Tag: Mortgage Rates

Credit, Foreclosures, Timothy Kingcade Posts

Mortgage Interest Rates Frozen – Money Tips for 2013

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It’s been reported that the Federal Reserve will likely keep interest rates regulated throughout 2013. In order to spark housing market growth, the Federal Reserve will keep the lending rate between banks in the 0% – 0.25% range until mid-2015.

Below are some savings and credit tips for the 2013 economic climate:

• Freeze your mortgage rate. Mortgage interest rates are at a 40-year low; therefore, you can lock in your mortgage with a fixed-rate. The interest on a 30-year fixed mortgage has been 3.57% throughout January.

• Lower your mortgage term. If you are planning on refinancing your home and might be moving within a few years, you should consider an adjustable-rate mortgage. During January, initial rates on five-year ARMs were 2.68%.

• Open long-term CDs. Place your cash in a long-term CD with low withdrawal penalties. This will give you the opportunity to make thousands of dollars in just a few years time.

• Avoid rising-rate CD lures. If a bank offers you an option for a higher yield on a CD if rates rise, you typically get a low initial rate. It is better to shop around and compare other rates with the fixed equivalent.

• Use local banks. Online banks sometimes have the best rates. However, if you prefer a bank you can physically go to, community banks are a great choice. Most local banks are less affected by the Federal Reserve and offer great rates. Visit www.findbankrates.com for the best rates in your area.

• Transfer a balance. Average interest rates on credit cards are extremely high right now. You can transfer a balance from a card with a higher rate to a card with a lower rate and save money.

• Carry rewards cards. If you are usually able to pay off your credit card balance, you are best suited for a rewards card, rather than an extremely low interest rate card.

To read more on this story visit: http://money.cnn.com/2013/01/01/news/economy/interest-rates.moneymag/index.html

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.

Foreclosures, Timothy Kingcade Posts

Home Prices on the Rise for Eight Straight Months

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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.

Credit, Foreclosures, Timothy Kingcade Posts

Florida Receives $3.6 Billion in Mortgage Relief

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One of the largest consumer financial protection settlements occurred earlier this year and as a result, Florida homeowners received more than $3.6 billion in mortgage relief.  Between March 1st and September 30th, more than 309,000 borrowers across the nation received some sort of mortgage relief. According to a report by Joseph Smith who monitors the settlement, the average relief per homeowner was about $84,385. As of September 30th, approximately 48,998 Floridians have received relief. On average, Floridians received $73,663, which is about $10,700 less than borrowers in other states.
 
The settlement was between 49 states and the five largest mortgage lenders for a total of $26.1 billion. According to Smith, around $13.1 billion of that relief came in the form of short sales. Banks have cut homeowners’ mortgage balances nationwide by $6.3 billion as a part of the settlement. Refinancing home loans accounted for approximately $1.4 billion. Banks participated in trial loan modifications equivalent to $4.2 billion. Also, as part of the settlement, banks erased $2.6 billion in first-lien loans and $2.8 billion in second-lien loans.
 
To read more on this story visit: http://www.miamiherald.com/2012/11/19/3105335/distressed-florida-homeowners.html
 
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.

Timothy Kingcade Posts

JPMorgan and Credit Suisse Settle with SEC for $400 Million

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JPMorgan and Credit Suisse will together pay more than $400 million to resolve allegations that they misled investors in mortgage-backed securities, the Securities and Exchange Commission announced Friday. JPMorgan will pay $297 million in the settlement. The lender was charged with misstating information regarding the delinquency status of mortgage loans that were part of a securities offering. They were also charged with allegations related to a 2008 Bear Stearns case where the lender was accused of failing to disclose its practice of collecting cash settlements from mortgages. As a result, they failed to pass on proceeds to the investors who purchased them. Credit Suisse was charged with similar allegations of misleading investors and also with misstatements in SEC filings. The lender will have to pay $120 million.
The banks did not admit or deny the charges against them and allegedly earned millions from the practices. JPMorgan reportedly earned $2.7 million and its investors lost $37 million. Bear Stearns allegedly earned $138 million and Credit Suisse, $55 million from settlement collections. JPMorgan has accumulated a number of problems since acquiring Bear Stearns that have cost the bank between $5 and $10 billion.
To read more on this story visit: http://money.cnn.com/2012/11/16/news/companies/jpmorgan-credit-suisse/index.html?iid=HP_LN
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.

Foreclosures, Timothy Kingcade Posts

Mortgage Rates Fall to New Lows

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The housing market continues to show signs of recovery as average rates on fixed mortgages fell to new lows last week. Freddie Mac released that the average rate on 30-year loans fell to the lowest rate since 1971 at 3.34 percent. The rate was down from 3.40 percent the following week. The average fixed mortgage rate on 15-year loans was down from 2.69 percent the previous week to 2.65 percent last week.
Home prices, home sales, home construction and refinancing have all slowly increased this year. The Federal Reserve announced that tight lending standards have slowed down the economy’s recovery process. Chairman, Ben Bernanke said the banks were forced to raise their standards in 2008 after the housing market crashed. He went on to say that if banks would loosen lending standards now that things are improving, the economic recovery would speed up by boosting home sales.
To read more on this story visit: http://www.usatoday.com/story/money/business/2012/11/15/mortgge-rates/1706975/
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.