Tag: RealtyTrac

Foreclosure Defense, Foreclosures

Decline Seen in Latest Foreclosure Filings

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A decline in foreclosure filings was seen at the end of 2021, according to figures from the ATTOM subsidiary, RealtyTrac. According to their study, released in RealtyTrac’s Foreclosure Market Report, foreclosure filings were down five percent from the previous month.

Despite this fact, the 19,479 properties with foreclosure filings in November 2021 was up 94 percent from the previous year. This increase represents the seventh consecutive monthly increase when comparing 2020 filings with 2021.

This news comes four months after the federal foreclosure moratorium was lifted and forbearance plans ended. Housing experts were concerned that a wave of foreclosures would be hitting the courts, but this monthly decline seems to indicate otherwise.

RealtyTrac reports that foreclosure activity slowed down as 2021 came to a close. An initial surge may have been seen after the moratorium was lifted, this activity did slow down eventual across the U.S.

ATTOM reported which states had the highest foreclosure rates for 2021. States with the highest foreclosure rates included Illinois, Florida, Ohio, Delaware, and New Jersey. Florida reports one foreclosure filing for every 3,319 units. Of the metropolitan areas surveyed, three areas in Florida reported a high rate of foreclosures. Lakeland, Florida reported one foreclosure filing for every 2,345 units. Ocala, Florida reported one filing in every 2,485 units, and Miami, Florida reported one foreclosure filing for every 2,626 units.

Housing experts are optimistic with these new figures, claiming that despite the fact that governmental programs to prevent foreclosures have lapsed, the aid received through these programs have prevented many homeowners from falling into foreclosure.

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Choosing the right attorney can make the difference between keeping your home or losing it in foreclosure. 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

Debt Relief, Foreclosures, Timothy Kingcade Posts

RealtyTrac Reports Foreclosure Activity “Flat” in May

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Foreclosure filings, which include default notices, scheduled auctions and bank repossessions were reported on 100,841 properties in May, a number virtually unchanged when compared to April and a decrease of 21% from a year ago.  RealtyTrac’s U.S. Foreclosure Market Report reveals May was the eighth consecutive month with a “year-over-year” decrease.

Florida, New Jersey, Maryland, Delaware and Nevada were the states with the highest number of foreclosure filings for the month.

A total of 42,279 properties started the foreclosure process in May, down 3% from the previous month and down 18% from the previous year, according to RealtyTrac’s report. It was the 11th consecutive month with a year-over-year decrease.

A total of 34,014 bank repossessions were completed in May, up 1% from the previous month but still down 24% from a year ago. It was the third consecutive month with a year-over-year decrease in bank repossessions.

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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, Timothy Kingcade Posts

Zombie Foreclosures: What Homeowners Need to Know

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If you are facing foreclosure, it’s a good idea to not move out of your home too quickly- you could be haunted by what’s called a “zombie foreclosure.”  Some homeowners quickly pack up and leave after receiving a foreclosure notice because they assume the bank will take over the property immediately.  However, in some cases, the bank does not always move so fast.  While the bank is finishing up the foreclosure process, the home can sit vacant for months while still in the homeowner’s name.

A zombie foreclosure can lead to devastating consequences for the homeowner.  Oftentimes, these occur in low-income areas where the lender is not too anxious to assume the responsibility and upkeep of the property, along with paying the taxes.  If squatters occupy the property or it falls into severe disrepair, the bank may ultimately wash its hands of the property.

Other times, the property may have been part of the robo-signing scandal and the foreclosure cannot be completed, the sale was never held, the paperwork was lost, or the title was never officially transferred into the new owner’s name.  All of these circumstances result in the title remaining in the foreclosed homeowner’s name.

The states with the highest number of zombie properties include Florida, Illinois, New York and New Jersey, according to RealtyTrac.  Zombie foreclosures can spell disaster for homeowners.  Since the title is never transferred out of the foreclosed homeowner’s name, they are on the hook for certain debts and expenses like property taxes, HOA dues and maintenance fees for upkeep of the property.  These  debts can go unpaid for years, without the homeowner even knowing they have a legal obligation to pay them, further damaging their credit.

If you leave your property and the title is never transferred out of your name, the following things can happen (among others):

  • The tax collector can come and collect from you back property taxes;
  • The HOA may file a lawsuit to recover unpaid dues;
  • You can incur fines for not complying with housing codes and ordinances;
  • You can incur bills for yard maintenance, repairs, trash and graffiti removal, etc.

So how can homeowners avoid a zombie foreclosure?  Remain in your home for as long as possible during a foreclosure.  You will be less likely to become a victim of a zombie foreclosure if you stay through the entire foreclosure process and wait for an official notice to vacate before moving out.  Confirm the title has been transferred out of your name.  You can do this by going to the county recorder’s office where the property is located to make sure a new deed has been recorded.  You can also check your local county recorder’s website.  It is important to do this because in some cases the bank is not legally required to inform you that the foreclosure has stopped.

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://www.nolo.com/legal-encyclopedia/zombie-foreclosures.html

 

Foreclosures, Timothy Kingcade Posts

Foreclosure Filings Hit Nine-Year Low

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The U.S. reportedly had 1,083,572 foreclosures in 2015, down three percent from 2014, according to RealtyTrac. This is the lowest annual total since 2006. The report includes default notices, scheduled auctions and bank repossessions.

Last year was also the second consecutive year where the annual foreclosure rate was below one percent of all housing units. Data showed that one in every 122 homes or 0.82 percent had at least one foreclosure filing in 2015.

The report also showed data for individual months, revealing that December 2015 foreclosure filings were down one percent from the previous month. It was also the sixth consecutive month foreclosure filings decreased.

RealtyTrac’s Vice President, Daren Blomquist said, “In 2015 we saw a return to normal, healthy foreclosure activity in many markets even as banks continued to clean up some of the last vestiges of distress left over from the last housing crisis.”

Florida was among the top five states with the highest rate of foreclosure in 2015 with 1.77 percent. New Jersey was the only state with a higher percentage of housing units in foreclosure at 1.91 percent. Maryland followed closely with 1.60 percent, Nevada with 1.40 percent and Illinois with 1.26 percent.

Tampa, Jacksonville and Miami reportedly had the highest foreclosure rates of any of the metro areas in Florida.

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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, Timothy Kingcade Posts

Foreclosure Filings Fall in South Florida

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South Florida had a sharp decrease in foreclosure filings in November, losing its spot on the “Top 10 states with the highest number of foreclosures,” according to RealtyTrac’s foreclosure report.  There was one foreclosure filing per 645 homes in South Florida, ranking 12th among metro areas. The region once had the highest foreclosure rate in the nation.  However, with property values rising, homeowners who were previously underwater have been able to refinance or sell their homes.

Banks are continuing to work through the backlog of foreclosures.  The recent numbers mean the share of active foreclosures tied to the housing bubble burst are shrinking, with 59 percent of all loans in foreclosure originated between 2004 and 2008.   It continues to decrease from 61 percent earlier this year and 75 percent two years ago, according to Daren Blomquist, VP of RealtyTrac.

There were 3,824 South Florida foreclosure filings in November, down 38.9 percent from the same month a year ago.  This total includes new lawsuits, judgments and repossessions.  Repossessions accounted for the largest amount at 1,845, as most of the foreclosures are in their final stages.

Atlantic City, New Jersey led the nation in foreclosure filings with one foreclosure every 307 homes.

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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, Timothy Kingcade Posts

Florida Leads Nation in Foreclosures…Again

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A recent report released by RealtyTrac revealed Florida’s foreclosure rate was the nation’s highest for the first half of 2014. According to the report, 1 in 74 Florida homes had a foreclosure filing in the first six months of the year and more than 121,000 properties had a foreclosure filing- the most of any state. This number was down 22 percent from a year earlier.

Miami had the nation’s highest metro area foreclosure rate, with 1 in 61 homes in foreclosure for the first half of the year. Orlando, Port St. Lucie, the Space Coast and Tampa followed, having the top five foreclosure rates by metro areas.

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://www.nbcmiami.com/news/local/Florida-Leads-Nation-in-Foreclosures-So-Far-This-Year-267912031.html

Bankruptcy Law, Foreclosures, Timothy Kingcade Posts

Foreclosures Hit Lowest Level in More than Six Years

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Banks took back 30,226 homes last month, a 4 percent drop from December, according to RealtyTrac. Lenders have repossessed fewer U.S. homes in January, bringing the number of foreclosures down to its lowest level in more than six years.

Even with the recent drop, many states posted a sharp increase in the number of homes entering the foreclosure process for the first time, a trend that raises the likelihood that those states will see a surge in foreclosed homes later this year.

It looks as if the U.S. housing market has finally emerged from its slump. Home prices have steadily increased, there has been steady job growth and more homeowners are keeping up with their mortgage payments.

Florida and New York, two states which continue to have a backlog of homes with unpaid mortgages, are only now entering the foreclosure process or being scheduled for auction. Foreclosures peaked in 2010 at 1.05 million and have been declining ever since.

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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, Timothy Kingcade Posts

Florida Home Values go Up as Foreclosures Loom

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October’s single-family home sales for Brevard showed an increase of 9.3 percent over the year, to 727 sales, according to Florida Realtors. Median sales price- the point at which half the homes sell for less, half for more – in Brevard rose 3.4 percent in October, to $120,000, from a year ago. According to one realtor in Brevard County, most of her sellers are getting the full asking price or slightly more.

The positive sales numbers for October are the likely result of banks and lenders stepping up foreclosure activities against Brevard and Florida property owners who have been delinquent in payments. According to RealtyTrac, Florida continues to lead the nation in the number of homes threatened with foreclosure. In Brevard, RealtyTrac reports there were 10,184 properties in the foreclosure process, a nearly 22 percent increase from a year ago. That’s the highest the figure has been since at least 2009.

Housing experts say a key reason for the increase in local foreclosure activity is because banks and lenders are trying to free up properties to make them available to buyers, both investors and those who plan to live in a home.

Daren Blomquist, the Vice President of RealtyTrac, says “the banks realize they can get more money out of a property through a foreclosure than a short-sell and often prefer foreclosures because they can get paid in cash as opposed to depending on a traditional home loan.”

Click here to read 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.

Foreclosures, Timothy Kingcade Posts

Foreclosure Activity Increases Nationwide in October

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According to RealtyTrac Inc., foreclosure filings in October- default notices, scheduled auctions and bank repossessions- were reported on 133,919 U.S. properties, a 2 percent increase from the previous month but a 28 percent decrease from a year ago. The report states that one in every 978 U.S. homes had a foreclosure filing during the month of October.

Among the nation’s 20 largest metro areas, the highest foreclosure rates were in Miami, Tampa, Chicago, Baltimore and Riverside-San Bernardino. The biggest annual increases in foreclosure activity were in Baltimore (up 296 percent for 13th consecutive month with an annual increase), Washington, D.C. (up 48 percent for fifth consecutive month with an annual increase), New York (up 20 percent for 16th consecutive month with an annual increase), Philadelphia (up 15 percent for eighth consecutive month with an annual increase), and Miami (up 7 percent for first annual increase after two consecutive months of annual decreases).

According to Daren Blomquist, vice president of RealtyTrac, this is attributed to the “backlog of delayed judicial foreclosures making their way through the pipeline, with many of these properties scheduled for public auction.”

States with the biggest annual increases in scheduled judicial foreclosure auctions included Maryland (up 177 percent), Delaware (up 142 percent), New York (up 98 percent), New Jersey (up 97 percent), Pennsylvania (up 58 percent), Connecticut (up 35 percent), and Florida (up 32 percent).

Miami posted the highest foreclosure rate: one in every 264 housing units with a foreclosure filing. Miami foreclosure activity in October increased 7 percent from a year ago boosted by a 51 percent jump in scheduled foreclosure auctions.

Click here to read more on the 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.

Foreclosures, Timothy Kingcade Posts

Foreclosure doesn’t have to mean the End of Homeownership

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When the housing bubble burst in 2007, Americans were hit hard. According to RealtyTrac, 4.8 million borrowers lost their homes to foreclosure and 2.2 million gave up their homes in short sales. The recovery has been slow, but finally the housing market is re-emerging and showing signs of strength. Many former homeowners have learned difficult lessons and gained a new perspective on saving and making wise investments.

Following these tips will help set prospective buyers who have previously faced a foreclosure or short sale on the right path to homeownership:

• Work with a reputable lender. Make sure that person has the experience and knowledge to help you make an informed, affordable lending decision. They can also explain the time limits that affect buyers who have previously faced a foreclosure or short sale. There is generally a set amount of time that needs to pass before you are eligible to be considered again for a mortgage loan.

• Make an honest assessment of your credit situation. Having a foreclosure or short sale on your financial record will affect what options you may have for loan approval. Be an informed borrower. Access your credit report from all three credit agencies by visiting www.annualcreditreport.com. It’s free!

• Save up for a down payment. Homebuyers re-entering the housing market after a foreclosure or short sale typically need to have a 20% down payment before purchasing a home. Keep in mind the additional expenses you may have to cover, such as closing costs. Properly handling financial responsibilities of homeownership beyond the monthly mortgage payment like taxes, homeowner’s insurance, utilities and other household expenses will be important in earning your loan approval.

• Get preapproved. It’s a good idea to work with a lender who offers a pre-approval program. The preapproval process helps borrowers determine their budget, first before getting into their home search.

Click here to read more on the steps to take to achieve homeownership after facing a foreclosure or short sale.