Foreclosure Defense, Foreclosures

Foreclosure Scams to Beware of

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

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.

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

While the nation is seeing a drop in the number of foreclosures, Florida is seeing the opposite. For the 12th 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/

 

 

Foreclosures

How to Purchase a Home After Foreclosure

One of the biggest fears people have after going through a foreclosure is how it will hurt their chances of purchasing a home again in the future.  While the effects of foreclosure can be far-reaching, it does not mean that all hope is lost for that person ever owning a home, again.

What Are the Consequences of a Foreclosure?

A foreclosure can affect different aspects of a person’s life. It can make finding and purchasing a new home more difficult. Many consumers also suffer from the hit their credit scores take from a foreclosure. Some can be hit with a surprise tax bill following a foreclosure. Even more pervasive are the emotional effects that come with a foreclosure. Our Miami foreclosure defense attorneys fight for homeowner rights, help alleviate these concerns and get you back on track financially.

Rebuilding Credit

Following a foreclosure, a consumer should expect to see his or her credit take a significant hit. If that person wishes to purchase a home or car in the future, it is important that he or she works to rebuild his or her credit so that the consumer can get loans with decent interest rates in the future. Credit can be rebuilt, although it takes time and effort. The first step is to review your credit report. Consumers can get free copies of their credit reports from each of the three major credit bureaus annually. Reviewing your credit report gives you a chance to monitor your progress when it comes to improving your credit score. It can also help with making sure that no mistakes exist on the report that could hurt the consumer later.

It may seem counter intuitive, but credit can be rebuilt through using a credit card. Many consumers find success in using a secured card initially after a bankruptcy or foreclosure, which requires a deposit be paid by the cardholder. Many banks offer secured credit cards for their customers. The deposit for the card usually limits how much the person can charge on the account, but secured cards are not normally meant for the long-term. They can help a person establish a credit base before transferring to a regular credit card with a lower interest rate. If the consumer uses a credit card, it is important to ensure that the balance does not get out of control. Make sure payments are made on time. Many financial experts recommend that consumers pay their balances off in full every month to boost their credit scores.

Financing a Home

Lenders normally require a certain period of time pass after a consumer goes through a foreclosure. A mandatory waiting period for a conventional mortgage is usually seven years. However, a consumer may be able to get a mortgage sooner than seven years, depending on that person’s life circumstances and the type of mortgage he or she wants. Fannie Mae does allow a shortened waiting period of three years if the purchaser can show that the foreclosure was due to circumstances beyond his or her control, such as a sudden job loss, death in the family resulting in loss of income, or major medical crisis. The requirements for obtaining a three-year waiting period are much stricter and do require a larger down payment.

Another option is an FHA loan for consumers wishing to purchase a home after foreclosure or bankruptcy. The minimum time period between foreclosure completion to purchasing a home is three years. If extenuating circumstances exist, it is possible to request an even shorter waiting period, although these situations are rare. FHA borrowers do need to show that they have been exercising good financial habits since foreclosure to qualify for the loan, demonstrating that they are not a financial risk to the lender.

If the borrower had his or her mortgage discharged through bankruptcy instead of foreclosure, the waiting period is shorter. Fannie Mae guidelines allow a lender to approve a new mortgage for someone who had their mortgage discharged in bankruptcy to receive a new loan after four years or two, with extenuating circumstances.

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://www.bankrate.com/mortgage/life-after-foreclosure/

 

 

Foreclosures, Timothy Kingcade Posts

Foreclosure Rates Reach Pre-Recession Record Low

Good news has come from the housing market involving mortgages and delinquencies across the nation. According to a recent report, the rate of foreclosures and loan delinquencies is now at the lowest it has been since before the 2008 financial crisis.

The report comes from the Data and Analytics division of Black Knight, Inc. and showed that just shy of four percent of mortgages nationwide were delinquent as of 2018, which is down 18 percent from 2017. One word of caution from the report was that it was possible that these figures could be inflated by the after-effects from the 2017 and 2018 hurricanes. The effect could not be too significant, however, since areas that were not impacted by hurricanes were also down 11 percent from 2017. It is anticipated that these rates will decrease even more and could even go lower than they were before the recession.

Mortgages that were seriously delinquent also went down as of the end of 2018. A mortgage is said to be seriously delinquent when the payment is more than 90 days past due. Foreclosure starts, as well as foreclosure sales, were at an 18-year low, according to Black Knight’s reports.

Of all of the states, Colorado reported the lowest serious delinquent rate at 0.37 percent, while Mississippi was at the highest at 3.06 percent. The national foreclosure rate was also down 19 percent over 2018, dropping 0.52 percent from 2017. Even more promising were reports that five states experienced more than 30 percent declines in their foreclosure rates, including New Jersey, Oregon, Nevada, Washington, Utah and D.C.

States that reported the highest number of non-current home loans, meaning loan obligations that were in some level of delinquency or were past due, were from southern states, including Mississippi, Alabama, West Virginia, Arkansas, and Louisiana. Colorado, North Dakota, Idaho, Washington and Oregon reported the lowest number of non-current loans.

As of the end of 2018, 60,000 loans were in foreclosure to the point where the borrower had not made a payment in over two years. Over 40,000 loans had not received a payment in at least five years. These figures may seem high, but the report also showed that the aged foreclosure inventory rate was dropping, as well.

In fact, foreclosures that were ongoing for five or more years dropped by 35 percent from 2017 to 2018. Interestingly enough, the aged foreclosures seem to be from two states, including New York and Florida. These two states alone claim 40 percent and 20 percent respectively of aged foreclosure loans.

Many borrowers are taking this opportunity to refinance their mortgages. The report indicated that the lower rate of mortgage foreclosures in the last two months alone led to a 50 percent increase in the number of borrowers seeking a refinance on their mortgages.

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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 McMaken website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Second Wells Fargo Glitch Leads to More Foreclosures

Wells Fargo is in the hot seat once again when it comes to home foreclosures. Recently, Wells Fargo said a computer glitch led to the bank wrongfully denying customers the chance to either request a loan modification or repayment plan on their home mortgage. Now it appears an additional glitch has led to even more foreclosures.

This most recent mistake involves loan modifications submitted to Wells Fargo between March 15, 2010, and April 30, 2018. The computer glitch Wells Fargo claims happened is responsible for hundreds of homes being denied modifications during this time period.

The announcement comes after Wells Fargo admitted in November to a separate error in a filing with the United States Securities and Exchange Commission. The company admitted that a computer glitch led to the bank denying mortgage customers the opportunity to request either a repayment plan or loan modification. They reported that these denials happened approximately 870 times. Because of these errors, 545 homes went into foreclosure.

In this SEC filing, Wells Fargo reported that it was a calculation error that occurred when the bank’s program implemented newer controls that resulted in an overestimation of attorney’s fees for the homeowners who were in the middle of foreclosure. Because of this error, the bank rejected these 870 loan modification requests.

This is not the first time that Wells Fargo has made this mistake. Back in August, the company disclosed that yet another calculation error in the underwriting software mistakenly denied 625 borrowers loan modifications under a federal assistance program, resulting in 400 homes being foreclosed.

With delinquent mortgage payments on the rise this past year, the need for loan modifications and flexible repayment plans is more important than ever to homeowners. Mistakes like the one made by Wells Fargo can have disastrous consequences for homeowners already in a tough spot.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether 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.

 

 

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

New Mortgage Rules Aim to Stop Wrongful Foreclosures

Last week the Consumer Financial Protection Bureau (CFPB) approved new rules that will help prevent borrowers from being improperly foreclosed on by their mortgage lenders. The recently approved rules build on the current regulations that were created in the aftermath of the housing bust. The original rules required mortgage lenders to grant certain foreclosure protections to a struggling borrower once over the life of the loan. The new rules will require mortgage lenders to provide protections more than once, offering them to borrowers who make current payments after they have worked out an agreement to avoid foreclosure.

“This change will be particularly helpful for borrowers who obtain a permanent loan modification and later suffer an unrelated hardship – such as the loss of a job or the death of a family member – that could otherwise cause them to face foreclosure,” the CFPB said in a statement outlining the new rules.

In addition, the rules expand surviving family members’ protections and require mortgage lenders to give borrowers who have filed bankruptcy information about possible options. The rules also prohibit servicers from taking legal steps once borrowers have completed loss mitigation applications.

The rules come after a June report from the CFPB revealed that some servicers were giving homeowners wrong or outdated information or no information at all.

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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.

 

 

 

Debt Relief, Foreclosures

Florida can’t shake its High Foreclosure Ranking

Even though the numbers are shrinking, Florida can’t seem to shake its spot at the top of the nation for foreclosures. The state accounts for approximately 15 percent of all foreclosures nationwide.  Mortgage lenders closed on 71,644 foreclosures in Florida during the 12-month period that ended in February, according to CoreLogic.  That total was down by more than 41,000 foreclosures, or 37 percent, from 2015.

Florida’s foreclosure inventory (i.e. – mortgaged homes in some stage of the foreclosure process) was 2.2 percent in February, the fourth-highest in the nation.  While that number is down from 3.4 percent over the year, it remains double the U.S. rate of 1.1 percent.

Nationwide, completed foreclosures have dropped by 10 percent and the foreclosure inventory has fallen by 24 percent. Statewide, 5.1 percent of all mortgages are considered seriously delinquent — at least 90 days past due — the third-highest level in the nation.

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.