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: , , , , , , ,

Multi – Million Foreclosure Rescue and Real Estate Ponzi Scheme in New Jersey

June 2, 2014 By

May 14, 2014 – FBI Special Agents in Philadelphia arrested a New Jersey man Wednesday morning for allegedly operating a multi – million dollar ponzi scheme involving foreclosure rescue and real estate investment. An operator of Equity Capital Investments, LLC (and the former president of the South Jersey Real Estate Investment Club), Randy Poulson of Woolwich Township, New Jersey, is charged with using his investment company to scam property investors. Mr. Poulson is also accused of stealing the deeds from 24+ struggling homeowners who were facing foreclosure.

Poulson allegedly devised a two-part scam in which he promised distressed homeowners, who were facing foreclosure, that he would pay for their mortgages if they sold their homes to him. They did this by signing over the deeds to their home to Poulson. He then had the victims vacate their homes so that renters could move in. Then, he ceased making mortgage payments to the original home owner’s lender.

Part two of Poulson’s scheme involved soliciting 50+ private investors. He pitched investors at seminars, speeches and dinners he attended to invest in real estate and properties for rehabilitation. He advised them that he would be able to sell these investments for a return of 10 to 20 percent. Poulson created fake mortgages and promissory notes to give to investors in order to legitimize his company.

Randy Poulson pocketed both the homeowners’ and the investors’ money for his own personal use. Poulson spent the money at Acme, Exxon/Mobil, Jos. A. Bank, DirecTV, Hollywood Grooming, Kiddie Garden, Philadelphia Union tickets, American Express, Studio 122 (a hair salon), The Disney Store, Toys ‘R Us, Wawa, eating at Ray’s Pizza, and payments on a personal beach house in Ventnor, New Jersey.

Contact Our Office

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 Abuses, Foreclosure Defense, Real Estate Fraud 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 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: , , , , , , ,

Foreclosure Defense Authority Michael Gaier Presents Educational Program

June 24, 2013 By

michael-gaierPhiladelphia, PA (June 19) – Philadelphia and South Jersey area foreclosure defense authority Michael H. Gaier, Esq. recently presented “Don’t Lose Your Shirt And Your Home: What Professionals Must Know About The Tricky Area Of Foreclosure Defense” for the Burlington County Bar Association in Mt. Holly.

In his presentation, Gaier, a Haddonfield resident, provided in-depth insight into how homeowners who have become delinquent in their mortgage payments have numerous legal options to save their home, either in conjunction with a foreclosure action or with other remedies.

Joining Gaier in the educational program was Carrie J. Boyle, Esq. a Cherry Hill resident, bankruptcy attorney with McDowell Posternock of Maple Shade, NJ. Boyle addressed the interplay of foreclosure and bankruptcy and the potential effects of Chapter 13 and 7.

For over five years, Gaier has represented hundreds of homeowners in Pennsylvania and New Jersey, successfully securing principal loan reduction, dismissals of foreclosure lawsuits and loan modifications. In addition to defending homeowners when the bank sues them, Mr. Gaier has successfully filed dozen of
lawsuits against the “big banks,” including Bank of America, Wells Fargo and Chase Bank for predatory lending and loan servicing mistakes.

Boyle focuses her practice on bankruptcy law, representing both consumer and business debtors. She has handled extensive work with mortgage modifications and foreclosure defense since the housing market crash in 2008.

Shaffer & Gaier offers more than 45 years of combined legal experience to individuals and businesses in the areas of foreclosure defense, commercial litigation, personal injury and medical malpractice. To learn more, visit the Firm’s website.

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

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