Foreclosure is scary, and certainly is an unnerving time for any person or family facing foreclosure. We have been practicing real estate litigation with an emphasis on foreclosure defense for over 25 years. Attorney Bruce R. Jacobs, Esq. has a unique advantage of being able to analyze a case from not only the homeowner’s point of view, but also from the foreclosing lender’s perspective, having prosecuted thousands of foreclosures over the years for mid-size lenders. However, Mr. Jacobs has concentrated mostly on representing homeowners facing foreclosure over the past 10 years. If you have received notice from your lender that a foreclosure is imminent or have actually received notice from the Court that a foreclosure lawsuit has been filed, you have options to being forced out of your home by the sometimes, crooked lender.
Mr. Jacobs will meet with you face to face, to analyze the situation and together, discuss the best strategy and options for the homeowner’s ultimate goal. However, Mr. Jacobs is also realistic and upfront and will personally counsel the client as to his opinion and the best course of action given the facts presented and the current state of the law. You will always have access directly to Mr. Jacobs and you will never be handed off to a legal assistant or paralegal. You will be able to schedule an appointment at just about any time you deem it necessary, and will always be able to contact Mr. Jacobs via telephone and email.
A homeowner or family facing foreclosure has several possibilities including:
- Applying for a mortgage modification– We have assisted hundreds of homeowners obtain loan modifications, some with significant interest and principle reductions.
- Defending a Foreclosure– this depends upon the particular facts of each case and the homeowners ultimate goal, whether to remain on the property as long as possible or win a dismissal of the foreclosure altogether. There are many technical and procedural steps that a bank must take before it can lawfully foreclose a mortgage. Unearthing deficiencies in the bank’s methods is a specialty of this firm.
- Short Sale– many homeowners facing foreclosure hear the term “short sale”, but don’t actually understand what a short sale will do for them. A short sale merely means selling the property, with the proceeds being used to pay off the lender “short” of what is actually owed. There necessarily remains a balance due which the lender may agree to waive. This is called a deficiency balance which would be forgiven by the bank. The benefit then to a homeowner is that the mortgage loan will be satisfied and the bank will not be able to come after them for the deficiency balance or seek a “deficiency judgment”. Of course, if and when a short sale is consummated, the homeowner must vacate. There are several programs that would afford a homeowner payment anywhere from $3,000.00 to $10,000.00 deemed relocation expenses for consummating a short sale. Wedderburn & Jacobs, P.A. has been helping homeowner navigate the pitfalls and procedures of short sales for over 10 years.
- Deed in Lieu– Many homeowners likewise hear the term “Deed in Lieu”, but do not truly understand the meaning. A Deed in Lieu means that the homeowner is going to execute a deed transferring title to the property to the bank, in lieu of having to go through foreclosure proceedings. The homeowner will necessarily have to vacate the property, but in return the bank will satisfy the balance of the loan and waive it’s right to seek a judgment for any deficiency balance. A deed in lieu is many times not possible if there any other judgments, liens or encumbrances affecting the property such as a homeowner’s association, or a second mortgage. We will figure out if a deed in lieu is the best course of action for you.