Modesto Foreclosure Lawyers

Find the right Foreclosure attorney in Modesto, CA

Foreclosure Law in California

In Modesto, California, foreclosure is a legal process through which an entity which 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 it. The property in question is usually a house.

When consumers have to deal with foreclosure, it almost always involves a home. The bank will normally take possession of the house, and then sell it at auction, to try to encompass the balance of the mortgage. Banks typically want sell the property quickly, for as much money as possible.

In California, and every other state, foreclosed homeowners can go through a "foreclosure by judicial sale." In this form of foreclosure sale, a court supervises the sale, ensuring that the bank makes every reasonable effort to get the highest price possible for the house. The purpose of this is to maximize the chances that the bank gets, at the very least, the remaining balance of the mortgage. Although this may seem counter-intuitive, it is intended to safeguard the borrower: it helps prevent them from still owing money after the house is sold at auction.

In some states, original mortgages are regarded "non-recourse" loans. This means that once the house or other property that secured the mortgage is sold, and if it sells for less than the balance of the mortgage, the lender has to absorb the loss, and cannot sue the borrower for the remainder. This typically does not apply to second mortgages or refinanced loans.

How to Possibly Avoid Foreclosure in Modesto, California

It's quite important that you engage in continued communication with your bank. Lenders are surprisingly willing to make accommodations if it means they still get paid something, but in order to accommodate your case, they have to know about it.

Throughout all this, you should remember one thing: the bank doesn't really want your house. After all, banks aren't real estate speculators, they're mainly money lenders. They stand to make a great deal of money if you are able to make your mortgage payments until it's paid off. They're likely to make much less if they're forced to sell your house.

If you experience a sudden change in your financial situation, your lender, in an effort to keep you from defaulting, might be willing to accept lower monthly payments, at least temporarily.

Some buyers in California, when none of the above options have worked, resort to a "short sale." This includes selling a house which is about to be foreclosed, typically for less than its market value. If the house sells for less than what's left on the mortgage, the homeowner is relieved of the duty to pay the balance. If you have decided that you have no hope of making your mortgage payments, and foreclosure seems inevitable anyway, this might be the way to go.

Can a Modesto, California real estate attorney help?

In Modesto, California, dealing with a possible foreclosure is never easy. However, the assistance of a reliable real estate lawyer can make the whole process much more bearable, and possibly delay or even prevent the foreclosure altogether.

Talk to a Real Estate Law Attorney now!

Life in Modesto

Modesto is a city in Stanislaus County, California. As of 2009, it has a population 211,000, making it the 17th most populous city in California.

Modesto was founded in 1870, as a stop along the new railroad that connected Los Angeles and Sacramento. Modesto's economy is based almost entirely around agriculture, and the other industries that support the agricultural industry. During World War II, Modesto, California was a major source of food for the war effort.

Unfortunately, Modesto is burdened with a high crime rate, and a struggling economy with chronic unemployment well above the national average. However, Forbes Magazine has ranked it fairly highly in its "best bang for your buck" ratings, suggesting that Modesto's real estate market is an excellent destination for bargain-hunters. During the 2000s, the downtown area of Modesto was revitalized and modernized, with significant additions made to the Gallo Center for The Arts, as well as many other improvements.

If you live in Modesto, California and need an attorney, you're in luck. Modesto, California lawyers can handle just about any type of legal problem they're presented with.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Nicholas M.
Nicholas M.

Real Estate, Housing & Property Law

Golden, CO

Carl M.
Carl M.

Real Estate, Housing & Property Law

Seattle, WA

David A.
David A.

Real Estate, Housing & Property Law

Walnut Creek, CA