Tag: Timothy Kingcade

Debt Relief, Foreclosures, Timothy Kingcade Posts

Hurricane Relief Options Available for FHA Mortgages

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South Florida homeowners are receiving a much needed break when it comes to their mortgages, following the devastation left by Hurricane Irma.  Lenders are offering financial relief in the form of freezing foreclosures, putting mortgage payments on hold and offering special financing options to rebuild damaged homes in the area.

Our office has been getting a number of calls about this and we want to clarify the relief options available and steps you can take to qualify for these government programs.

  1. Call your lender directly. This is the safest route to confirming that an assistance offer is the real thing.  Before the call, gather as much information about your financial situation and mortgage as possible.  It is important that you tell the lender what you can afford to pay and your current financial situation.
  1. Know your options. Many homeowners who have been affected by Hurricane Irma are eligible for forbearance, which means the lender will suspend payments for up to 12 months (especially if you have a government-backed mortgage through Fannie Mae or Freddie Mac). You will not incur late fees or have a delinquency reported to any of the major credit bureaus. Many lenders are currently offering 90 days of mortgage forbearance in affected areas Florida, with an option for some homeowners to extend further based on their situation. If you have a Federal Housing Administration (FHA) loan, you are eligible for forbearance, a loan modification or a 90-day delay in foreclosure, to allow you to get current on your payments.
  1. Proceed with caution. Be cautious of calls from people claiming to offer mortgage relief on behalf of a government agency, or asking for fees upfront for a loan or service. Unfortunately, this has also provided an opportunity for scammers to come forward using social media and cleverly crafted emails to prey on vulnerable homeowners in financial need. Know this: Government employees never charge you a fee to help get you a benefit or service and will never ask for your payment or financial information.

 

Here are some additional FHA Programs available for hurricane victims:

  • HUD recently granted a 90-day suspension on foreclosures for mortgages backed by the Federal Housing Administration. There are more than 280,000 FHA-insured Florida homeowners living in these impacted counties. For more details call: 1-800-569-4287.
  • For homeowners or renters who have lost their homes, HUD’s Section 203(h) program gives FHA insurance to disaster victims who have to rebuild or purchase another house. The loans come with no down payment and greater forgiveness of low credit scores. For more details call: 1-800-569-4287.

 

If your lender is not proactively offering forbearance or other help, you can go directly to the websites of the Federal Housing Finance Agency or the U.S. Department of Housing and Urban Development to see what type of relief you might qualify for, and bring this up to your lender.

We hope and pray you and your family made it through the storm safely and our community is quickly restored. During this time of recovery, our office is open and we are here if you need us. If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 McMaken, 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 McMaken, P.A. website at www.miamibankruptcy.com.

Related Resources:

http://www.bankrate.com/mortgages/hurricane-victims-can-get-a-break-on-mortgage-payments/

http://www.orlandosentinel.com/weather/hurricane/os-hurricane-irma-aid-20170914-story.html

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Boost Your Credit Score in 30 Days by Doing This

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Rebuilding your credit score can take time and there are not many shortcuts, but paying your credit card bill early can give you an added boost in just 30 days. Some consumers saw their credit score increase as much as 100 points.  Here is how it works:

Timing is everything. There are two factors that have the biggest impact on your credit score: One is paying bills on time versus paying late.  Making early payments can help with the second factor: credit utilization (i.e. – how high your balance is compared to your credit limit).

It is recommended that you keep a balance below 30% of your credit card limit and the lower the better.  Consumers with the highest credit scores typically use less than 10% of their available credit.  Here are some tips to reducing your credit utilization.

  • Set up alerts to let you know when you have reached a certain percentage of your available credit. When you get an alert, go online to make a payment.
  • Setting up charge alerts or checking your account regularly so you can pay off purchases as soon as they post.
  • Making scheduled “micropayments” every week or two to keep balances low.
  • Be cautious with retail credit cards that typically offer lower credit limits. If you have just $250 in purchases on the card and the credit limit is $500.  You have already used 50% of your credit utilization.

If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 McMaken, 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 McMaken website at www.miamibankruptcy.com.

Related Resources:

https://www.usatoday.com/story/money/personalfinance/2017/09/11/credit-move-can-bump-up-your-score-30-days/629455001/

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

Hurricane Irma Aid Includes Everything from Foreclosure Delays to Waived Credit Card Fees

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Victims of Hurricane Irma are eligible for a range of public and private aid programs.  This includes everything from delayed foreclosures, tax extensions, waived credit card fees and any data overages incurred on cell phones.

FEMA’s Transitional Sheltering Assistance is available to eligible survivors in Florida who are unable to return to their primary residence due to their home being uninhabitable or inaccessible. If you are eligible for Transitional Sheltering Assistance, FEMA will pay for the cost to stay in certain hotels or motels for a limited period of time.

Here are some additional assistance programs you may qualify for:

  • FEMA’s Individuals and Households Program offers financial help with medical, dental, child care, funeral, personal property and transportation expenses. This program also provides funds for temporary housing, repairs and construction.  For more details call: 800-621-3362.
  • Disaster Unemployment Assistance provides unemployment benefits and re-employment services to people who lost their jobs because of the hurricane, but who are not eligible for state unemployment benefits. For more details call: 800-621-3362.
  • In partnership with the Young Lawyers Division of the American Bar Association, FEMA provides free legal help to low-income disaster survivors who need assistance filing their storm-related complaints. For more details call: 800-621-3362.
  • JPMorgan Chase will waive or refund late fees on mortgages, credit cards and auto loans through September 24. It will also waive overdraft and service fees.  For more details call: 1-888-346-0023.
  • HUD recently granted a 90-day suspension on foreclosures for mortgages backed by the Federal Housing Administration. There are more than 280,000 FHA-insured Florida homeowners living in these impacted counties. For more details call: 1-800-569-4287.
  • For homeowners or renters who have lost their homes, HUD’s Section 203(h) program gives FHA insurance to disaster victims who have to rebuild or purchase another house. The loans come with no down payment and greater forgiveness of low credit scores. For more details call: 1-800-569-4287.
  • The IRS has extended a deadline for certain individual and business filings until Jan. 31, 2018.  This includes an additional filing extension for taxpayers with valid extensions that expire October 16.  So taxpayers in the region have until Jan. 31 to file returns and pay any taxes that had been due as of September 4.  This includes deadlines for quarterly payments. For individual tax filers, it also includes 2016 income tax returns that got an extension until October 16.

Click here to read more on this story.

We hope and pray you and your family made it through the storm safely and our community is quickly restored. During this time of recovery, our office is open and we are here if you need us. If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Miami Bankruptcy Attorney Timothy S. Kingcade Receives Prestigious Client Champion Platinum Award 2017 from Martindale-Hubbell

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Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade Garcia McMaken, P.A. was awarded the 2017 Client Champion Platinum Award from Martindale-Hubbell on September 19, 2017, joining the top 1% of attorneys nationwide.

“We are proud to recognize these attorneys who epitomize the best in client service,” said Diana Schulz, President of the Martindale division. “This award showcases those attorneys who have demonstrated a commitment to client service as confirmed by their clients and makes it easier for buyers of legal services to select the right lawyer.”

The 2017 Client Champion Platinum Award appears on Timothy S. Kingcade’s Lawyers.com and Martindale.com profile pages.

Attorney Timothy S. Kingcade is also AV rated by Martindale-Hubbell, which designates the highest level of professional excellence and ethical standards an attorney can receive. This rating indicates that an attorney’s colleagues and judiciary perceive him to be at the pinnacle of professional success. Martindale-Hubbell Peer Review Ratings are an objective indicator of a lawyer’s ethical standards and professional ability, derived from evaluations of lawyers by members of the bar and the United States judiciary.  The Legal Ability ratings are based on performance in five key areas, which include: Legal knowledge, analytical capabilities, judgment, communication ability and legal experience.

Attorney Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 and 13 filings and foreclosure defense cases for the Southern District of Florida.  As an experienced CPA and proven bankruptcy attorney, Timothy Kingcade knows how to help clients take full advantage of their rights under the bankruptcy laws to restart, rebuild and recover.

Miami-based Kingcade Garcia McMaken, P.A. was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care for the financially disenfranchised. All partners and associates at Kingcade Garcia McMaken P.A. specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

We are pleased to announce the launch of our NEW website and new firm name, Kingcade Garcia McMaken!

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The new site URL is https://www.miamibankruptcy.com/ and features valuable consumer information and extensive resources in our main area of practice: Bankruptcy law. The updated site is interactive and mobile-friendly.  We have improved the configuration of our content, making it easier to navigate.

Special features of the new site include an updated News & Resources section with informative videos and media coverage, a special section devoted to Tips for Dealing with Debt Collectors, hundreds of new Client Testimonials and the Miami Bankruptcy Law Blog, your go-to resource for all things bankruptcy!

Have a bankruptcy question?  Visit our Miami Bankruptcy Q & A section.

The new site is customized for our Spanish speaking clients as well. Readers can find biographical information about the attorneys and staff, along with notable case results and significant verdicts the firm has obtained for its clients.

We offer a wide array of information to potential clients seeking bankruptcy information. Among other topics, we invite you to learn about:

We have included numerous calls-to-action throughout the new site and an opt-in form to sign up for our firm’s monthly e-newsletter.  We will be updating the new site continuously with informative articles, blogs and firm announcements – so please come back and visit, soon!

Since 1996 Kingcade Garcia McMaken, 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.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Step-by-Step Guide to Surviving the Equifax Data Breach

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One of the largest data breaches in history has compromised the personal data of 143 million people. Equifax, a major credit bureau, lost control of customer data that included social security numbers, home addresses, credit card numbers, drivers’ license numbers and date of births.  The company estimates roughly half of the U.S. population has been affected by the breach, and this sensitive data could have been exposed to hackers.

Equifax will not specifically tell you if you are a victim, but we have a guide for you and a quick recap of what you may have missed post Hurricane Irma.

The data breach could have started as early as May 2017, which means the data could have been exposed for more than three months.  It is unclear what the hackers may have done with the data during those months.

Here is what you can do to protect yourself:

Check your credit reports. When looking through your reports, keep an eye out for any new accounts you did not open, late payments on debts you do not recognize and any other suspicious activity.  You are guaranteed a free annual credit report from the three major bureaus.  Click HERE to download your free credit report.  You will not be held responsible for charges made on a fraudulent credit card.  However, this must be reported in a timely manner.

Freeze your credit. Even if your credit comes back clean it is still early and one of the most reliable ways to prevent someone from opening up credit cards in your name is to place what is called a “credit freeze.”   You can contact each of the three credit bureaus by calling:

Set up a fraud alert.  When you set up a fraud alert, credit card companies will be required to verify your identity before opening an account. To activate a fraud alert, contact just one of the credit card bureaus and ask for an initial fraud alert. When the alert is set, it will be in effect for 90 days.

Be mindful of tax season.  Identity thieves can use stolen social security numbers to file fraudulent tax returns and receive refunds.  Many victims find out they are a victim of tax fraud after the IRS tells them their taxes have already been filed.  One of the best ways to prevent this from happening is to file early.

If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Related Resources: https://www.cnet.com/how-to/your-guide-to-surviving-equifax-data-breach/

Bankruptcy Law, Debt Relief, Student Loans, Timothy Kingcade Posts

Why Paying off Your Student Loan Debt Early Could be a Mistake

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The average college student who graduated in 2016 had approximately $37,172 in student loan debt.  While experts offer differing opinions on exactly which types of debts are considered good and bad, everyone agrees that debt on something that will end up making you money in the long run is essentially “good debt.”

A 2013 study based on Labor Department statistics showed that Americans holding a four-year college degree made 98% more per hour on average than those without a degree. Student loans are typically a low interest debt, as opposed to credit card debt which is typically the most expensive kind of debt.

The interest rate for undergraduate federal student loans disbursed in 2017 was 4.45%; the rate for federal graduate student loans was 6%. Compare that to the average credit card APR of 15.59%.

The Department of Education allows student borrowers to choose from up to eight different repayment plan options, several of which are designed for those with low income levels. If one repayment plan does not work, you can switch to another.

Private student loan debt is different and comes with a higher interest rate.  Private student loan lenders offer what is called “financial hardship forbearance,” which means you can suspend your payments due to financial hardship but the interest continues to accrue and is added to the balance.

Paying your student loan debt consistently overtime can lead to debt forgiveness.  Certain federal student loan repayment plans can result in automatic debt forgiveness. If you choose the Income-Based Repayment Plan, the Income-Contingent Repayment Plan, or either of the Pay As You Earn Repayment Plans, any balance you owe on your federal loans after 25 years will be automatically forgiven.  Student loan debt interest is also tax deductible, something you will see in your refund after filing your personal taxes.

Click here to read more on this story.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all 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 McMaken, 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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

What Debt Collectors Can and Cannot Do

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The Fair Debt Collections Practices Act (FDCPA) limits the tactics that debt collectors can take to collect on a debt.  Here are 10 things debt collectors can and cannot do.

5 Things Debt Collectors Cannot Do:

  1. Come to your place of work. It is illegal for a debt collector to come to your workplace to collect on a debt. The FDCPA prohibits a debt collector publicizing your debts and showing up at your place of work to collect on a debt.
  2. Harass you. Harassment can come in a variety of forms and include: repeated phone calls, threats of violence, publishing information about you, abusive or obscene language.
  3. Arrest you for debt. You cannot be arrested for a debt you owe.
  4. Purse you for a debt you do not owe. Incomplete or inaccurate documentation can lead to a debt collector pursuing the wrong person for payment.  The issue is not uncommon, but it is illegal.
  5. Call you at any time. It is illegal for debt collectors to call you before 8 a.m. and after 9 p.m. You can request that a debt collector stop calling you, but your obligation to pay still remains.

 

5 Things Debt Collectors Can Do:

  1. Seek payment on an expired debt. Even debts that expired according to the statute of limitations can still be requested from debt collectors.  These unsecured debts can include credit cards and medical bills.  Remember: You cannot be sued for payment on these expired debts.
  2. Pressure you. While debt collectors cannot threaten you, they can apply pressure to collect payment.  Pressure can include daily calls, frequent letters or talk about pursuing a lawsuit for payment.
  3. Sue you for payment on a debt. A debt collector can sue you for non-payment. These type lawsuits can result in wage garnishment, bank levies or both.  It is best to consult with an experienced bankruptcy attorney before you are sued or there is a judgment entered against you in regard to an outstanding debt.
  4. Sell your debt. A collector can resell debt it has not been able to collect on. So if one debt collector stops contacting you about a debt, do not be surprised if another starts.
  5. Negotiate what you owe. Because debt collectors buy debts for sometimes pennies on the dollar, they have fairly large profit margins if they collect the original amount owed. This gives them more flexibility in negotiating payment. You may be able to negotiate a settlement for 25% or 30% of what you originally owed.  Remember, to get the agreement in writing so you have proof that the amount paid was all that was required in the settlement.

If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy 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 website at www.miamibankruptcy.com.

Related Resources:

https://www.nerdwallet.com/blog/finance/things-debt-collectors-cannot-do/

 

Bankruptcy Law, Credit, Debt Relief, Student Loans, Timothy Kingcade Posts

Regulators able to get $192 million in Student Loan Debt Settlement from Aequitas

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Aequitas Capital executives believed they had purchased a gold mine when they began buying student loans from Corinthian Colleges- instead, the debt proved to be the company’s downfall.  Following the for-profit college’s decent into bankruptcy and liquidation; Aequitas also collapsed amid accusations the company’s top execs were running a Ponzi scheme.

However, Aequitas continued to collect payments on the debt- until now. The U.S. Consumer Financial Protection Bureau and several state attorneys general and the Aequitas receiver reached a deal in which about 41,000 former Corinthian students whose debt is held by Aequitas could get more than half- possibly all, of their debt eliminated.

In July 2015, Aequitas became a key ally and vital source of liquidity for Corinthian by buying massive amounts of student debt. By helping finance Corinthian’s in-house private loans, Aequitas enabled Corinthian to access billions in student loan money from the U.S. government.

The bureau recently filed a lawsuit against Aequitas as part of the settlement. It claims Aequitas employees privately expressed anxiety about the huge percentage of Corinthian students who were failing to make their loan payments. “With defaults this high, how can we defend our practices,” the unidentified employee wrote in a 2011 note.

Click here to read more on this story.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all 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 website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Foreclosures Drop to Lowest Level in More than 10 Years

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There were fewer loans in the month of July than any month in more than 10 years, according to a new report from Black Knight Financial Services.  There were 398,000 properties in foreclosure pre-sale in July, which is down 12,000 from June and down more than 150,000 from the same time period last year, a decline of 28%.

The month of July also marked the first time that the number of loans in foreclosure was below 400,000 since February 2007.  While foreclosures are down, loans in delinquency increased slightly month-over-month in July, but 2017’s total is still below last year’s numbers.

The number of properties that are 90 or more days past due, but not in foreclosure was 555,000 in July, which is still 140,000 lower than last year.

Black Knight’s report shows that there were 2.38 million properties that are 30 or more days past due or in foreclosure in July, which is up 42,000 from June, but down 452,000 from the previous year.

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.