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: , , , , , , , , , ,

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: , , , , , , , , , , , , , , , ,

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: , , , , , , , , , , , , , ,

Mortgage Deliquencies Remain High in New Jersey

September 26, 2013 By

Even though there is an improving nationwide real estate market, mortgage delinquencies and foreclosures continue to be a problem in New Jersey. The national mortgage delinquency rate – defined as borrowers who are at least 60 days past due on their payments – shrank by 26% in the Second Quarter of 2013, when compared to the same period one year ago, according to TransUnion, the credit information service. The delinquency rate in August, 2013 was approximately 4.1%, still double what it was in the pre-recession period, but it is still on a downward trend.

Locally, however, things are not so good. While Florida and Nevada have the highest delinquency rates (9.9% and 8%, respectively), New Jersey is right behind them, at 7.2%.

In New Jersey, there were 4455 mortgage foreclosure lawsuits filed in July, and 4222 foreclosure lawsuits filed in August, 2013, a dramatic rise from 2012 and early 2013. In New Jersey, the nation’s biggest lenders have recently filed motion papers that are paving the way and allowing a greater number of foreclosure lawsuits to be filed. In New Jersey, it is expected that the number of foreclosure lawsuits will continue to increase through the end of 2013.

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: , , , , ,

New Jersey Judge Vacates Bank’s Default Judgment

June 26, 2013 By

We represent the homeowners in an action in Somerset County, New Jersey. The bank claims that its process server successfully served our clients with a foreclosure lawsuit in December, 2012, yet our client claims he was never served. The bank’s process server indicated that he served a dark-skinned male with brown hair, yet my client has had a shaved head for over 10 years.

Based on the bank’s claim that they successfully served the foreclosure lawsuit on my clients, the bank then entered a default judgment because there was no Answer and Affirmative Defenses filed within the 35 days required under New Jersey law. When a default is entered, it can and often will preclude any litigation or challenge to the loan itself, including ownership, standing and predatory lending defenses that a homeowner often has.

I filed a Motion to Vacate the Default Judgment based on the bank’s failure to serve the complaint on the proper individuals. The court granted my motion, the Default Judgment has been removed from the court docket, and I filed an Answer and Affirmative Defenses with the Court. The case is now being litigated, but if the Default Judgment had remained in place, the bank would have been entitled to a Final Judgment, and then a Sheriff’s Sale, without ever giving the homeowners a chance to litigate and discover the true nature and ownership of the loan. Even though we persuaded the Court to vacate the default, this case illustrates the need for a homeowner to be vigilante and to get any and all paperwork over to his or her attorney in a timely 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 Philadelphia office location at 215-751-0100 or our New Jersey office at 856-429-0970.

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

Our Services

img

Our Latest News Posts

Firm Newsletter: April 2019

April 3, 2019 By

Click here to download a printable pdf of this newsletter. Supreme Court Victory Leads to Arbitration Award It certainly seemed like a long-time coming, but our firm was successful in taking our client’s case all the way to the Pennsylvania … [Read More...]

Diagnosing Traumatic Brain Injuries

June 1, 2018 By

Nearly 50,000 patients die annually from traumatic brain injuries. Now a new study led by the University of Pennsylvania reveals that tiny blood vessels in the brain can offer clues to better treatment, according to an article from UPI’s Health … [Read More...]