Belmont Foreclosure Lawyers

Belmont Foreclosure Lawyers, CA

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The Foreclosure Process in California

In Belmont, 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.

Foreclosure most commonly is a forced sale of a house at auction, since those are the most common types of property bought through a mortgage. Banks will normally 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 every U.S. state, including California, a borrower has a right to a judicial sale of their foreclosed property. A judicial sale is just an auction supervised by a court. The purpose of this is to make sure that the lender takes reasonable steps to sell the home for the highest possible price, and to ensure that the homeowner has an opportunity to bid on the house, if he or she is able. It is in everybody's interest for the bank to get the highest price possible for the house, even the borrower's. If the house fetches a higher price than what's left on the mortgage, the buyer can keep what's leftover. On the other hand, if it fetches less, the buyer might have to pay the deficiency.

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 normally does not apply to second mortgages or refinanced loans.

How to Possibly Avoid Foreclosure in Belmont, California

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

You must keep in mind that banks are in the business of lending funds, not flipping property: the bank doesn't really want your house. To that end, they'll occasionally go to great lengths to accommodate your financial situation, whatever it may be. For banks, foreclosure is a last resort.

If you face sudden expenses, such as medical bills or a lawsuit, which put a serious but relatively short-term strain on your finances, you should notify your lender instantly. You might find that they are willing to accept lower payments, if this will keep you from defaulting.

In California, some buyers have no choice but to resort to a short sale. This is simply the sale of the house, and using the funds to pay off the remainder of the mortgage. One benefit of a short sale is that, if the house sells for less than the mortgage balance, the remaining debt is absolved, and the borrower is free and clear.

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Can a Belmont, California real estate attorney help?

If you are worried that your Belmont, California house is going to be foreclosed, and want to try and stop this, a seasoned real estate lawyer can help.

45 Real Estate, Housing & Property Law cases posted to LegalMatch lawyers in Belmont

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Life in Belmont

Belmont, California is a city in San Mateo County, in the southern portion of the San Francisco Bay Area. It currently has a population of about 25,000 people.

Belmont is known for having one of the most restrictive set of anti-smoking laws in the U.S. In Belmont, smoking is prohibited in all public parks, all workplaces, and all multistory apartment buildings. The law largely owes its existence to lobbying by a group of retirees who were concerned over the health effects of secondhand smoke drifting into their retirement community from outside. While the law is not particularly popular among smokers, non-smokers and public health organizations are overwhelmingly in favor of it.

Because this law imposes new regulations on landlords and business-owners, the lawyers of Belmont, California sometimes have to advise those parties about complying with the law, providing them with a good amount of business.

So, if you live in Belmont, California and are in need of a lawyer, you're in luck. There are plenty of successful and experienced Belmont, California attorneys who can help you with almost any legal issue.

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