Camarillo Foreclosure Lawyers
The Foreclosure Process in California
In Camarillo, 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 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 simply an auction overseen 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 considered "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 Camarillo, California
It's extremely 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 situation, they have to know about it.
You should be mindful of the fact that your bank wants you to make your monthly mortgage payments - they probably aren't scheming to trick you into giving up your home. This isn't out of altruism, it's due to the fact that foreclosure is almost never as lucrative for the bank in the long run than a mortgage that is paid in full over a period of years or decades, with interest accruing the whole time. For a bank, a foreclosure is simply a last resort to cut their losses.
If your financial situation suddenly changes, your lender may be willing to change the terms of your loan, at least temporarily, allowing for lower monthly payments. If this means that they will be able to get some money from you, with default as the alternative, it can become an attractive option for everyone involved.
As a last resort, you might consider a "short sale," which results in loss of the home, but it normally leads to a great deal of the debt on the mortgage being forgiven. Basically, a short sale in California involves selling the house for whatever price it can fetch. The proceeds from the sale go to the lender, and if it sells for less than what's left on the mortgage, the balance of the debt is forgiven.
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Can a Camarillo, California real estate attorney help?
In Camarillo, California, dealing with a possible foreclosure is never easy. However, the assistance of a brilliant real estate lawyer can make the whole process much more bearable, and possibly delay or even prevent the foreclosure altogether.
Foreclosure Attorneys in the Largest CA Cities
Life in CamarilloSituated in sunny Ventura County, Camarillo, California is a city of about 65,000 (based a 2006 estimate). Camarillo, California is named for two brothers of Spanish descent who lived in the area before the arrival of Anglo settlers, from the Eastern U.S. They, and other "Californios," helped preserve some of the region's Spanish heritage, in the face of the mostly English influence that settlers from other parts of the U.S. brought with them.
Humans have lived in the area for over 10,000 years, and Camarillo, California is home to some important archeological sites relating to these ancient inhabitants. Camarillo, California is generally considered a "bedroom community" - a largely residential urban area from which most of the residents commute to work.
Camarillo, California is considered very livable, where the weather is usually sunny, and the temperatures mild. Furthermore, Camarillo, California's crime rates are far lower than the national average, for all types of crime.
Camarillo, California is also home to California State University, Channel Islands. The region is home to several major industrial and biotechnology firms.
It should come as no surprise, then, that the consumers of Camarillo's legal services tend to be fairly sophisticated. This draws in lawyers who are good at handling complex cases. This means that a Camarillo, California lawyer can probably handle just about any legal issue an individual is likely to encounter.
Whatever your legal issue, it's a near certainty that there's a Camarillo, California lawyer who can help you solve it.