Timothy Kingcade Archives - Page 47 of 53

Relaxed Mortgage-Lending Rules APPROVED!

Posted on October 27, 2014by Admin

Three U.S. agencies signed off this week on relaxed mortgage-lending rules. These new standards represent an effort to ensure more mortgage loans are available for borrowers. The Federal Reserve, Securities and Exchange Commission and Department of Housing and Urban Development approved the new rules for the mortgage-backed securities market, a day after three other agencies approved the standards.

The rules are intended to improve the quality of loans by giving banks a financial incentive to ensure mortgages can be repaid. The initial rules required that banks hold 5% of the risk of mortgages packaged and sold to investors or require a 20% borrower down payment. But regulators, concerned that overly stringent rules would harm the housing market’s recovery, recanted on the 20% down payment.

Instead, banks will be able to avoid the 5% risk-retention requirement if they verify a borrower’s ability to pay back the loan and comply with other requirements, such as ensuring borrowers’ debt payments do not exceed 43% of their income.

Officials say these standards are still sufficiently strong enough to prevent a repeat of some of the worst abuses from the housing market crisis, including loans in which the lender does nothing to verify a borrower’s income. The new rules, which go into effect in fall 2015, will be reviewed for its impact on the economy four years later, and every five years after that.

Click here to read more on this story.
http://online.wsj.com/articles/divided-sec-signs-off-on-relaxed-mortgage-lending-rules-1414009530

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.

‘Condo Takeover Schemes’ – The New Foreclosure Threat?

Posted on October 20, 2014by Admin

In the wake of the foreclosure crisis, condo takeover tactics have emerged. Here’s how it works- Real estate investors buy up foreclosed condo units in a building, then take control of the building’s condo association, which allows them to set condo fees at whatever level they choose. By inflating these fees beyond what the occupants can afford many longtime condo owners are at risk of being priced out of their homes.

Condo owners in a Reading, Pennsylvania, subdivision were pushed out of their homes after a real estate development company bought up foreclosed units in the complex and then took control of the association. Using a Pennsylvania law, the investor then dissolved the condo association, allowing it to place the nearly 100 units in the complex for sale. The attorney who represented many of these condo owners told NBC that the developer offered the remaining owners buyouts valued at just one third of their mortgages. Finding that they are suddenly underwater, many of the owners lost their homes.

Housing experts say the practice fits with a broader trend of investors buying foreclosed properties, then hiking up rents and other fees, sometimes evicting longtime residents, usually renters, out of their homes.

Click here to read more on this story.
http://www.nbcnews.com/feature/in-plain-sight/condo-takeover-schemes-can-pose-new-foreclosure-threat-n215316

Bankruptcy Law, Credit, Timothy Kingcade Posts

Raise your Credit Score… FAST

Posted on October 7, 2014by Admin

Your credit score can range anywhere from between 300 to 850. And we all know, the higher the number, the better. Your credit score, also referred to as your FICO number is what lenders use to determine how much to lend you and what your interest rate will be when applying for a mortgage, car loan, credit card or student loan. A recent survey from the National Foundation for Credit Counseling revealed that people are more embarrassed to admit their credit score (30%) than their weight (12%).

Below are some immediate steps you can take to raise your score FAST:

1.) Dispute Errors. Mistakes happen. Order a copy of your credit report for free by going to www.annualcreditreport.com. Analyze the report for accuracy and dispute any errors immediately.

2.) Negotiate. You cannot deny that you stopped paying a credit card bill because you lost your job last year, but you can request that the creditor “erase” that debt or any other credit account that went into collections. Write a letter that offers to pay the remaining balance if the creditor will report the account as, “paid as agreed.” They may even remove it all together. You will never know unless you try.

3.) Check your limits. Make sure your reported credit limits are current. You do not want it to look as if you are maxing out plastic each month. If your card issuer forgot to mention an increased credit limit you are entitled to, request it.

4.) Get a credit card. If you use a credit card wisely (i.e. not charging too much, making payments on time, etc.) this will do good things for your score.

5.) Under-use your cards. Keep in mind, the “credit utilization ratio” is no more than 30% and ideally even less. Credit experts advise that a 10% credit utilization ratio will “maximize your FICO score.”

6.) Raise your credit limit. Request that your creditors increase your limit. However, this only works if you can trust yourself not to increase your spending limit.

7.) DO NOT close any cards. Canceling a credit card will cause your available credit to drop, which will not look good to the bureaus. One way to keep a card active is to use it for a recurring charge, such as an electric or phone bill.

8.) Mix it up. Using a different kind of credit can boost your score. For example, you can take out a small personal loan from a credit union to buy a piece of furniture or appliance. However, ONLY do this if you are 100% sure you can meet the payment schedule.

9.) Pay your bills on time. Your payment history makes up a whopping 35% of your FICO score. If you have a problem paying your bills on time, whether you are a busy working parent or simply absent-minded at times, automate your payments. This is an easy solution to this problem and a much needed time saver.

10.) Pay your bills twice a month. Using too much of your credit limit at any time does not look good. Make one payment just before the statement closing date and the second one right before the due date. The first payment will help you decrease the balance that the credit bureaus will see, the second ensures you will not pay interest or a late fee.

If you 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, Credit, Timothy Kingcade Posts

Judge Slams “Real Housewives of New Jersey” Couple for Not Disclosing all Assets in Bankruptcy

Posted on October 2, 2014by Admin

Teresa and Giuseppe “Joe” Giudice arrived for sentencing this week at a federal courthouse in Newark facing conspiracy and bankruptcy fraud charges. U.S. District Judge Esther Salas reprimanded the couple for not disclosing all of their assets, including recreational vehicles they own.

The couple pleaded guilty in March and admitted hiding assets from bankruptcy creditors and submitting phony loan applications to receive $5 million in mortgages and construction loans. Because of the fraud, the couple’s bankruptcy of several years ago was cancelled by the court last month and the Giudices once again owe more than $13 million to creditors.

Joe Giudice was sentenced to 41 months in prison, 2 years of supervised probation and was ordered to pay $414,588 in restitution from District Court Judge Esther Salas. Lawyers for Teresa remain hopeful that she will be spared a prison sentence and instead be put on probation, noting the couple’s need to care for their four young daughters.

The couple pleaded guilty to conspiracy to commit mail and wire fraud and three types of bankruptcy fraud. Joe Giudice, 43, also plead guilty to failing to file a tax return for 2004, though he acknowledged he did not file taxes on income of approximately $1 million from 2004 to 2008.

Regardless of your occupation or status in life, if you attempt to cheat on your taxes or attempt to hide assets from your creditors during bankruptcy, you face real consequences, criminal prosecution and even jail time.

Related Resources:

http://pagesix.com/2014/10/02/judge-slams-teresa-and-joe-giudice-for-not-disclosing-all-assets/

http://deadline.com/2014/10/real-housewives-of-nj-stars-sentenced-prison-joe-teresa-giudice-844551/

Bankruptcy Law, Credit, Timothy Kingcade Posts

Medical Bills Cause more than 60% of Bankruptcies in U.S.

Posted on September 29, 2014by Admin

CNN analysts estimate that at least 1.5 million Americans will file for bankruptcy this year, for some it will be the result of overspending, but for 60% medical debt will be the leading cause. Over the past 6 years, the number of bankruptcy filings due to medical debt has almost doubled from 46% to 62%. The majority of those who filed for bankruptcy represent the middle class and those with good education. Many families are unaware that they are just one illness away from financial ruin. Medical bills are causing excessive stress in one out of five American families today.

Those who have experienced illness or injury and found themselves overwhelmed with medical debt should contact an experienced Miami bankruptcy attorney who can advise you of all of your options. Bankruptcy laws were created to help people resolve overwhelming debt and gain a fresh financial start. Bankruptcy attorney 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, Timothy Kingcade Posts

Credit Card Debt or Student Loan Debt: Which to pay off first?

Posted on September 23, 2014by Admin

It is important to first realize, that all debt is not created equal. Some debt can actually work for you. For example, debt that is tax deductible, such as mortgage and student loan debt falls into the category of “good” debt. On the other hand, debts like credit card debt and car loans fall into the “bad” debt category.

Student loans offer fixed rates and tax deductible interest. You should not be in a rush to pay these off, particularly if you are not already saving adequately for retirement and other emergencies. Federal student loans offer the opportunity to reduce or even suspend payment without damaging your credit scores if you face financial difficulty and have the possibility of forgiveness. Those options are not available for credit card debt.

If your student loan payments exceed 10% of your income when you enter into repayment, the federal government has a “Pay as you Earn” program, which offers more manageable payments for borrowers, especially those with large amounts of debt.

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 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 http://www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

New Study Reveals Surprising Impact Student Loan Debt has on the Housing Market

Posted on September 22, 2014by Admin

A new study reveals the impact of student loan debt on home ownership. The impact is 414,000. That is how many home sales will not happen this year as a result of high levels of student loan debt, according to a report from John Burns Consulting, a firm that advises home builders. This number is the equivalent of about 8% of all home sales, enough to dent the housing industry by $83 billion a year!

The report estimates that the number of borrowers under the age of 40 that owe $250 or more each month in student loans has nearly tripled since 2005, to 5.9 million. And it projects that every $250 in monthly student loan payments decreases home borrowing and purchasing power by $44,000. With the typical sale price of a home being $200,000, you get $83 billion in lost sales.

The Federal Reserve Bank of New York has found that young people with student loan debt are now less likely to own a home than people who never attended college, a reversal of the long-standing trend linking higher education to home ownership and higher earnings. Student debt has been a key factor in the lower-than-normal rates, particularly for first-time home buyers, according to the National Association of Realtors.

Bankruptcy Law, Timothy Kingcade Posts

Consequences of Concealing Assets in Bankruptcy

Posted on September 17, 2014by Admin

A Palm Beach couple is facing criminal charges for attempting to hide pricey assets, such as jewelry and silverware from bankruptcy court. The couple filed Chapter 7 in 2008 hoping to discharge $2.9 million in debt. Dr. Richard Krugman heads a medical practice in New Jersey that lost a $4.3 million judgment to an insurance company. The couple claimed available assets of less than $13,000, but a court review found significantly more than that.

According to the federal criminal complaint, the couple fraudulently failed to disclose that they owned the following pricey items:

• A woman’s gold wedding band with two carats of diamonds.
• A woman’s platinum hoop earrings with pave diamonds.
• A woman’s gold cocktail ring with blue stone.
• A woman’s silver bangle bracelet.
• A man’s Swiss army diving watch.
• A Royal Doulton China set.
• A high-end silverware set.
• A Waterford Crystal glass set.
• A Lalique leaf bowl.
• A Lalique caviar bowl.
• Two George Rodrigue “Blue Dog” lithographs, signed and numbered.

As a result, the bankruptcy court refused to grant them a discharge. Now the couple could face up to five years in prison and a fine of up to $250,000 for excluding these assets. The defendants intend to plead guilty.

This should come as a warning to anyone who plans to hide assets from the bankruptcy court and their attorney. Bankruptcy trustees are experts at finding undisclosed property, vehicles, boats, jewelry, antiques, and collectibles. If you are caught trying to hide assets, the consequences are big. Your discharge will be denied, and you will be unable to discharge the debts you listed in a subsequent bankruptcy filing. In addition, the potential penalty for bankruptcy crimes include fines and imprisonment of up to five years.

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.

http://www.bizjournals.com/southflorida/news/2014/09/15/couple-faces-criminal-charges-for-hiding-pricey.html?ana=e_sflo_bn_breakingnews&u=um2Eyo72dYSImvglWn/0xO6wsIE&t=1410970294

Foreclosures, Timothy Kingcade Posts

Florida’s “New” Foreclosure Initiative Favors Banks not Homeowners

Posted on September 15, 2014by Admin

In the past year, Florida judges have been working under explicit directions from the state Legislature and Supreme Court to get rid of old foreclosure cases and clear the court dockets- largely by awarding tens of thousands of homes to the banks.

The state’s so-called “foreclosure initiative” is set on clearing the court system of cases and cutting the time it takes banks to foreclose. This is a nightmare for many underwater homeowners struggling to hold onto their homes.

State legislative and judicial leaders have ignored the ramifications of foreclosing on thousands of families and turning these properties over to the banks. In an attempt to clear the backlog of foreclosures, the state has set up a parallel legal system in which judges hear only foreclosure cases — often more than 100 motions a day — in courtrooms set up solely for that purpose. In another twist, the rules will differ from those that guide civil law in other types of cases in Florida and across the country.

Homeowners and foreclosure defense attorneys are outraged, saying “the state’s entire court system is being compromised” and they are not getting a fair hearing in a legal system that is favoring the banks from start to finish. In statements from the bench and other public forums, judges have made it clear that speed is their top priority. The rights of homeowners come, at best, second.

The state Supreme Court set a target of disposing of 256,000 foreclosure cases each year for three years. That works out to about 700 cases per day. The courts have gone as far as to hire retired judges solely to hear foreclosures and case managers. These clerks and judges schedule hearings and trials even if both parties do not consent.

According to data collected by the state, one judge in Broward County closed 786 cases in a single day! Overall, Florida judges disposed of 193,922 foreclosure cases in the first nine months. Not surprisingly, the overwhelming majority of those judgments were against homeowners.

Click here to read more on this story.

Bankruptcy Law, Credit

Senior Americans Burdened with Student Loan Debt

Posted on September 11, 2014by Admin

The student loan crisis is not just affecting young college graduates, it is reported that a growing number of aging Americans are struggling to pay their student loans. Even a senior’s social security benefits become fair game for lenders when borrowers cannot keep up with their payments.

Among Americans ages 65 to 74, 4 percent in 2010 carried federal student loan debt, up from 1 percent six years earlier, according to a recent Government Accountability Office (GAO) report released. For all seniors, the collective amount of student loan debt grew from about $2.8 billion in 2005 to about $18.2 billion last year.

Student loan debt hits seniors especially hard because many of them are also struggling with other challenges such as health problems, divorce and job loss. Some went back to school in hopes of making a higher salary, or co-signed on loans to help fund their children’s education.

The GAO found that about 80 percent of the student loan debt by seniors was for their own education while the rest was taken out for their children or other dependents. Federal data revealed that seniors were more likely to default on loans for themselves compared with those they took out for their children.

The GAO found that about a quarter of loans held by seniors’ ages 65 to 74 were in default. In addition to docking Social Security benefits, the government can use a variety of collection methods to recoup student loans, such as docking wages or taking tax refund dollars.