Dana Point Foreclosure Lawyers
The Foreclosure Process in California
In Dana Point, 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 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 many states, mortgages fall into a category of loans known 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 Dana Point, California
Communication between you and your lender is perhaps the most important way to avoid foreclosure. Ignoring the issue is guaranteed to be counterproductive. Honesty is the best policy when it comes to dealing with lenders.
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.
It's possible that your lender is willing to negotiate a plan that results in temporarily-lower payments on your mortgage, especially if this means that they will be able to get some payments, instead of none at all.
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.
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Can a Dana Point, California real estate attorney help?
In Dana Point, California, dealing with a possible foreclosure is never easy. However, the assistance of a good real estate lawyer can make the whole process much more bearable, and possibly delay or even prevent the foreclosure altogether.
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Life in Dana PointDana Point, California is situated in the southern area of Orange County, near the western coast. It is known for its mild climate and warm temperatures, typical of a California coastal city. Dana Point has a population of over 33,000 and is a favored location for surfing. It was named after the Dana Point headlands.
Dana Point's city motto is, "Harboring the Good Life", which speaks of both its harbor culture and its laid-back atmosphere. Popular places to visit include Dana Point Harbor, Salt Creek Beach Park, and Doheny State Beach Park. These locations provide excellent locations for outdoor activities such as surfing, picnics, and beach sports. In its early history, Dana Point, California has been described as "the only romantic spot on the coast".
It goes without saying that many of the events and attractions in Dana Point, California revolve around its beautiful beaches. These include the "Festival of Whales" and the "Tall Ships Festival". The annual Dana Point Grand Prix is a bike race winding through downtown and continuing on to some spectacular, breathtaking views. Many of the beach areas also feature local shopping, fine seafood dining, and boutique shops.
Lawyers in Dana Point, California assist the community in a broad range of legal topics. Some of the legal issues and laws in Dana Point may be specific to the area. Experienced Dana Point lawyers can provide legal services that are tailored to meet the needs of city residents.