Castro Valley Foreclosure Lawyers

Castro Valley Foreclosure Lawyers, CA

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The Foreclosure Process in California

In Castro Valley, 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 frequently is a forced sale of a house at auction, since those are the most common types of property bought through a mortgage. Banks will typically 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 many states, mortgages fall into a category of loans identified as "non-recourse loans." This means that, if the house is sold by the lender, the entire debt is eliminated, even if the sale price was less than the remaining balance on the loan. While the loss of one's home can be personally devastating, treating a mortgage as a non-recourse loan at least means that the homeowner will be more or less free to move on with their life once the property is foreclosed and sold.

How to Possibly Avoid Foreclosure in Castro Valley, California

First and foremost, you need to communicate with your lender, and not dismiss the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be forthright with your lender, and stay in touch with them as much as possible.

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 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.

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Can a Castro Valley, California real estate attorney help?

In Castro Valley, 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.

116 Real Estate, Housing & Property Law cases posted to LegalMatch lawyers in Castro Valley

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Life in Castro Valley

Castro Valley, California is situated in Alameda County in the Bay Area.  With its population of over 61,000, it is one of the largest unincorporated areas in the entire state.  The economy of Castro Valley had its early foundations in chicken ranching, with several industry innovators in the city.  Today Castro Valley is favored as a commuter town due to its proximity to metropolitan areas like San Francisco and San Jose.

Castro Valley Boulevard is the hub of economic and social activity in the city.  The area contains many old-style boutique shops and diners, as well as modern establishments.  Castro Valley is also well known for its florist shops, where patrons can purchase unique floral arrangements.  Much of the city is comprised of hilly areas like Palomares Hills Park, which offers a breathtaking view of the city.

Popular attractions in Castro Valley, California include bowling at Castro Valley Bowl, miniature golfing at Golden Tee, and activities at the Castro Valley Community Center.  Castro Valley hosts city events like the Fall Festival, the Classic Car Show, and a Rodeo Parade which has featured dancing horses.  The Adobe Art Center also offers instructional courses and showcases art exhibits from local talent.

Lawyers in Castro Valley, California represent clients in many types of legal matters and issues.  Many Castro Valley cases are filed at the Superior Court of California, County of Alameda located near the city.  Many Castro Valley attorneys actively contribute to the community through local groups and civic organizations.

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