El Dorado County Foreclosure Lawyers

El Dorado County Foreclosure Lawyers, CA

Find the Right Lawyer Now

The Foreclosure Process in California

In El Dorado County, 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 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 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 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 El Dorado County, California

It's quite 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 remember that the bank doesn't really want your house. They authorized a mortgage hoping to make a profit from interest, and that's what they'd much rather do. They aren't in the business of buying and managing real estate. Therefore, banks will sometimes go to surprising lengths to accommodate your financial hardship, especially if it's temporary.

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.

Finally, there is the "short sale." Typically considered a last resort, a short sale results in the borrower losing their home, but discharges almost all of their remaining mortgage debt. If the house is worth far less than the balance of the mortgage, this might be a good option. In California, when a house is sold in a short sale, the proceeds go to the lender. If it sells for less than the mortgage balance, whatever's leftover is forgiven. If it sells for more, the surplus goes to the homeowner.

Find a El Dorado County Lawyer that Specializes in Your Area of Need:

Can a El Dorado County, California real estate attorney help?

If you are facing foreclosure in El Dorado County, California, and want to do everything practicable to save your house, the assistance of a knowledgeable real estate lawyer might prove invaluable.

Foreclosure Attorneys in the Largest CA Cities

Show California Cities

Foreclosure Lawyers in Other California Cities and Towns


Find the Right Lawyer Now

Top Rated Lawyers

View attorney profiles and see how other LegalMatch users rate attorneys that may respond to your case.

Real Estate, Housing & Property Law Lawyer
LegalMatch Real Estate, Housing & Property Law Lawyer William A.

William A.

Essex, MA

Real Estate, Housing & Property Law

Rating (2 users) *****
See Reviews
Real Estate, Housing & Property Law Lawyer
LegalMatch Real Estate, Housing & Property Law Lawyer Colleen M.

Colleen M.

Montgomery, TX

Real Estate, Housing & Property Law

Rating (9 users) ****
See Reviews
Real Estate, Housing & Property Law Lawyer
LegalMatch Real Estate, Housing & Property Law Lawyer Steven M.

Steven M.

Orange, CA

Real Estate, Housing & Property Law

Rating (6 users) *****
See Reviews
Real Estate, Housing & Property Law Lawyer
LegalMatch Real Estate, Housing & Property Law Lawyer Bradley S.

Bradley S.

Suffolk, NY

Real Estate, Housing & Property Law

Rating (2 users) ****
See Reviews

Need a Real Estate Lawyer?

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

El Dorado County foreclosure lawyer, El Dorado County foreclosure attorney, El Dorado County foreclosure lawyers, El Dorado County foreclosure attorneys, foreclosure attorney in El Dorado County