Miami foreclosures Archives - Page 2 of 2

How to Protect Yourself if Renting during a Foreclosure

Posted on June 14, 2017by Admin

Imagine paying your rent on time every month and learning that your landlord is not paying the mortgage. Many tenants find out too late that the home they are renting is in foreclosure. This has become a common problem, particularly in South Florida. If you find yourself in this situation, there are some immediate steps you can take to help protect yourself.

You received a letter from the lender’s attorney advising you about the pending foreclosure. You should call that attorney and ask the following questions:

When and where will the foreclosure sale take place?
Can you start making your rent payment directly to the lender, or place it in escrow?
If the lender purchases the property at the foreclosure sale, will they allow you to reside at the property? If so, for how long?

If you are interested in purchasing the property, at a foreclosure sale it is possible to get a good deal if you are the top bidder. However, before moving forward you should discuss it with your own attorney. A title search will need to be performed before the sale. You will need to know what your rights and obligations will be before purchasing the property.

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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.

Foreclosures at New Low, Mortgage Delinquencies Jump

Posted on May 31, 2017by Admin

The number of first-lien mortgage delinquencies increased 13% last month, the largest increase since November 2008. Month-over-month there were 241,000 additional borrowers past due on mortgage payments, according to data from Black Knight Financial. The delinquencies were mostly in their early-stage.

Active foreclosure inventory was at a 10-year low in April and the month also saw the fewest new foreclosure starts since January 2005, only 52,800, down 12.4% from March and 10% year-over-year. Most improved by percentage were New Jersey (14%), Florida (13%), New York (13%), Nevada (11.7%), and DC (9.7%).

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Debt Relief, Foreclosures, Timothy Kingcade Posts

Florida Couple Triumphs in Foreclosure Appeal

Posted on April 24, 2017by Admin

A Florida couple won an appeal in a foreclosure ruling by the 4^th District Court of Appeal of Florida. The appeals court determined the couple had a valid case and overturned the trial court’s decision, favoring the borrowers and that the bank, “failed to establish standing.”

In 2008, the couple defaulted on a loan three years after they signed a mortgage with the original lender, Bankers Mortgage Trust Inc. The couple was accused of two counts: 1. mortgage foreclosure and 2. “reestablishing” a note that was allegedly lost. A piece of paper attached to the copy of the note approved the new owner of the loan from the original lender to GreenPoint Mortgage Funding Inc. The claim about the lost note was dismissed after the bank failed to prove that it was the “legal and/or equitable owner and holder of the Note and Mortgage and (had) the right to enforce the loan documents.”

It didn’t help the bank when their sole witness, Pamela Bingham, who worked as a home lending research officer, couldn’t determine when the approval for GreenPoint Mortgage to take over the loan was included in the note or whether it was on the back or on another piece of paper, according to court documents.

The couple filed an appeal alleging the bank never provided valid evidence that it received the note from the original lender, and therefore it could not win the case as a non-holder in position with the rights of the holder.

“There was nothing, however, connecting the bank the endorsee of the note, GreenPoint Mortgage, to EMC Mortgage or the Bank,” according to the court. “In other words, the Bank failed to prove the series of transactions through which it purportedly acquired the note from the endorsee.”

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Foreclosures, Timothy Kingcade Posts

South Florida’s Foreclosure Rate Continues to Drop

Posted on January 10, 2017by Admin

A recent report shows foreclosure activity on the decline, bringing South Florida’s rank to 10^th in the nation among other metropolitan areas. One in every 786 housing units in South Florida was in some stage of foreclosure last month, according to the real estate research company ATTOM Data Solutions. This number has fallen nearly 18 percent compared to the previous year.

Miami-Dade had the largest number of distressed properties with 1,479 homes in the foreclosure pipeline last month. Broward came in second with 1,012 housing units, followed by Palm Beach with 657.

Miami was one of the hardest hit cities during the housing market crash. This was in part due to lenient mortgage requirements and a surplus of new condo projects.

As home prices recovered and more buyers began purchasing properties in all-cash, South Florida’s foreclosure rate has steadily declined over the past few years.

Related Resources:

http://therealdeal.com/miami/2016/12/15/south-floridas-foreclosure-rate-dives-again-in-november-report/