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 and NJ FORECLOSURES ROSE IN 2013

January 27, 2014 By

In 2013, Pennsylvania foreclosures rose more than 18 percent—and New Jersey foreclosure rose by 25.5 percent—even though, nationally, the foreclosure rate rose by a relatively small 5.9 percent.

New Jersey was ranked 13th nationally in foreclosure rate, with 1.1 percent of all homes in foreclosure, just above the national average of 1.04 percent. The 3.5 million filings in the Garden State were 44 percent above 2012 and 123 percent higher than 2011. It is still well below the rough years between 2009 and 2010 when foreclosures skyrocketed as the economy plummeted. Pennsylvania was ranked 18th nationally in foreclosure rate at 0.84 percent in 2013. The 5.6 million filings last year were 12.5 percent above 2012 and 44 percent higher than 2011. But unlike New Jersey, the number of filings in 2013 do not represent a drop-off from the height of the recession. In fact, while filings were down in Pennsylvania by 9 percent from 2010, they were 4 percent higher than 2009 and 25 percent higher than 2008.

An explanation? Both states resolve foreclosures through the state judicial systems, which tend to process foreclosures less quickly. The states may still be dealing with a backlog of cases going back to 2010, it has been reported.

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: , , , , , ,

Foreclosures Plummeting – but not in New Jersey

December 30, 2013 By

According to reports, August 2013 brought the fewest lender initiated foreclosure actions against U.S. homes for any month in nearly eight years.  However, foreclosure activity is still on the rise in New Jersey. Nationally, approximately 55,775 homes entered the foreclosure process nationwide in August, a decline of 8 percent from July and down 44 percent from August of last year.  In New Jersey, foreclosure starts were up 18 percent from a year ago, and all foreclosure activity rose 43 percent. Additionally, New Jersey has a large backlog of distressed homes.  It is speculated that this backlog piled up while the mortgage industry dealt with accusations that homeowners’ rights were being abused in the foreclosure process. Full article.

New Jersey has the second longest timeline to complete the foreclosure process, behind New York, coming in at 1,002 days.  According to reports, the national average in the first quarter of 2013 is 477 days to complete the foreclosure process.  This means that if you are facing foreclosure in a state where it takes a considerable amount of time to complete the process, you will have plenty of time before the foreclosure is complete to try to refinance your mortgage, negotiate an alternative to foreclosure, or live inside your home without making a payment prior to foreclosure completion. Ultimately, the longer the foreclosure takes, the better it is for you.

 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: , , , ,

Mortgage Modification Push Helps New Jersey Homeowners

December 18, 2013 By

Mortgage delinquencies are falling as home prices rise and the foreclosure pipeline is clearing. Many speculate that this is the result of the mortgage modification push by the Obama Administration.  The Obama Administration has used various programs like HARP, the Home Affordable Refinance Program, and HAMP, the Home Affordable Modification Program, to allow distressed borrowers to refinance or modify their mortgages into something more affordable.  These programs have been particularly effective in New Jersey, as under New Jersey law, a judge must approve foreclosures, and they often press the borrower and lender to find a way to keep the borrower in their home.  Full article.

Mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower.  At Shaffer & Gaier, we aggressively protect the rights of property owners in Pennsylvania, New Jersey and Florida. Our lawyers bring more than 45 years of combined legal experience to every case we handle. While we recognize that your case is unique, our commitment remains the same — to use our skill, knowledge, experience and resources to help you get the best outcome possible in a timely and cost-effective manner.

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: , , , , , , , ,

Foreclosures Surge in DC Area After Federal Budget Cuts – Could Pass New Jersey in Foreclosure Rates

November 11, 2013 By

According to reports released by the Bipartisan Policy Center, this year’s across-the-board budget reductions have led to “sequester pain.”  Federal agencies award more than $500 billion a year, or roughly $1.4 billion dollars a day, to tens of thousands of contractors, with late payments, halted work and canceled solicitations accumulating, to the detriment of companies and their workers. Initial foreclosure filings for September climbed 144 percent since August in Fairfax County, Virginia; they more than doubled in Prince William, Loudoun and Fauquier counties.  New Jersey’s 55 percent monthly increase in foreclosure starts is the highest in the United States. Virginia is the second-highest in the US with a 52 percent monthly increase in foreclosure starts.  Virginia is likely to see another surge, and may surpass New Jersey, as an estimated 800,000 federal workers, including Defense Department inspectors and auditors who help certify invoices, were furloughed when the shutdown began at the beginning of October.   Full article.

In September, the number of properties that received a foreclosure filing in NJ was 55% higher than the previous month – and 55% higher than the same time last year. Home sales for August 2013 were down 4% compared with the previous month, and down 2% compared with a year ago. The median sales price of a non-distressed home was $298,000. The median sales price of a foreclosed home was $185,000, or 38% lower than non-distressed home sales.

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 Abuses, Foreclosure Defense Tagged With: , , , , , , ,

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