Homeownership Obstacles

August 25, 2015 By

There are many obstacles that stand in the road to homeownership. Prospective buyers need to take many preventative measures to ensure their deal. A simple precaution a buyer can take is evaluating all financial information with their lender. Any surprises could disrupt the lending process. Another step to take would be not to make any major purchases when the deal is being closed. This is because lenders can recheck the buyers credit history right before closing, and any new credit obligations may cause for concern.

In today’s competitive market, buyers must obtain more than just pre-approval, but also obtain a loan commitment. A loan commitment is a guarantee that the needed money will be made available to the buyer. This commitment can help ensure the buyers success in this competitive house market.

Contact Shaffer & Gaier – Protecting Homeowner Rights

The law firm of Shaffer & Gaier protects the rights of those who are facing foreclosure or seeking mortgage modifications in New Jersey and Pennsylvania. 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, Home Owners, Homeownership, Mortgage Lending, Mortgage Modification, Mortgage Refinance, Uncategorized Tagged With: , , , , , , , , , ,

SoFi and Online Mortgage Lending

August 24, 2015 By

SoFi – How Millennial Usage of Online Mortgage Lending is Changing the Home Lending Landscape

A young couple each in their early 30’s found themselves buying a house outside of San Francisco. Being first time buyers, they searched for sources of financing on the Internet. Online they found a lender called social finance (SoFi). They received pre-qualification in 15 minutes and then got the documents for pre-approval and submitted a formal offer within a week. Because of SoFi’s simplicity, they were able to easily close on their new home.

Large groups of millennials are changing the mortgage industry because more and more lenders are using technology that enables borrowers to submit documentation online. This allows more non-bank start a blenders to compete in the mortgage industry and it also gets mortgage brokers out of the mix (who many blame on the crisis of the last decade) . Online lenders like SoFi are so appealing to millennials because of their online tools and fast closing times. Borrowers feel much more in control of their financial status due to the DIY system provided by online lenders. This freedom is what banks are unable to match.

Contact Shaffer & Gaier – Protecting Homeowner Rights

The law firm of Shaffer & Gaier protects the rights of those who are facing foreclosure or seeking mortgage modifications in New Jersey and Pennsylvania. 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: Bank Loan Modifications, Current Events, Foreclosure, Foreclosure Defense, Home Owners, Homeownership, Mortgage Lending, Mortgage Modification, Mortgage Refinance, Online Mortgage Lenders, SoFi Tagged With: , , , , , , , , , , , , , , ,

The Home Affordable Modification Program’s Paltry Lifeline

August 18, 2015 By

A Slack Lifeline for Drowning Homeowners

JULY 31, 2015 By GRETCHEN MORGENSON

“After Lucy Circe became disabled and could no longer work, she applied to Bank of America for a mortgage loan modification on her Vermont home. Over more than two years, starting in 2012, the bank repeatedly requested copies of documents that had already been provided, asked for proof that she was no longer married to a man she did not even know, and made other errors, like asking why Ms. Circe had indicated that she didn’t want to keep her property when she had actually told the bank she did….” READ MORE HERE.

Contact an Aggressive Foreclosure Defense Lawyer at Shaffer & Gaier Today

We provide a free initial consultation to anyone with concerns about foreclosure or who is involved in foreclosure proceedings. To schedule an appointment, call our foreclosure hotline at 855-289-1660 or contact us online. Evening and weekend meetings can be arranged upon request. We will travel to your home if necessary to meet with you.

Filed Under: Current Events, Foreclosure, Foreclosure Defense, Home Owners, Homeownership, Mortgage Modification, Mortgage Refinance Tagged With: , , , , , , , , , ,

Foreclosure Settlements for Pennsylvania Homeowners

February 26, 2015 By

We recently settled two contested cases involving a family home in Bucks County, Pennsylvania. The set of facts required that I file an action against Chase Bank in Federal Court in the Eastern District of Pennsylvania and it is my belief that the Federal Court litigation is what spurred the global settlement.

My clients had owned their home for nearly 20 years and always paid their own local property taxes. My client was out of town for three months tending to her elderly mother and they missed a tax payment by two weeks. They quickly made up the late payment, but when Chase found out that it was late, Chase took it upon itself and mailed its own tax payment to the township. This then caused a domino effect of confusion, but ultimately ended up in Chase charging my client an additional $20,000 for the next year of taxes (so Chase could hold it in reserve), even though my client was always ready, willing, and able to pay the taxes. My client spent hours and days on the phone with Chase trying to explain that it was a one-time occurrence and therefore was no need to surcharge her the $20,000. She got nowhere.

While my client was trying to work things out with Chase, Chase filed a foreclosure action in Bucks County Court of Common Pleas. I responded to that lawsuit and we litigated that case for about 18 months; at the same time, I filed a lawsuit against Chase for wrongful foreclosure, claiming that my client did not breach the mortgage contract, but rather it was Chase that did. We conducted depositions and engaged in extensive motion practice, but then Chase reached out with a settlement offer which reduced the principle balance on my client’s property by $235,000. Chase, however, required that my clients pay off the mortgage in full (this is called a short-payoff) and my clients are able to do that by securing other sources of financing.

We stipulated in the settlement agreement that Chase would file a mortgage satisfaction, which was done approximately 45 days after my clients paid off the loan.

Contact Shaffer & Gaier – Protecting Homeowner Rights

The law firm of Shaffer & Gaier protects the rights of those who are facing foreclosure or seeking mortgage modifications in New Jersey and Pennsylvania. 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, Home Owners, Homeownership Tagged With: , , , , , , , , ,

U.S. Supreme Court Finds in Favor of Homeowners

February 9, 2015 By

In 2007, a couple from Minnesota, Larry and Cheryl Jesinoski, refinanced their mortgage with Countrywide. Exactly three years later the Jesinoskis tried to rescind the loan by writing a letter to Bank of America Home loans, which purchased Countrywide during the housing crisis. This meant that Larry and Cheryl, through the Truth in Lending Act, had the right to cancel their mortgage as long as they did so within three years after the transaction was completed.

Yet, Bank of America tried to block the rescission and the Court of Appeals for the Eighth Circuit ruled in favor of the bank, stating that the borrower must not only give notice but also file a lawsuit within three years. However, on Tuesday Jan 13, 2015, the U.S. Supreme Court ruled in favor of the couple, with Justice Antonin Scalia interpreting the law, stating that it without a doubt requires only a notification of rescission within three years and not litigation. Please note that when a loan is rescinded, however, the homeowners often have to give the mortgage loan funds and fees back to the bank or lender.

Contact Philadelphia Foreclosure & Mortgage Modification
Attorneys Shaffer & Gaier

To set up an appointment, call our foreclosure hotline at 855-289-1660 or contact us online. Your first consultation is free of charge. Evening and weekend meetings can be arranged upon request. We will travel to your home if necessary to meet with you.

Filed Under: Bank Loan Modifications, Bank of America, Countrywide Mortgages, Foreclosure, Foreclosure Defense, Home Owners, Mortgage Lending, Mortgage Modification, Mortgage Refinance, Mortgage Settlements Tagged With: , , , , , , , , , , , , , , , ,

Wells Fargo Foreclosure Lawsuit

January 16, 2015 By

My client was offered a loan in 2007 by a broker who worked with Wells Fargo. His income at the time did not really support the loan, and he was hoping that the real estate would lift the value of his home. This, unfortunately, did not happen and over time, he was no longer able to keep up with his mortgage payments. As required by law, the bank sent a Notice of Intent to foreclose which notified my client how much he owed on the mortgage in order to make it current. Wells Fargo filed a Foreclosure lawsuit in Montgomery County Court of Common Pleas in 2010. I defended the lawsuit, and after motion practice and quite a bit of discovery, Wells Fargo withdrew the lawsuit. Three months later, however, Wells Fargo initiated a new lawsuit, again in the Montgomery County Court of Common Pleas.

Wells Fargo, however, did not send my client a new and updated Notice of Intent to foreclose before they filed the second lawsuit. After discovery, the bank filed a motion for summary judgment and the trial court granted the motion which gave the bank the right to foreclose. I argued that Wells fargo was required to send my client a new, updated Notice of Intent, and since they did not, then the foreclosure was unlawful.

I filed an appeal to the Pennsylvania Superior Court on the grounds that the lender was required to send an update Notice of intent before they filed a second lawsuit. Wells Fargo opposed the motion by claiming that it was nothing more than a formality and since the first Notice of Intent was sent, there was no need to send a revised one.

The Superior Court agreed with me and reversed the trial court’s order of summary judgment. Wells Fargo filed a motion for reconsideration which was denied on January 4th, 2015. I expect there will be an appeal to the Superior Court. The current status is Wells Fargo is attempting to take ownership of the home upon which they wrongfully foreclosed so I am considering filing a lawsuit against Wells Fargo to redress my client’s damages. -Michael Gaier

Contact Shaffer & Gaier

To schedule a free initial consultation, contact us online or call our foreclosure hotline at 855-289-1660. Evening and weekend meetings can be arranged upon request. We will travel to your home if necessary to meet with you.

Filed Under: Current Events, Foreclosure Abuses, Foreclosure Defense, Wells Fargo Foreclosures Tagged With: , , , , , , , ,

New Jersey Foreclosures Lead the Nation

January 6, 2015 By

South New Jersey Foreclosure Attorneys

As of November 2014, information released by the Mortgage Bankers Association indicates New Jersey leads the nation in foreclosures. For the most part, the foreclosure crisis that followed the 2008 financial meltdown has abated and returned to levels seen before the 2008 recession. In New Jersey, however, one in six home mortgages is either delinquent or in foreclosure. While the percent of mortgages in foreclosure or delinquent is slightly less than this time last year (8 percent and 7 percent respectively in November of 2013), New Jersey is still posting foreclosure rates substantially higher than the national average.

Why Foreclosures are Higher in New Jersey

Part of the reason why New Jersey’s foreclosure rate is so high at this time is due to how foreclosures are handled in New Jersey. Under state law, foreclosures must go through the courts, which inevitably prolong the process. Additionally, due to a near halt in foreclosure activity in 2011 after questions regarding allegations of abuse and fraud in the mortgage industry, the system now has to play catch up.

Interestingly enough, most of the troubled mortgage loans are ones that were made prior to 2007.  According to Mike Fratantoni, the chief economist for the Mortgage Bankers Association, 74 percent of delinquent loans were made before the beginning of the 2007 sub-prime mortgage crisis.

Mortgage Troubles? Contact Foreclosure Attorneys at Shaffer & Gaier

If you’re facing foreclosure or the bank has already initiated foreclosure actions against you, it’s important that you understand your legal rights and protections. In some cases, foreclosure can be avoided if you bank is willing to refinance your home. If this isn’t an option, short-selling your home can help you avoid bankruptcy and other unwanted financial complications.

To learn how we can help you, contact the foreclosure attorneys at Shaffer & Gaier today. We have offices in Haddonfield, New Jersey, Philadelphia, Pennsylvania, and Fort Lauderdale, Florida.

Filed Under: Foreclosure, Foreclosure Abuses, Foreclosure Defense, Mortgage Fraud, Mortgage Lending, Mortgage Modification, Mortgage Settlements Tagged With: , , , , , , ,

Make Your Home Affordable

November 20, 2014 By

According to the US Census bureau, there are over 75 million homeowners in America; homeowner, however, is a broad term used to encompass many Americans on all different “levels” of homeownership. Based on a study conducted by the Department of Housing and Urban Development, of these 75 million homeowners, only 40% of the homes were paid off. Therefore 60% of US homeowners are essentially still paying a monthly bill for their homes and do not hold the deed that equates to actual ownership.

Be it that 45,000,000 American homeowners do not in fact actually own their homes, foreclosure is an ominous threat lurking at a vast number of doorsteps. With the aftershock of the recession still weighing heavily on our economy, an increasingly large number of Americans are finding their once affordable monthly mortgage payments are now incredibly unaffordable. As overwhelming as it is to realize that once seemingly reasonable mortgage payments now exceed your budget, it is important to never forget that help is available through a variety of channels for homeowners just like you. Specifically, a loan modification is a permanent change in the original terms of your loan that result in a payment you can afford. The Home Affordable Modification Program, commonly known as H.A.M.P., is a federal program specifically designed to offer loan modifications to eligible homeowners in mortgage debt

Been turned down before? Don’t panic. Many changes have been made to these programs to maximize the eligibility and assist as many borrowers as possible in retaining their homes. Don’t lose your home to due to circumstances out of control. It’s worth it to get the help that you deserve.

Contact Our Office

To set up an appointment, call our foreclosure hotline at 855-289-1660 or contact us online. Your first consultation is free of charge. Evening and weekend meetings can be arranged upon request. We will travel to your home if necessary to meet with you.

Filed Under: Foreclosure, Foreclosure Defense, Home Owners, Homeownership, Mortgage Fraud, Mortgage Lending, Mortgage Modification Tagged With: , , , , , , , , , , , , , ,

Foreclosure – Not so Straightforward

October 18, 2014 By

Based on a recent study conducted by RealtyTrac, foreclosure filings for the year 2013 totaled 1.36 million properties in the continental United States. Although this number has decreased by approximately 26% from 2012, the total number of Americans facing foreclosure is vast. Although it has been calculated that 1 million Americans are involved in active foreclosure proceedings of all stages, these numbers fail to account for homeowners living in fear of foreclosure proceedings that have not yet been instituted.

Although the term “foreclosure” is becoming ever prominent in the daily vocabulary of far too many Americans, the actual legal steps of the process still remain a mystery for the Americans directly involved in this nationwide crisis. Furthermore the help that is available feels elusive for those who are in desperate need of it. If you find yourself facing foreclosure, know that you are not alone and do not wait any longer to seek the help that you deserve. Take advantage of the many private and government funded programs that will allow you to retain your home. Help is available to you no matter what stage of foreclosure in which you find yourself.

In fact, Pennsylvania is the only state in the country that offers state-funded loan programs designed to help homeowners who, because of extenuating circumstances, have found themselves trapped in the foreclosure process and are worried about losing their homes. Pennsylvania even offers a specific state assistance program and there is help available for everyone through government programs that are specifically designed to help homeowners retain their homes.

HARP, the Home Affordable Refinance Program, is one of these types of programs. Originally developed in 2009 by the Federal Housing Finance Agency and the Department of the Treasury, this program is designed for homeowners who owe more than the estimated worth of their home. As the foreclosure crisis grew in America following 2009 HARP grew too; this program was expanded in 2011 in order to maximize eligibility and help as many homeowners as possible. These are not the only options to help homeowners currently involved in this nationwide crisis. The point is, however, that homeowners should deal with foreclosure issues as soon as possible, but if need be, help can also available in the later stages.

Contact Shaffer & Gaier – Protecting Homeowner Rights

The law firm of Shaffer & Gaier protects the rights of those who are facing foreclosure or seeking mortgage modifications in New Jersey and Pennsylvania. 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 Abuses, Foreclosure Defense Tagged With: , , , , , , , ,

PA SUPREME COURTS ALLOWS DEFAULT TO STAND AGAINST BANK OF AMERICA

September 10, 2014 By

As an update to a blog I posted in January, 2014, in which I discussed a default judgment I secured for my client against Bank of America, the Pennsylvania Supreme Court just ordered that the default judgment shall remain in place. I filed a lawsuit against Bank of America in Delaware County, PA for predatory lending and unfair trade practices. The bank failed to answer the lawsuit and I moved for a default judgment. Of course, the bank appealed, asking the trial judge to allow it to file an Answer, but the trial judge refused. The bank unsuccessfully appealed to the Superior Court and then to the Pennsylvania Supreme Court, also unsuccessfully.

This means that the case can now proceed to a jury trial to determine the amount of my clients’ monetary damages. Certain discovery issues need to be worked out; primarily I am in the process of securing testimony from a Bank of America Corporate Representative regarding the net worth of the company in 2012 and 2013.

This is because I included a claim for punitive damages, which are used to punish the defendant for wrongful conduct. One of the ways that a jury is allowed to and able to determine an appropriate dollar amount for damages is to consider the net worth of the defendant. The Bank is, of course, objecting to such an inquiry, and is not agreeing to produce such a representative; again, the trial judge will decide the scope of the deposition testimony. I am hopeful for trial in January/February 2015. I will keep you posted.

Contact the law firm of Shaffer & Gaier, LLC

We provide a free initial consultation to anyone with concerns about foreclosure or who is involved in foreclosure proceedings. To schedule an appointment, call our foreclosure hotline at 855-289-1660 or contact us online. Evening and weekend meetings can be arranged upon request. We will travel to your home if necessary to meet with you.

Filed Under: Bank of America, Current Events, Foreclosure, Foreclosure Defense, Mortgage Lending, Mortgage Modification, Mortgage Settlements Tagged With: , , , , , , , , , , , , , , ,
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