Alhambra Foreclosure Lawyers

Alhambra Foreclosure Lawyers, CA

Find the Right Lawyer Now

The Foreclosure Process in California

In Alhambra, 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 person who took out the mortgage has consistently failed to make payments on it. The property in question is usually a house.

Foreclosure most often is a forced sale of a house at auction, since those are the most common types of property bought through a mortgage. Banks will usually try to get rid of the property as quickly as they can, selling it for as much money as they can get in a short period of time.

In all states in the U.S., including California, borrowers have the option of foreclosure by judicial sale. This allows a court to oversee the sale of the property by the bank. The purpose of this is to get the house to sell for the highest price possible. While this might seem like something that would only benefit the bank, it is also a great benefit to the borrower, since it increases the likelihood that the sale will cover the full balance of the mortgage, preventing them from having to pay it.

Some states treat mortgages as "non-recourse loans." A non-recourse loan is one that is secured by the borrower's property, but for which the borrower is not personally liable. Basically, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it cannot go after the borrower.

How to Possibly Avoid Foreclosure in Alhambra, California

It is absolutely essential that you maintain a line of communication with your lender. Your can't expect your lender to accommodate your changed financial situation if they don't know about it. Ignoring the issue and hoping it will go away is the worst possible solution.

Bear in mind that banks aren't in the business of real estate speculation - they're in the business of lending money, and making profits through interest on their loans. In short, the bank doesn't really want your house - they'd much rather have you continue making your mortgage payments. For banks, foreclosing on a home is a last resort. Basically, nobody likes foreclosures, and everyone wants to avoid them.

Because banks don't particularly enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. However, if you think that this might be needed in the near future, you should contact your lender immediately. The sooner they know about it, the more options you have.

As a last resort, some borrowers consider a "short sale." In a short sale, the homeowner sells the house to the highest bidder, and uses the proceeds to pay off the remaining debt. If there is any extra from the sale, it goes to the borrower. If the sale price is worth less than what's left of the mortgage in California, the remaining debt is discharged.

Find a Alhambra Lawyer that Specializes in Your Area of Need:

Can a Alhambra, California real estate attorney help?

If you feel that your home is close to being foreclosed in Alhambra, California, and want to try to prevent this, the advice and assistance of an experienced real estate lawyer can mean the difference between keeping or losing your home.

78 Real Estate, Housing & Property Law cases posted to LegalMatch lawyers in Alhambra

Foreclosure Attorneys in the Largest CA Cities

Show California Cities

Life in Alhambra

Alhambra, California is a city in the San Gabriel Valley region of Los Angeles County, California. Its population is currently about 83,000 people. 

Alhambra, California is known for "The Hat" - one of its major local landmarks - it is a restaurant with a very strong cult following, and has developed into a region Southern California chain, providing a significant boost to the local economy. 

The largest employers in Alhambra, California are in the education, government, and healthcare, and energy industries. The power company Southern California Edison is one of the largest employers in the area.

Because of its diversified economy, Alhambra, California's lawyers are well versed in many different practice areas, from complicated business litigation, down to comparatively simple consumer and family legal issues.

So, if you're looking for legal advice, and live in or around Alhambra, California, you can be almost certain that there's an Alhambra, California attorney who can help you.



Foreclosure Lawyers in Other California Cities and Towns


Find the Right Lawyer Now

Need a Real Estate Lawyer?

No obligation - Lawyers compete for your case. Choose your issue & get started now:

Alhambra foreclosure lawyer, Alhambra foreclosure attorney, Alhambra foreclosure lawyers, Alhambra foreclosure attorneys, foreclosure attorney in Alhambra