file a foreclosure on the home because the statute of limitations has passed. However, in these types of cases the lender can keep a lien on the home that must be paid off before it is sold.

Click here to read more on this story.

Bankruptcy Law, Credit, Foreclosures, Timothy Kingcade Posts

South Floridians Gaining Confidence in the Housing Market

Posted on March 23, 2015by Admin

A recent survey conducted by TD Bank revealed twenty eight percent of South Floridians are “very” or “extremely” likely to purchase a home in the next year or so, compared with only 9 percent in 2014. The survey polled 159 residents of South Florida, but was part of a larger national poll of 1,450 homeowners who purchased homes in the past ten years.

According to TD Bank, South Floridians are “finally finding the confidence to buy again” after the recession. Another survey from Zillow.com showed that South Florida renters are also gaining confidence in the housing market. The survey found that more than 161,000 renters in Palm Beach, Broward and Miami-Dade counties said they plan to buy within a year. South Florida will be a competitive housing market this year, with home prices ranging between $250,000 and $400,000. Nationwide, residents of South Florida, San Jose and San Francisco were most confident in the housing market, according to Zillow.

Click here to read more on this story.

Foreclosures, Timothy Kingcade Posts

Bill would Force Banks to Maintain ‘Zombie’ Homes if Passed

Posted on March 13, 2015by Admin

For years, homeowners who are being foreclosed upon have vacated the property before the foreclosure has been processed, often leaving the home in shambles. This has caused neighboring houses in those communities to lose significant value.

Currently, banks do not have a responsibility to maintain the properties until after the foreclosure is complete. This can leave homes vacant for months or even years. In an attempt to try and force banks and other mortgage lenders to maintain vacant properties during the foreclosure process, State Attorney General Eric Schneiderman plans to introduce a bill that would require not only maintenance from banks during the process of foreclosure, but allow homeowners to stay in their homes until ordered out by a judge.

The bill, entitled the Abandoned Property Neighborhood Relief Act would also create a registry of vacant properties to assist municipalities in enforcing local laws regarding property maintenance. Any fines collected would go into a fund to help hire more code-enforcement officers. Florida, New York and New Jersey hold the three highest rates of zombie properties, according to RealtyTrac.

Click here to read more on the Abandoned Property Neighborhood Relief Act.

Foreclosures, Timothy Kingcade Posts

‘Zombie’ Homes Decreasing Neighborhood Property Values

Posted on March 12, 2015by Admin

Zombie homes are the name given to homes that are in the process of being foreclosed upon and have been abandoned by the property owner. In Florida, banks are not legally obligated to take care of properties until the foreclosure process is complete.

Unfortunately for nearby homeowners, the families who are foreclosed on are not the only ones who suffer. For example, in Florida a house worth $250,000 before the housing market crash is now worth only $68,000, due in part to zombie homes in the neighborhood. Zombie homes significantly impact the value of other homes in the neighborhood.

The State of Florida has more than 35,000 zombie homes, which is more than three times the national average, according to RealtyTrac. Many of the abandoned homes have overgrown lawns, plagued by snakes, spiders or other insects. Another common problem among these types of homes is “squatters,” who move into the vacant properties and then file for adverse possession, claiming that they now own the property because they have been living there for a certain amount of time.

Some states are in talks to pass a “Zombie Prevention Bill,” which would hold banks accountable for properties while in the process of foreclosure.

Click here to read more about the toll zombie homes are taking on Florida neighborhoods.

Foreclosures, Timothy Kingcade Posts

Trending: High-End Homes See More Foreclosures

Posted on March 10, 2015by Admin

The national foreclosure rate fell to 1.4% in December 2014, the lowest rate since March 2008, according to CoreLogic. However, foreclosures involving mortgages of $750,000 plus remain at a higher rate of 2.5%. After the housing market crash of 2008, foreclosure percentages have reached as high as 6.8% in May of 2012. Economists agree that it appears the market is on the mend. However, struggling homeowners with more expensive mortgages are recovering less quickly than others.

Before the housing market crashed, homeowners with $750,000 plus mortgages had lower rates of foreclosure than average. The recession has changed all that. CoreLogic data shows that in January 2006, the national average foreclosure rate was .1% and the foreclosure rate for $750,000 plus mortgages was .05%.

Some experts believe the higher foreclosure rate for “wealthier” homeowners is linked to the stock market crash and the subsequent housing market crash in 2008. Another contributing factor is that most states with higher stock in luxury homes also have the highest foreclosure rates since the crash. For example the three states with the highest foreclosure rates are New Jersey with a rate of 5.2%, New York with a rate of 4.0% and Florida with a rate of 3.7%. All of which have a large concentration of high-end real estate.

Click here to read more on this story.

Foreclosures, Timothy Kingcade Posts

Struggling Florida Homeowners Get a Break: No Default Notice Means No Foreclosure, Fourth DCA Rules

Posted on March 5, 2015by Admin

The Fourth District Court of Appeal has sided with the homeowners in a case involving Deutsche Bank and a mistake over the notice of default in a foreclosure case. A mailing address proved to be the bank’s downfall in an attempt to recover a house in Port St. Lucie, well-known for being one of the hardest hit cities following the housing collapse.

The attorney for the family argued the bank violated terms of the mortgage by sending the notice of default to a post office box as opposed to the property address, which was the official address listed on the mortgage. Even though the house was vacant at the time, the appeals court agreed and remanded the case to the trial court for dismissal.