Latest Decision out of the 4th District Court of Appeal in Florida ruled that Ownership Must be Proven at Time Foreclosure is Filed

The latest foreclosure decision out of the 4th District Court of Appeal in Florida ruled that the plaintiff in a foreclosure must prove ownership of the property at the time the foreclosure case is filed. In McLean v. JP Morgan Chase, the appellate court reversed the trial court’s entry of summary final judgment in favor of the bank because the bank failed to provide evidence that, at the time the case was filed, it “obtained its rights and standing to proceed in this cause” prior to the filing date.

In reversing this decision, the 4th DCA said:
‘While it is true that standing to foreclose can be demonstrated by the filing of the original note with a special endorsement in favor of the plaintiff, this does not alter the rule that a party’s standing is determined at the time the lawsuit was filed.’

While this ruling is viewed by many as stating the obvious, because of the immense volume of foreclosure cases in Florida courts, some judges are forgetting their most important job is interpreting the law. Many judges have made it their top priority to clear out the backlog of foreclosure cases, even it means ignoring Florida Statutes, Florida case law, the Rules of Evidence and Rules of Procedure. This can leave the plaintiff at a disadvantage in these foreclosure proceedings.

To read more on the latest foreclosure decision out of Florida, visit: http://www.leagle.com/xmlResult.aspx?xmldoc=In%20FLCO%2020111214197.xml&docbase=CSLWAR3-2007-CURR

Choosing the right attorney can make the difference between whether or not you can keep your home. A well qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

BREAKING NEWS: Florida’s Foreclosure Mediation Program Cancelled

On December 19, 2011, Chief Justice Charles T. Canady signed an order that terminated Florida’s mandatory foreclosure mediation program. The program was originally established as a means for the court system to address the overwhelming number of mortgage foreclosure cases coming through the system, and level the playing field between foreclosure victims and big banks.

This is another huge win for big banks. Cases already referred to and pending mediation prior to December 19, 2011 will remain in the program through completion of mediation. After the date of the order, no new cases may be referred to Florida’s Foreclosure Mediation Program.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. If you have any questions on this topic please contact foreclosure defense attorney, Timothy Kingcade at (305) 285-9100. He 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. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Trend Alert: Decline in Foreclosure Activity in U.S. Metro Areas

It has been reported that the nation’s largest metropolitan areas are seeing a sharp drop in foreclosure activity as banks take longer to move against homeowners who are behind on their mortgage payments. According to Realty Trac Inc. in the first half of this year, 84 percent of metropolitan areas with a population of at least 200,000 saw their foreclosure rate drop versus the same period last year.

In total, foreclosure activity declined in 178 of the country’s 211 largest metropolitan areas during the first six months of the year. The decline is due to delays in the foreclosure process as lenders work through foreclosure documentation problems that first surfaced last fall. Those problems prompted them to resubmit paperwork on many properties that had been slated for foreclosure and led to a slew of government investigations of the mortgage industry. Mortgage banks also have put off taking action against newly delinquent borrowers in order to try loan modifications or other tactics aimed at avoiding foreclosure.

This has resulted in some 1.7 million potential foreclosures being held up. The slowdown in foreclosure activity has been pronounced in states like Florida, New York, Maryland, New Jersey, Connecticut, Massachusetts and Illinois, where courts play a major role in the foreclosure process and are only beginning to sort through the backlog of cases.

To read more on the story visit:

http://www.miamiherald.com/2011/07/28/2334318/foreclosure-activity-down-in-most.html#ixzz1TN8bmNlB

Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

What the U.S. Credit Rating Downgrade means for Consumers

The global rating agency Standards & Poor’s recently downgraded the United States esteemed “AAA” debt rating, a rating it has held since 1917. The nation’s credit rating has now been reduced to a less favorable “AA+,” after S & P said the compromise made by Congress and President Obama to cut spending and boost the debt ceiling fell short.

S&P repeatedly warned the U.S. rating was at risk if Washington did not agree to reduce deficit spending by $4 trillion over 10 years. This week’s agreement would cut spending by about $900 billion and create a joint congressional committee to find $1.5 trillion more by Thanksgiving.

The downgrade comes at a treacherous time for financial markets, which are already unnerved not only by mounting concerns about government debt and the economy in the U.S., but also in Europe. The move could undermine confidence in our country and has the potential to pull the rug from under investors who are already on the edge. Financial experts say American consumers will most likely see higher interest rates in adjustable rate mortgages, car loans, student loans, and credit cards.

To read more on this topic visit:
• http://www.wgrz.com/news/article/130177/13/What-the-US-Credit-Rating-Downgrade-Really-Means
• http://www.usatoday.com/money/economy/2011-08-05-s-and-p-downgrades-credit_n.htm

If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

A New Ruling Requires Lenders Show Consumers their Credit Score

A recent ruling now requires lenders who deny a borrower credit or offer a higher-than-normal interest rate show the borrower their credit score. The new rule is part of an amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act that was passed one year ago. The law requires creditors to provide additional information in adverse action notices if a credit score was used in making a credit decision.
A poor credit score can impact your ability to get a car loan, prevent you from being approved for a home mortgage, and can mean higher interest rates and less than favorable loan terms. This new law adds a level of protection for consumers, giving them access to crucial information that will give them the facts needed to make a change in their spending habits or seek debt relief alternatives. Fair Isaac and Company, or FICO, the developer of the software that generates most of the credit scores used by U.S. lenders, estimates the new provision will result in more than 500 million credit score disclosures each year.
To read more on this story visit:

http://abcnews.go.com/Business/credit-score-rule-takes-effect-today/story?id=14118699

At Kingcade & Garcia, P.A. we help clients analyze their finances and determine the best path to debt relief. This past year our firm handled more than 1,500 bankruptcy cases, bringing debt relief to individuals, families and business owners throughout South Florida. If you are struggling with insurmountable debt do not wait any longer, set up your FREE office consultation today by calling (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Special Report Reveals Banks are still relying on Robo-signers and Questionable Foreclosure Documentation

A recent investigation by Reuters revealed that some of America’s leading mortgage lenders and other “loan servicers” are taking the same short-cuts they promised to abolish just one year ago. The investigation found questionable foreclosure documents being filed with courts and county clerks, along with the continued use of “robo-signers” to speed up the process. These are the same tactics that last year triggered multiple investigations and placed temporary holds on a number of foreclosures.
In recent months, the investigation revealed that servicers have filed thousands of documents that appear to have been fabricated or improperly altered, or have sworn to false facts. Reuters also identified at least six robo-signers, individuals who in recent months have each signed thousands of mortgage assignments and legal documents which pinpoint ownership of a property. The companies that Reuters found that have filed foreclosure documents of questionable validity include: One West, Bank of America, HSBC Bank USA, Wells Fargo and GMAC Mortgage.
Reuters reviewed records of individual county clerk offices in Florida, Massachusetts, New York, North Carolina and South Carolina. They also examined hundreds of documents from court case files, some obtained online and others provided by attorneys.
To read more on the story visit:

http://news.yahoo.com/special-report-banks-continue-robo-signing-003758223.html

Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Take the “Island Approach” to Credit Card Use

According to the Federal Reserve, Americans are revolving more than $796 billion in debt – almost all of which is credit card debt. When it comes to credit card use, the “Island Approach” offer consumers help in lowering their cost of debt. This approach suggests that consumers segment their individual financial needs (e.g. – revolving debt, making everyday purchases and earning rewards) on different cards as if they are on islands.
The steps below provide the eradication of debt and the maximization of rewards using the “Island Approach”:
1.) Financial Discipline- According to the Island Approach, you should never revolve debt on the same card you use to make everyday purchases. Doing so simply makes it difficult to gauge whether your spending exceeds your means because purchases get lost in the shuffle of debt.
2.) Minimize the Cost of Interest- Isolating different transaction types on different spending vehicles helps you lower the cost of debt in four ways. First, it allows you to get the lowest possible interest rate for each transaction you plan on making. Second, it lowers your interest-bearing balance. Third, if you are a small business owner, the Island Approach provides debt consistency. Finally, the Island Approach is conducive to favorable payment allocation. When you hold multiple balances on a single credit card, only the amount of your payment above the minimum gets applied to the balance with the highest interest rate, meaning you will likely pay this balance down slower and spend more on interest.
3.) Maximize Rewards- Evaluate your spending habits. Identify your top expenses and get the credit cards with the absolute best possible rewards for each. This allows you to earn more miles, points or cash and redeem them frequently, thereby mitigating the risk of rewards devaluation and ensuring consistent benefit.
Whether you need to get out of debt quickly or maximize your credit card rewards, this approach to credit card spending can help you accomplish your goal.
To read more on this story, visit:

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/07/19/investopedia6455.DTL

If you have any questions on this topic or are in need of a financial fresh start, please contact our experienced team of bankruptcy attorneys at (305) 285-9100. At Kingcade & Garcia, P.A. we help clients analyze their finances and determine the best path to debt relief. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Two of the Nation’s Largest Lenders are offering Delinquent Homeowners in Florida a Deal to Complete Short Sales

JPMorgan Chase & Co. and Wells Fargo & Co. are offering delinquent homeowners a deal that will give select borrowers behind on their mortgage payments $10,000 to $20,000 for agreeing to short sales, which means the homes are sold for less than what’s owed on the mortgages.

In addition, Florida homeowners are entitled to $3,000 of government money if they complete short sales through the Home Affordable Foreclosure Alternative program. Wells Fargo and Chase say that they are cutting their losses choosing to forgo the potentially lengthy process of foreclosure.

The average foreclosure in Florida took 619 days for cases completed in the first three months of 2011, according to RealtyTrac Inc. That’s more than 30 percent longer than cases completed a year ago. Some analysts speculate the money for short sales is an effort by the lenders to be viewed as good corporate citizens as they expand aggressively in Florida after the banking takeovers.

To read more on the story visit:

http://therealdeal.com/miami/articles/chase-bank-offers-florida-homeowners-incentive-to-short-sell

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 or short sales, please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Two Foreclosure Fraud Investigators Released from Florida Attorney General’s Office-The Firing is linked to their involvement in uncovering evidence of suspicious foreclosure practices on the part of law firms, banks and loan servicers

According to a recent story in the Palm Beach Post, a lead foreclosure fraud investigator for the state said she and a colleague were forced to resign from the Florida attorney general’s office. Former Assistant Attorney General Theresa Edwards and colleague June Clarkson had been investigating the state’s so-called “foreclosure mills,” uncovering evidence of legal malpractice that also implicated banks and loan serv¬icers.

Despite positive performance evaluations, Edwards said the two were told during a meeting with their supervisor in late May to give up their jobs voluntarily or be let go. Edwards said no reason was given for the move. In sworn statements taken by Edwards and Clarkson as part of their investigation of the Law Offices of David J. Stern, former employees described conditions where signatures were regularly forged on foreclosure documents, paperwork was notarized by non-notaries, and flawed files were hidden from auditors of federal mortgage backers Fannie Mae and Freddie Mac.

To read more about this story visit:

http://www.palmbeachpost.com/money/foreclosures/foreclosure-fraud-investigators-forced-out-at-attorney-generals-1603854.html?viewAsSinglePage=true

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 this topic or would like to schedule a FREE office consultation, contact our experienced team of foreclosure defense attorneys today at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Foreclosure Relief Effort Finally Kicks Off- But there’s a Catch

A long-awaited $1 billion program designed to provide the unemployed with loans to assist them in avoiding foreclosure is finally underway. But there’s a catch: Homeowners will have only one month to apply. The new Emergency Homeowners’ Loan Program aims to help unemployed homeowners with their mortgage payments by providing zero-interest loans of up to $50,000. The program is expected to aid 30,000 borrowers, and the loans can be forgiven over five years. Homeowners will need to apply by July 22 to be eligible for the program. Borrowers must be approved by September 30. At this point, the government’s authority to make new loans will have run out, so timing is everything!

To read more about this story visit:

http://blogs.wsj.com/developments/2011/06/20/foreclosure-relief-effort-finally-kicks-off/

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 this topic or would like to schedule a FREE office consultation, contact our experienced team of foreclosure defense attorneys today at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.