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Billions of Dollars in “Aid” – But no Meaningful Relief

May 16, 2013 By

In 2012, five of the nation’s biggest banks reached an agreement with state and Federal officials that addressed the foreclosure abuses over the last several years. The banks agreed to give roughly 46 billion dollars in relief to distressed homeowners, much of it through principal reductions of mortgage amounts. What the banks did with this mandate is proving worthless. Here’s why.

Despite these banner numbers, much of this relief is coming in the form of reducing principal on second mortgages, not on first mortgages. While addressing the second mortgage can offer some relief, it is the primary mortgage that leads to the foreclosure lawsuit. That means homeowners are still in jeopardy of losing their homes, even though the big banks get credit for restructuring the second mortgages. The banks get credit towards fulfilling the $46 billion relief package, but the homeowner still gets foreclosed on.

What happens is that a homeowner will be notified that their second mortgage has been reduced, giving false hope that their housing problems are behind them. What ends up happening, however, is that the first mortgage holder has not reduced the principal, and they are free to foreclose and take the home. This does little, if anything, to help the homeowner. It is important to note that when a house is sold in foreclosure, there is typically no money to pay the second mortgage anyway, and the second mortgage holder usually gets nothing. Under the terms of the settlement, though, the banks are receiving credit for giving the second mortgage, even though they most likely would have not have gotten any money for it anyway.

Contact Shaffer & Gaier

To set up a free initial consultation, contact our office online or call our foreclosure hotline at 855-289-1660. Or call our office location in Philadelphia at 215-751-0100, or in New Jersey at 856-429-0970.

Filed Under: Foreclosure, Foreclosure Defense

Lunch and Learn Seminar Series: ‘Don’t Lose Your Shirt and Your Home – What Professionals Must Know About the Tricky Area of Foreclosure’

May 14, 2013 By

Lunch and Learn Seminar Series:

Click Here to Register:
‘Don’t Lose Your Shirt and Your Home – What Professionals Must Know About the Tricky Area of Foreclosure’

Filed Under: Current Events, Foreclosure, Foreclosure Defense Tagged With: , , ,

Foreclosure Defense Workshop July 23

May 13, 2013 By

foreclosure-defense-workshop

Contact Shaffer & Gaier

To set up a free initial consultation, contact our office online or call our foreclosure hotline at 855-289-1660. Or call our office location in Philadelphia at 215-751-0100, or in New Jersey at 856-429-0970.

Filed Under: Foreclosure, Foreclosure Defense Tagged With: , , ,

ATV Malfunction Causes Driver to Sustain Serious Head Injuries

May 9, 2013 By

Our client purchased a 2012 All Terrain Vehicle in 2012. The ATV had only 150 miles at the time of the accident.

As our client was traveling in an alleyway behind his house, the connection A-arm fractured causing him to lose control. He was thrown from the vehicle sustaining various head injuries. Our firm procured an expert that will testify that the product malfunctioned due to a metallurgical failure of the weld/bracket. Our client sustained significant head trauma, traumatic brain injury, a sub-arachnoid hemorrhage with multiple skull fractures and a left clavicle fracture.

After inspecting the vehicle and consulting with their experts, the manufacturer of the ATV has agreed to mediate this matter.

Contact Shaffer & Gaier

At our office, every prospective client receives a free initial consultation. Call us in Philadelphia at 215-751-0100 or in New Jersey at 856-429-0970, or contact us online. Evening and weekend meetings can be arranged upon request. We will meet with you in your home or at the hospital if necessary.

Filed Under: Personal Injury, Product Liability Tagged With: , , ,

Bank of America Withdraws Motion to Dismiss to Engage in Settlement Negotiations

May 6, 2013 By

Shaffer & Gaier, LLC represents nine homeowners who had negative amortization loans with Countrywide (Countrywide was, of course, bought by Bank of America.). Our firm represented these homeowners who brought a consolidated lawsuit against Bank of America for their fraudulent and duplicitous conduct. All of these homeowners were victims of Countrywide’s negative amortization loan scheme which they used to defraud these homeowners. Countrywide offered a variety of loan products that were both financially risky and difficult for borrowers to understand, including payment option ARM’s. Countrywide craftily hid the true cost of the loan from the homeowners by failing to issue accurate Truth in Lending Disclosure forms thereby luring the homeowners into thinking the loan was less expensive than it actually was.

The option ARM, which Countrywide classified as a prime product, is a complicated mortgage product which allows borrowers to pay a “teaser rate” then the rate jumps up beyond reasonable market levels. However, the homeowner is tricked into paying part of the principal only. Therefore, the loan keeps recalculating causing the homeowners to lose additional value. Bank of America filed extensive Motions to Dismiss and our law firm filed responses to those Motions. After significant litigation, Bank of America has agreed to withdraw those Motions to Dismiss to allow the parties to continue with settlement negotiations. Our firm welcomes inquiries into these negative amortization loans, payment option ARM’s and any other fraudulent or deceptive loan product offered by Countrywide, Bank of America or any other lending institution.

Contact Shaffer & Gaier

To set up a free initial consultation, contact our office online or call our foreclosure hotline at 855-289-1660. Or call our office location in Philadelphia at 215-751-0100, or in New Jersey at 856-429-0970.

Filed Under: Foreclosure, Foreclosure Defense, Mortgage Lending, Mortgage Modification Tagged With: , , , ,

Lawyers Working Polling Places

May 3, 2013 By

November 4, 2008 was an historic day in America. No matter what your political affiliation, we can all be inspired by the record turnout and the astounding participation in the Democratic process.

The lawyers at Shaffer & Gaier were proud to be poll watchers to ensure that every person, Democrat, Republican or Independent had a clear path to the voting place. All of our attorneys, watched the polling places to ensure our citizens’ rights were not infringed upon and they could exercise their right to vote.

Filed Under: Foreclosure, Foreclosure Defense, Medical Malpractice, Nursing Home Injuries, Personal Injury, Product Liability Tagged With: , , , , ,

Mortgage Relief Checks Are Bouncing

May 1, 2013 By

It has taken years for the big banks to finally begin to redress homeowners who were victimized by shoddy foreclosure practices, wrongful eviction and mortgage servicing abuses. So, in early April, the banks began to issue payments to homeowners that at least partially compensated them for their losses. When many of the homeowners went to cash these checks, however, the checks bounced because those funds are not available. Unbelievable, right?

While this is a fitting end to the lengthy ordeal suffered by so many, it is but the latest setback for troubled homeowners. Not only did it take more than two years to resolve a federal investigation into the foreclosures, but these checks that were received have been delayed for weeks. The checks generally range from $400 to $1,000, although the banks promised that some homeowners would receive checks up to $125,000. These payments, even federal regulators will concede, hardly make up for losing a home or being unlawfully put through the foreclosure process.

Contact Shaffer & Gaier

To set up a free initial consultation, contact our office online or call our foreclosure hotline at 855-289-1660. Or call our office location in Philadelphia at 215-751-0100, or in New Jersey at 856-429-0970.

Filed Under: Foreclosure, Foreclosure Defense Tagged With: , , ,

Wall Street Bailout – Somebody Had To Cause This Problem

April 28, 2013 By

In this time of national economic crisis, the Bush administration and Congress are implementing a legislative package aimed at resolving the country’s current financial problems. However, the banks are seeking not only money from the taxpayers, but immunity from lawsuits concerning their unscrupulous lending practices.

It was a hard pill to swallow; $700B to bailout the huge companies that got themselves in this mess. However, when you hear about companies like AIG taking $400,000 junkets after receiving Federal assistance, it just makes your blood boil. However, the chickens need to come home to roost eventually and certainly the banks are beginning to run for cover. Seeing the vulnerability of their position, they are beginning to ask for immunity from lawsuits brought by defrauded investors and shareholders. Congress should do everything to prevent immunity to these lending institutions of investors and shareholders. At Shaffer & Gaier, we have represented consumers who were taken advantage of by these businesses.

Filed Under: Commercial Representation, Consumer Litigation Tagged With: , , , , , ,

It Might Be a Good Time to Buy

April 23, 2013 By

Mortgage rates remain low and the housing market is showing signs of recovery. Even new construction is picking up. And best of all, the Consumer Financial Protection Bureau issued guidelines in January which protects consumers from the kinds of mortgages that contributed to the financial market and housing market crash.

Still, there are many ways that a buyer can end up short end of the stick by paying more than they should. The devil, as always, is in the details, and when it comes to home buying, those details are deeply imbedded in the mortgage documents. For instance, be careful to rely on the Good Faith Estimate to determine the closing costs and the amount of the loan over a 20 or 20 year term. This is because the Good Faith Estimate really just lumps all of the closing costs onto one document and it makes it very hard to see the fees which could be hidden in the loan.

Another safe guard is to S…L…O…W down the closing. Of course, there are times when a prospective homeowner feels the need to get to closing as soon as possible – marriage, a new baby may be on the way, or you just gotta get that house, etc. When this occurs, there is often the urge to tell the mortgage company something like “Look, can you get my deal done ASAP?”. This will undoubtedly lead to many unwelcome surprises at closing, when additional fees or costs are added. The homeowner can throw a fit and protest, but that will most likely be met with the broker asking if they would like to cancel the deal, which often comes with $1,000+ cancellation fee. One of the ways to avoid this is to choose a mortgage that has no closing costs. The interest rate will probably be higher, but you’ll at least know what you’re paying for. But beware—while this may be a wise decision in the short run, it could end up costing a lot more over the life of the mortgage because of the higher rate.

Contact Shaffer & Gaier

To set up a free initial consultation, contact our office online or call our foreclosure hotline at 855-289-1660. Or call our office location in Philadelphia at 215-751-0100, or in New Jersey at 856-429-0970.

Filed Under: Mortgage Lending, Mortgage Modification Tagged With: , , ,

Philadelphia Judge Denies Bank’s Motion for Summary Judgment

April 18, 2013 By

My clients own a home in the Chestnut Hill neighborhood in Philadelphia. Their lender is Suntrust Mortgage Company, an Atlanta based lender with offices in the Southern and Eastern U.S. and in the Cayman Islands.

Suntrust sued my clients in a foreclosure lawsuit in Philadelphia Court of Common Pleas. In January, Suntrust filed a motion for summary judgment, arguing to the court that a trial was not necessary because the loan documents themselves prove that the homeowners are in default. The banks frequently file these motions in which they argue that the bank should have the absolute right to foreclose. A closer inspection of the loan documents, however, established that the bank may not have properly applied the mortgage payments to the principal and interest when the payments were made. This created a question of fact because my clients’ mortgage payments conflicted with the bank’s payment ledgers.

The trial court agreed, on February 27, 2013 the judge denied the bank’s motion for summary judgment. The clients continue to reside in the home and I am awaiting notification of a trial date.

Contact Shaffer & Gaier

To set up a free initial consultation, contact our office online or call our foreclosure hotline at 855-289-1660. Or call our office location in Philadelphia at 215-751-0100, or in New Jersey at 856-429-0970.

Filed Under: Foreclosure, Foreclosure Defense Tagged With: , , ,
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Our Latest News Posts

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April 3, 2019 By

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