Timothy Kingcade Archives - Page 19 of 53

Debt Relief, Foreclosures, Timothy Kingcade Posts

The Foreclosure Litigation Strategy Targeting Florida Seniors

Posted on February 21, 2017by Admin

A new defense strategy by lenders is targeting a growing number of low-income seniors. It involves suing to foreclose on government-guaranteed home loans under various defaults, then fast-tracking the lawsuits by filing motions for orders to show cause. These motions shift the burden of proof to the borrower, requiring them to appear in court and explain why a judge should not grant final judgment against them.

“All of a sudden, we saw a spate of foreclosures where the mortgage companies alleged the seniors no longer lived in the home,” said Gladys Gerson, supervising attorney for Coast to Coast Legal Aid of South Florida’s senior unit. “This has been happening around the state.”

A dozen more cases statewide have appeared targeting low-income seniors. Florida is ground zero for issues involving seniors, but experts believe this tactic is likely to spread to other states.

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.

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

South Florida Pair Arrested in Bank Fraud Scheme

Posted on February 20, 2017by Admin

Authorities have apprehended two bank fraud suspects who reportedly owned $17 million worth of property in Florida and New York, then victimized tenants and residents who lived there.

Issak Almaleh, 63-years old and Antoaneta Lotova, 51-years old were arrested in Hollywood on charges of conspiracy to commit bank fraud, bank fraud, and other offenses. The Sun-Sentinel reported the two chose properties in foreclosure that were owned by FDIC-insured banks. Authorities say they filed fraudulent and forged warranty deeds to show the transfer of those properties to corporations they controlled.

Almaleh, who was a notary, would notarize the documents as genuinely signed by representatives of the financial institutions and Iotova would sign the documents on behalf of the companies they controlled, officials said. This allowed them (with the help of police) to evict residents from their home and change the locks on the properties. The tenants were informed by the bank that their lease agreements were invalid and that they needed to vacate the property, officials said.

The two remain in jail.

Click here to read more on this story.

Related Resources:

http://tampa.cbslocal.com/2017/01/26/south-florida-pair-arrested-in-17-million-bank-fraud-scheme/

Debt Relief, Foreclosures, Timothy Kingcade Posts

Completed Foreclosures Drop 40%

Posted on February 16, 2017by Admin

Homes in serious delinquency have fallen to the lowest level since 2007, according to a National Foreclosure Report released by CoreLogic. Completed foreclosures dropped from 36,000 in December 2015 to 21,000 in December 2016. The report revealed that foreclosure inventory dropped by 30% annually.

The foreclosure inventory represents the number of homes that are in some stage of foreclosure, while completed foreclosures reflect the total number of homes lost to foreclosure.

Foreclosure inventory dropped to just 0.8% of all homes with a mortgage in December, down from 1.2% in December 2015.

Homes in serious delinquency, defined as those 90 days or more past due including loans in foreclosure and REO, decreased 19.4% annually in December. The states with the highest number of completed foreclosures in December 2016 included Florida with 45,000, followed by Michigan with 30,000, Texas with 24,000, Ohio with 21,000 and California with 19,000.

Click here to read more on this story.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Qualifying for a loan is getting harder for some consumers

Posted on February 15, 2017by Admin

Banks are becoming more selective when it comes to approving loans for those with less than perfect credit. The data is surprising as many consumers seem to be benefiting from job growth and lower debt levels. However, 11.7% of banks have tightened their standards for auto loans in the first quarter, from 3.3% last year, according to the Federal Reserve and Deutsche Bank.

Credit card standards were strengthened by 8.3% of banks, compared to none in the fourth quarter. With the economy in its eighth year of recovery, lenders are extending their reach to those with cash flow pressures, borrowers at low – and middle class income levels to increase revenue.

The share of delinquent personal loans and credit card debt increased in the third quarter to 3.53% and 1.33% respectively, according to TransUnion and UBS. Out of those consumers surveyed, 18% said they expected to default on a loan payment in the next 12 months, up from 12% in December.

The number of subprime auto loans (those requiring a FICO score of 600 or lower) that were at least 90 days delinquent reached the highest level since 2010 in the third quarter at 6 million. The number of bad loans were by auto finance companies, not banks.

Two-thirds of the households who earn less than $40,000 say financial concerns have increased over the past six months for them. The latest numbers reflect the incomes of many low- to moderate-income working families are not keeping up with the costs of rising health insurance deductibles and monthly expenses.

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, 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.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

6 Credit Score Killers and How to Avoid Them

Posted on February 14, 2017by Admin

There are financial missteps you can make that are guaranteed to lower your credit score. One of the biggest factors in determining your credit score is your past payment history, but there are other things you may be doing that can affect your score in a negative way.

A first missed payment. Per a FICO study, a single 30-day late payment can cause a good credit score of 780 to fall 90 to 110 points. An average score of 680, can fall by 60 to 80 points. You can avoid missing payments by setting up auto-pay from a linked checking account every month. If auto pay makes you uneasy, you can set up automatic alerts that will remind you when your bill is due.
A maxed out credit card. Credit utilization is the second most important factor of credit scores, so reaching your card’s credit limit can be problematic. What’s worse, is if you have multiple cards you are doing this with. Remember, for optimal credit score results, it is recommended you keep the amount of debt you owe collectively and on individual cards below 30%, and ideally 10% of your credit limit.
An error. This happens more often than you might think. A report from the Federal Trade Commission discovered that one in five Americans had an error on their credit reports. Staying on top of your credit score and monitoring it for mistakes can help.
An account in collections. That medical bill you thought insurance covered or a utility bill you forgot to pay in college can drop your score 50 to 100 points (if it winds up on your credit report). That account can legally stay there for up to seven years, plus 180 days from the date of your first missed payment. Keep an eye on your mail for any outstanding debts and resist the urge to ignore a call from a debt collector.
Applying for several credit cards or loans at a time. These credit inquiries account for 10% of your credit score. Keep credit applications to a minimum. Making several requests in a short period of time can cause your credit score to dip.
Closing out your old credit cards. Another component of your credit score, 15%, is the length of your credit history. Closing old credit cards, especially your oldest card, makes your credit history seem shorter than it really is.

Related Resources:

http://finance.yahoo.com/news/5-big-credit-score-killers-110000016.html

https://www.thebalance.com/things-that-hurt-credit-score-960510

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Credit Card Fraud on the Rise despite New Security Chips

Posted on February 10, 2017by Admin

Even though the new security chip technology has made it more difficult for criminals to counterfeit credit and debit cards, fraud has actually risen over the last year, according to a recent study.

The new study from research firm Javelin Strategy & Research found that incidents of identify fraud rose 16% in 2016, costing consumers $16 billion in losses. In total, 15.4 million victims were affected, 2 million more than in 2015, representing 6.15% of all consumers.

Many thought the use of electronic chips on credit cards would help curb this criminal activity. However, the new security chips seem to be causing more fraud than they prevent, as numbers are at an all time high. Even though the chips have made it harder for thieves to walk into stores and purchase goods with a counterfeit card, more criminals are keeping their activity strictly online, bypassing the security chips all together.

Account takeovers have increased 61% over 2015, totaling 1.4 million incidents. Account takeovers occur when thieves gain access to someone else’s account and change the password and security information on that account. The criminals are then free to make charges without the victim’s knowledge since any warnings or notifications are sent back to the thieves themselves. Incidents where new accounts were opened in consumers’ names without their knowledge increased 40%. This has accounted for 1.8 million victims.

As evidenced by the latest numbers, it shows thieves’ ability to adapt to changing security measures, no matter the number of safeguards put in place. Banks, credit card companies, and retailers will need to keep being vigilant in order to keep fraud under control. But consumers also must take preventative measures, like installing anti-virus and anti-malware software on their computers, guarding their credit cards and account numbers, and paying close attention to the security on any website that credit card information is being accessed. Taking these simple precautions can help safeguard your finances.

Related Resources:

http://fortune.com/2017/02/01/credit-card-chips-fraud/

https://www.wsj.com/articles/credit-card-fraud-keeps-rising-despite-new-security-chipsstudy-1485954000

https://www.consumerprotect.com/consumer-safety-fraud-guide/

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

Phone Scam Targeting Student Loan Borrowers

Posted on February 9, 2017by Admin

A phone scam promising to forgive borrowers’ student loans is making the rounds, again. The scammer asks for an upfront fee to negotiate with the loan lender on your behalf, then takes the money and runs.

The best thing you can do if you are contacted, is to hang up the phone. Student loans can be forgiven, but only under certain circumstances. Here are some tips from the Consumer Financial Protection Bureau (CFPB) to help spot a student loan debt relief scam:

1.) Upfront fees. No upfront fees should ever be charged by a student loan debt relief company. In addition, you should not be required to sign a contract with the company. The CFPB notes that free assistance is available through your student loan servicer and advises that oftentimes taking upfront payment before debt relief services have been provided is illegal.

2.) Promises. Fraudulent student loan debt relief companies will promise borrowers loan forgiveness or even complete cancellation. The false promise of negotiating with your lender under federal student loan programs is a flat out lie.

3.) Signing documents. Student loan debt relief companies should not require that you sign a “third party authorization” or a “power of attorney.”

4.) Requests for your Federal Student Aid PIN: Borrowers should be extremely cautious of any student loan debt relief company that asks for this information. The CFPB states that, “honest companies will work with you to come up with a plan and will never use your PIN to access your student loan information.”

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.

http://www.consumerfinancialserviceslawmonitor.com/2014/12/cfpb-issues-warning-to-consumers-and-springs-into-action-against-student-debt-relief-scams/

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Tips to Improve your Credit Score

Posted on February 8, 2017by Admin

Having a low credit score can cost you. If you have a credit score of 620 or below, this is considered to be “bad credit.” Lenders or credit card issuers, if they are willing to extend you credit at all, are likely to charge you a higher interest rate. You may also have to pay a utility deposit when starting or renewing service, something people with good credit do not have to pay. Having a bad credit score can even effect how much you pay for car insurance.

Now onto the good news- there are things you can do to improve your credit score. Following these easy steps will help push your score in the right direction.

Watch your credit card balances. A major factor in your credit score is how much revolving credit you have versus how much you are using. The smaller the percentage, the better your credit rating. The ideal amount is 30 percent or lower.
Eliminate small credit card balances. When you have small balances on credit cards, pay them off. Charging $50 on one card and $100 on another instead of using the same card (preferably one with a good interest rate) can hurt your credit score.
Leave “old debt” on your report. Some people believe that old debt on their credit report is a bad thing. Good debt- such as a home or car you recently paid off – is actually good for your credit. Do not close out old accounts where you have had a solid repayment history.
Use your calendar. If you are shopping for a home, car or student loan, it pays to do your rate shopping within a short period of time. Every time you apply for new credit, it can cause a small dip in your credit score, which can last up to a year.
Pay your bills on time. If you are planning a major purchase (like a home or car), one of the biggest factors in having a good credit score is simply making on-time payments month after month. Saving up money for a major purchase is smart; just don’t neglect your bills. This can even extend to outstanding library books. If the original creditor, such as the library, does not report it to the bureaus, they may eventually call in a collections agency to recoup the unpaid bill.
Avoid risk. One of the best ways to improve your credit score it to avoid purchases that might lower it. This could include taking out cash advances, using cards at businesses that could cause future money stress, etc.
Do not obsess. If you are getting ready to make a big purchase, pull a copy of your credit report. You are entitled to one of each of your three credit bureau reports (Equifax, Experian and TransUnion) for FREE every year through AnnualCreditReport.com. While the score you receive may not be the exact one the lender uses, it will grade you on many of the same criteria. If you are denied credit, the lender has to show you the credit score used in their decision making, thanks to the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Bankruptcy Law, Credit, Timothy Kingcade Posts

IRS Warns Consumers of Tax Refund Phone Scam

Posted on February 7, 2017by Admin

Tax time often brings with it a series of scams, and this year is no different. Thousands of consumers have already received phone calls from scammers trying to take their tax refund money.

“Before there is an arrest warrant issued, I want you or your attorney to give us a call back,” the scam caller says.

Since 2013, scams like this have conned more than 10,000 victims out of $54 million. Know that the IRS will never call and demand immediate payment using a specific payment method such as a prepaid debit card or wire transfer. The IRS will first mail you a bill if you owe any taxes. You will also be given the opportunity to question or appeal the amount they say you owe.

REMEMBER: The IRS does not initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. In addition, the IRS does not threaten taxpayers with lawsuits, imprisonment, calling the police or other enforcement action. Being able to recognize these signs of a phishing or tax scam could save you from becoming a victim.

Here is more information on Scams Targeting Taxpayers directly from the IRS website.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Bankruptcy Provision for Big Banks Could be Trump’s Next Target

Posted on February 6, 2017by Admin

The special bankruptcy procedure for large financial institutions may be a Trump target, according to a recent article in the New York Times. The Dodd-Frank’s bankruptcy provision, originally enacted in 2010 as a response to the financial crisis, allowed the banks who were essentially “too big to fail,” do just that.

Many of the proposals to create a new part of the bankruptcy code for banks have not offered any real solutions. The proposals provide no real way to deal with anything beyond a very specific form of bank failure.

If the bank fails in any way other than as predicted, the proposed legislation would be useless. This will in turn lead to a plea from Wall Street for bailouts. If that happens during a Trump administration, it will be interesting to see what happens next.

Who could have predicted the failure of Lehman Brothers or the near collapse of insurance giant, AIG? The financial panics caused by these collapses result in mass financial destruction- even when some degree of bailout is extended.

There is no doubt that without government assistance to both the banks and the automakers, the effects of 2008-09 would have been far worse.

Click here to read more on this story.