One of the biggest fears bankruptcy filers have before proceeding with a bankruptcy case is the fear of losing their home. Depending on the type of bankruptcy case being pursued and whether the home has already fallen into default or even foreclosure, it is possible for filers to keep their home during a bankruptcy case.
Tag: Mortgage Payments
Mortgage Debt Remains a Problem for Homeowners 55 and Older
Homeowners throughout the country have struggled with staying afloat and remaining in their homes during the COVID-19 pandemic. With no immediate end in sight to the pandemic, it appears as if that problem will continue, especially those in the 55 and older age group.
The U.S. Census Bureau reviewed household statistics through its biweekly Household Pulse Survey to see how homeowners are faring with remaining current on their mortgage obligations. Their most recent study covered the period of September 1 through September 13, 2021. According to the Census Bureau, 1.7 million homeowners ages 55 or older were reportedly behind on their mortgage payments. Of these 1.7 million homeowners, 277,000 of them said that the possibility of facing foreclosure was likely or very likely for them.
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.
Click here for 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.
Some Americans paid off credit cards while waiting on Foreclosure
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.
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.
Related Resources:
http://blogs.wsj.com/economics/2014/04/02/some-americans-paid-off-credit-cards-while-waiting-for-foreclosure/
How to Choose A Mortgage Lender
There has been a lot of buyer concern the past few years in the real estate market. Even those who have not been greatly affected by the Recession and have the means to buy a house may be stalling due to a lack of trust in mortgage lenders. Now that the housing market is stabilizing and lenders are being monitored more closely, buyer confidence is on the rise. The latest question for those looking to buy is, “How do I choose a mortgage lender?”
Here are a few things to remember when choosing your mortgage lender:
Beware – Mortgage people are salespeople. Following the housing market crash, homebuyers are looking for the most skilled financial mortgage experts out there. However, you have to understand that many representatives you will speak with are not qualified to answer the questions you may ask. You cannot assume that all of the loan officers have proper training and credentials, just because you chose a well-known institution. Work with the most knowledgeable loan officer, not the best salesperson.
Beware of the “In-House” Lender. Many real estate companies have “in-house” lenders that work out of the real estate office. This is mutually beneficial for the real estate company and the lender because of the convenience factor. The “in-house” lenders can be a great choice; however, it is best to do your homework. Make sure the “in-house” lender and the officer have the expertise and credentials to properly handle your mortgage.
Beware of Online Discount Mortgage Financing Options. Although it may be advertised that discounted options are available online that leave out the “brick and mortar” costs associated with traditional lenders, this is not always true. Even if you close online or over the phone, the brick and mortar costs are still a part of the income statement. These “discounts” are simply advertisements and tend to be very misleading.
Word of Mouth Trumps All. A general rule of thumb with any choice in services or goods is to ask those around you about their experience with the product or service. If you know of anyone who has recently purchased a home, ask about their experience. With all of the recent changes to the market, it is best to ask more than one recent buyer. Other great sources of information include: financial advisors, accountants, attorneys or realtors.
Click here to read more on this topic and find out which mortgage lender is right for you:
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 website, Kingcade & Garcia, P.A.
New Rule to Protect Borrowers From “Risky” Mortgages
The Consumer Financial Protection Bureau (CFPB) has adopted a new rule that will protect borrowers from risky mortgages. Although it will not immediately make mortgages easier to get, it will spell out what lenders must do to ensure their borrowers can afford their mortgages. Part of the reason the housing market burst was due to borrowers agreeing to mortgages they did not understand and could not afford. As a result, millions of homeowners have been foreclosed on and housing prices have dropped more than 30 percent since 2006.
The rule will go into effect next year and prohibits qualified mortgages from:
• Containing “risky” provisions, such as terms that exceed 30 years, interest-only payments or payments where the principal amount increases (negative-amortization payments)
• Carrying fees and points in excess of 3 percent of the loan
• Issuing to borrowers who will spend more than 43 percent of their income on debt payments after the mortgage
There has already been some concern from consumer groups that the rule is too protective and does not help low-income borrowers. Some groups fear that the debt-to-income ratio of 43 percent is too high for most low-income households. The CFPB said that banks would be able to ease their standards over time, however it is necessary for now.
To read more on this story visit: http://www.usatoday.com/story/money/business/2013/01/09/consumer-financial-protection-mortgage/1821329/
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.
Home Prices on the Rise for Eight Straight Months
September marked the eighth straight month where single-family home prices rose on a national scale. The S&P/Case Shiller composite index measures 20 metropolitan areas such as Miami, New York, Chicago, Las Vegas and Los Angeles. On a seasonally adjusted basis, September showed a .4% average gain between the 20 metropolitan areas. The eight-month price gains are the longest running the housing market has seen since 2009, just after the market crashed. Home prices have already made a 3.0 percent rise this year, exceeding economists expectations of 2.9 percent over the entire year.
Signs continue to point to recovery for the housing market and the economy. Progress has not been limited to home prices; it has been seen in many areas during 2012 including: a stabilized job market, a decrease in real estate inventory and record-low mortgage rates.
To read more on this story visit: http://www.nbcnews.com/business/economywatch/home-prices-rise-again-housing-recovery-continues-1C7276579
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.
Columbine Survivor Faces Foreclosure
Richard Castaldo survived the Columbine High School shootings 13 years ago after being shot. He attempted to put the massacre behind him when he moved to Los Angeles, California to pursue a career in music. However, the condo he invested in is now facing foreclosure after he fell behind on his mortgage payments in February. Castaldo was advised at the time of purchase to take an interest-only loan to buy the property, leaving him with mortgage payments he could not afford after the housing bubble burst.
Castaldo is currently seeking help from the group, Occupy LA. While at one of the group’s meetings, he met an attorney who is trying to help him not fall victim to fraudulent foreclosure practices. His house will be sold at an auction on December 6, 2012 if he and his attorney are unable to stop the process.
To read more on this story visit: http://usnews.nbcnews.com/_news/2012/11/27/15475241-columbine-survivor-turns-to-occupy-la-to-battle-foreclosure?lite
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.