Foreclosure attorney Rancho Cucamonga

 

Foreclosure in RanchoCucamonga, California, is a legal process in which an entity that has issued a mortgage takes possession and/or ownership of the property that secured the mortgage because the individual who took out the mortgage has consistently failed to make payments on the mortgage, according to the California Department of Finance. Most of the time, the property in question is a house.

When customers are faced with the prospect of foreclosure, it nearly invariably involves the purchase of a home. If the bank takes possession of the property, it will often auction the property to try and recover the balance of its mortgage debt as quickly as possible. Banks typically seek to sell the property as quickly as feasible and for the highest amount of money possible.

Foreclosure by judicial sale is an option available in all 50 states, including California, for debtors who default on their mortgage payments. This gives the bank the ability to sell the property with the assistance of a court. The goal here is to have the house sold as quickly as possible for the highest feasible price. While it may appear that this is beneficial to the bank, it is also helpful to the borrower. It improves the possibility that the sale will include the entire balance of the mortgage, thereby avoiding them from having to make any payments.

Original mortgages are referred to as "non-recourse" loans in some jurisdictions. This means that when the house or other property that served as collateral for the mortgage is sold, and if the sale price is less than the balance of the mortgage, the lender must absorb the loss and cannot sue the borrower for the remaining balance of the mortgage. Second mortgages and refinanced loans, for example, are typically exempt from this rule.

In Rancho Cucamonga, California, here's how you can possibly avoid foreclosure.

The ability to communicate effectively with your lender is possibly the most critical factor in avoiding foreclosure. Ignoring the problem will almost always result in a negative outcome. When it comes to working with lenders, the best policy is to be forward and honest.

Please remember that banks are not in the business of real estate speculation; instead, their primary business is lending money and earning profits from the interest on those loans they extend to customers. In summary, the bank isn't interested in your home; they'd prefer that you continue to make your mortgage payments instead of selling. When it comes to banks, foreclosing on a home is always a last resort. In essence, no one enjoys foreclosures, and everyone want to avoid them at all costs.

Depending on your lender's willingness to bargain, you may be able to negotiate a plan that results in temporarily lower mortgage payments. This is especially true if it means that your lender will be able to collect some payments rather than none at all.

Some borrowers consider a "short sale" as a final resort as a last resort. In a short sale, the homeowner sells their home to the highest bidder and utilises the proceeds to pay down the remaining balance of the mortgage. It is the borrower who receives any additional proceeds from the sale. Generally speaking, if the sale price is less than the amount of debt still owed on the mortgage in California, the remaining debt is discharged.

Can a real estate attorney in Rancho Cucamonga, California assists you?

Dealing with the prospect of a foreclosure in Rancho Cucamonga, California, is never a simple process. The assistance of an experienced real estate attorney, on the other hand, can make the entire process much more tolerable and may even be able to delay or even prevent the foreclosure completely.