Miami foreclosure defense attorney Archives - Page 18 of 20

Lawsuit aims to stop collection attempts on mortgage debt from old foreclosures

Posted on August 22, 2014by Admin

A lawsuit filed last week in federal court is hoping to block collection attempts on unpaid mortgage debt from foreclosures that took place years ago. A deadline change in the state’s law started a mass filing this year of deficiency judgment claims against defaulted borrowers, including at least 110 lawsuits in Palm Beach County since June 1.

The problem is that the claims violate the Fair Debt Collection Practices Act in cases where the suit is filed in Florida, but the borrower has since moved out of state. There is a class action lawsuit being sought in the Middle District of Florida on behalf of Massachusetts resident Richard Simpson, who lost a Jacksonville home to foreclosure in 2009.

Simpson was sued for a $26,651 deficiency in February, but many of the claims are for amounts greater than that. It is typically the difference between what the home is sold for at auction and the remaining mortgage debt.

The goal is to sue the out-of-state defendants who have just 20 days to respond, and then get a default judgment when they do not respond on time. Approximately 10,000 deficiency judgment claims have been filed in Florida.

Many homeowners are taken completely by surprise, unaware that the banks have a right to do this. Deficiency judgments used to be so rare that underwater homeowners simply took the chance and walked away, thinking the worst thing that could happen is that they lose their home.

A change in Florida law that went into effect July 1, 2013, reduced the timeline that banks and mortgage companies have to file for a deficiency judgment from five years to one year after a foreclosure is final, which is when the home is sold at auction.

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, Foreclosures, Timothy Kingcade Posts

Foreclosures hit Pre-Crisis Low

Posted on August 14, 2014by Admin

The number of home loans that entered foreclosure in the second quarter this year hit its lowest level since early 2006, just before the housing crisis, according to data released by the Mortgage Bankers Association. Housing experts attribute the low rate to an improving job market and higher home prices, another sign that the mortgage crisis is behind us- for now. At the mortgage crisis’ worst point, in the third quarter of 2009, servicers started foreclosures on 1.42% of home loans. Last quarter, they began foreclosures on only 0.4% of loans, the lowest rate since the second quarter of 2006.

Delinquency rates- those that have at least one late payment but are not yet in the process of foreclosure- decreased to 6.04% after adjusting for seasonality, reaching its lowest level since the end of 2007. However, banks still have a number of already foreclosed-upon homes to work through particularly those in “judicial states,” where foreclosures must be processed through the court and tend to take longer.

Florida, New York and New Jersey accounted for more than 40% of all loans in foreclosure in the second quarter. These three states will have a significant impact on national figures moving forward.

Foreclosures, Timothy Kingcade Posts

Florida Leads Nation in Foreclosures…Again

Posted on July 21, 2014by Admin

A recent report released by RealtyTrac revealed Florida’s foreclosure rate was the nation’s highest for the first half of 2014. According to the report, 1 in 74 Florida homes had a foreclosure filing in the first six months of the year and more than 121,000 properties had a foreclosure filing- the most of any state. This number was down 22 percent from a year earlier.

Miami had the nation’s highest metro area foreclosure rate, with 1 in 61 homes in foreclosure for the first half of the year. Orlando, Port St. Lucie, the Space Coast and Tampa followed, having the top five foreclosure rates by metro areas.

Foreclosures, Timothy Kingcade Posts

Mortgage Default Rates Hit Lowest Level since May 2006

Posted on July 3, 2014by Admin

Mortgage default rates hit their lowest level last month compared to bank cards and auto loans. These are some of the lowest levels seen since May 2006. Mortgage default rates continue their downward trend from 1.30% in October 2013 to .92% in May 2014.

In addition, consumer credit default rates decreased for the seventh consecutive month. According to the S&P/Experian Consumer Credit Default Indices, consumer credit decreased to the lowest default rate since May 2006, falling from 1.01 from 1.11 in April and 1.42 in May 2013.

Miami maintains the highest default rate of 1.74% while Dallas maintains the lowest rate of 0.77%. Chicago, Dallas, Los Angeles, Miami and New York remain below default rates seen a year ago.

Foreclosures, Timothy Kingcade Posts

New Foreclosure Cases Rapidly Decline in South Florida

Posted on June 24, 2014by Admin

New foreclosure filings fell a whopping 75 percent across Broward County last month, another indication that the housing market crisis is a thing of the past. Broward had 275 new cases filed last month, compared with 1,087 in May 2013, according to RealtyTrac, Inc. It was the 10th month in a row that foreclosure filings have dropped. New cases also declined 75 percent last month in Palm Beach County.

Real estate experts attribute this drastic decline to the new state law that took effect last year, which resulted in lenders delaying foreclosure filings until they have all of their paperwork in order.

Florida had the nation’s highest foreclosure rate for the eight month in row, an indicator of just how hard the state was hit as a result of the housing market crisis.

Credit, Foreclosures, Timothy Kingcade Posts

Florida Borrowers entitled to $40 Million from SunTrust Mortgage Abuse Settlement

Posted on June 19, 2014by Admin

Florida Attorney General Pam Bondi joined 48 other state attorneys general, the District of Columbia and other federal agencies in reaching a $550 million nationwide settlement with SunTrust over mortgage and foreclosure abuses.

The civil charges accuse SunTrust of improper documentation of loans, lost paperwork and robo-signing. Approximately 8,421 Florida borrowers who had SunTrust loans or lost their homes from 2008-2013 to foreclosure, can apply for a portion of the $40 million designated to the state. This money could take the form of a cash payout, principal reductions or refinancing of underwater mortgages.

SunTrust has the responsibility to contact borrowers and has agreed to the following terms:

• Making foreclosure a last resort and evaluating homeowners for other loss mitigation options, first.
• Restricting foreclosure while the homeowner is being considered for a loan modification.
• New procedures and timelines for reviewing loan modification applications.
• Providing homeowners with the right to appeal denials.
• Requiring a single point of contact for borrowers seeking information about their loans.
• Maintaining adequate staff to handle calls.

Foreclosures, Timothy Kingcade Posts

U.S. Investigates Possible Overcharging by Banks for Foreclosure Fees

Posted on June 2, 2014by Admin

An investigation is underway of at least five banks over whether they overcharged the government for expenses incurred during foreclosures on federally backed home loans, filings and interviews. The banks under investigation include: PNC Financial Services Group Inc, PHH Corp, MetLife Inc, Santander Holdings USA Inc and Citizens Financial Group Inc, the U.S. unit of Royal Bank of Scotland. The U.S. Attorney’s office is seeking information on claims on foreclosed loans insured by the Federal Housing Administration or guaranteed by Fannie Mae and Freddie Mac, according to Reuters.

Two of the banks, PNC and MetLife, said federal authorities are looking at foreclosure-related costs incurred by law firms. Foreclosures generally cost between $1,000 and $3,000, depending on the state and type of foreclosure, with the bulk going to legal fees. Other expenses, including posting and mailing notices, court filing costs and title searches are separate.

The law firms under investigation allegedly represented expenses that were much higher than their actual costs, in some cases by hundreds of dollars. One firm charged $150 for posting a notice on the door of a property in foreclosure, even though the market rate for the service is about $25, according to the allegations. Another allegedly inflated court filing costs.

Foreclosures, Timothy Kingcade Posts

North Miami Mayor Charged with Mortgage Fraud

Posted on May 20, 2014by Admin

Before being elected mayor of North Miami last year, Lucie Tondreau was the co-host of several radio programs that federal authorities say led to an $8 million mortgage fraud scheme. According to court documents, the future mayor co-hosted with Karl Oreste, a mortgage company owner, and used Creole-language to bring in “straw borrowers” who filed fake loan applications to purchase 20 homes across South Florida and then cut Tondreau in on the profits of the scam.

The mayor faces criminal charges and a potential suspension from office by Gov. Rick Scott. This is just the latest legal trouble for the mayor, as her campaign faced state scrutiny last year. Prosecutors linked online absentee-ballot requests made in bulk to her campaign office. Florida law prohibits ballot requests to come from anyone other than voters themselves or their family. Tondreau has denied any wrongdoing and has not been charged.

News of the federal charges have spread quickly through the community as Tondreau- the city’s first Haitian-American female mayor- has been a trusted voice on Creole-language radio and has built a reputation in the 80’s and 90’s as a vocal Haitian rights activist in South Florida.

Click here to read more on this story.

Foreclosures, Timothy Kingcade Posts

Foreclosure Rate on the Decline in U.S., Florida

Posted on April 24, 2014by Admin

According to a recent report by Black Knight Financial Services, the share of loans in foreclosure is down nearly 37 percent year-over-year, dropping to rates not seen since 2008. In Florida, 12 percent of homeowners with mortgages are not current with their payments, the third largest percentage in the nation of those behind on mortgage payments.

Less than 4 million people are not current on their mortgage payments- the lowest amount since November 2007. The report said Florida has had the second biggest improvement in the past six months, with a 20 percent reduction in delinquency. These levels have not been seen since October 2007, with foreclosures at a 7.5 year low. In addition, pre-payment rates have increased from last month to eight-tenth of a percentage point- not seen since 2008.

Click here to read more on this story.
http://www.bizjournals.com/jacksonville/news/2014/04/23/black-knight-report-foreclosure-rate-sinking-in-u.html

Foreclosures, Timothy Kingcade Posts

Some Americans paid off credit cards while waiting on Foreclosure

Posted on April 16, 2014by Admin

The number of foreclosures during the recession helped some Americans pay off other debts, such as credit card bills, according to research from the Federal Reserve Bank of Philadelphia. Foreclosures peaked in 2009, and the timeline for processing them stretched out in some states for as much as three years, allowing many people to remain in their homes without paying a mortgage.

The economists looked at data from U.S. households that were already delinquent on at least one credit card before falling behind on mortgage payments and going into foreclosure from 2004 through 2010. Their research of more than 27,500 loans found people whose foreclosures took longer to process were more likely to pay off nonmortgage debt like credit cards.

However, the benefits are often short-lived. The results of the study indicate that the foreclosed consumers are less likely to stay current on all of their credit cards as they have to start making mortgage payments once the foreclosure ends.