Tag: Mortgage Rate

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Why You Shouldn’t Panic about Rising Mortgage Rates

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Although mortgage rates have been on a steady rise in recent months, buyers should not panic because rates are still historically low. According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage rose to 4.16 percent, up from 4.13 percent last week. This is up from 3.97 percent last year. This means buyers will pay approximately $21 more per month compared to a year ago on a $241,000 mortgage with a 20 percent down payment.

According to economists, the rise in interest rates should not deter potential buyers. In 1996, the average rate was 5.67 percent and in 1990 it was 10.13 percent. However, for the past ten years rates have been under five percent.

Mortgage rates are forecasted to gradually increase throughout 2017. As a result, home prices are also expected to rise.

“The era of ultra-low interest rates is over,” said Lawrence Yun, chief economist of the National Association of Realtors. “The short-term rate hike will be followed by several additional rounds of increases in 2017 and 2018. Despite these moves, mortgage rates will not rise alarmingly.”

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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.

 

 

Credit, Foreclosures, Timothy Kingcade Posts

South Florida’s Average Mortgage Balance Dropped $3K in a Year

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According to CreditKarma.com South Florida’s average mortgage balance has dropped $3,000 since last year. Average debt in November 2011 in both Broward and Miami-Dade counties was $198,150 and dropped to $195,274 in November 2012. This is a sign that the economy is slowly improving in South Florida. Credit card debt has also dropped since 2011, on average more than $1,000 per consumer.
Palm Beach and Broward County mortgage banker, Adam Cohn said he has noticed that clients are trying to pay down their mortgages before refinancing. Cohn also said he has seen some couples take out of retirement to pay down their mortgages. The fact that homeowners have become more cautious with their money shows they have learned a lot from their financial mistakes during the recession. The average mortgage amount for new homeowners in South Florida is approximately $200,000.
To read more on this story visit: http://www.sun-sentinel.com/business/blogs/money-sense/sfl-mortgage-balance-drops-20121211,0,6625974.story
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.

Credit, Timothy Kingcade Posts

‘Strike Debt’ Movement Aims to Erase America’s Debt

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The latest Occupy Wall Street movement, the ‘Strike Debt’ movement consists of a group of professors, documentary filmmakers and corporate dropouts. The group aims to purchase some of the American people’s looming debt. ‘Strike Debt’ held a fundraiser last week at the Le Poisson Rouge nightclub called the ‘Rolling Jubliee.’ Before the event took place, the group had already raised $129,00 through online donations. Since then, the group’s efforts have raised more than $350,000.
In addition to raising funds for American’s drowning in debt, the group has also produced the ‘Credit Resistors’ Operations Manual. The manual explains how to fight and ignore creditors and explains how the credit industry works. While the group remains somewhat controversial, Forbes Magazine praised the movement, calling it an “idea we can all get behind.” The group will start the movement by purchasing medical debt and later move on to student loan and credit card debt.
To read more visit: http://www.nytimes.com/2012/11/14/nyregion/occupy-offshoot-aims-to-erase-peoples-debts.html?src=recg
Or visit: http://www.prwatch.org/news/2012/11/11870/join-rolling-jubilee-“you-are-not-loan”
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.