Tag: Miami foreclosure defense

Foreclosures, Timothy Kingcade Posts

Second Wells Fargo Glitch Leads to More Foreclosures

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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.

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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

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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

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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.

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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.