Foster City Foreclosure Lawyers
The Foreclosure Process in California
In Foster City, 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 a large number of states, but not all of them, mortgages are a type of loan recognized as a "non-recourse loan." While the regulations governing these loans are complex, it most basically means that, once the house is sold, and the sale price doesn't cover what the borrower owes, the lender can't go after the borrower for the remainder. They simply have to take the loss.
How to Possibly Avoid Foreclosure in Foster City, California
First and foremost, you need to communicate with your lender, and not ignore the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be straightforward 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 money, not flipping property: the bank doesn't really want your house. To that end, they'll sometimes 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 prevent 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 contains selling a house which is about to be foreclosed, normally 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 Foster City, California real estate attorney help?
If you are facing foreclosure in Foster City, California, and want to do everything practicable to save your house, the assistance of a brilliant real estate lawyer might prove invaluable.
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Life in Foster CityFoster City, California is a master-planned city situated in San Mateo County. It has a population of about 31,000 and is sometimes held to be part of Silicon Valley due to its local industry. Foster City is considered an affluent community and has been featured several times in Forbes Magazine as well as Money Magazine.
As a master-planned city, Foster City offers many advantages and amenities, such as an efficient distribution of stores, restaurants, and resources. Master planning helps developers avoid "haphazard" construction and city layout. This has contributed to much of Foster's City's clean and pristine appearance. Foster City is also home to a number of attractions, including a boardwalk, a 9-hole golf course, an extensive $4 million Teen Activities Center, and a public amphitheater. Windsurfing is extremely popular within city limits.
Foster City, California is also known for being an important center for many high-tech companies as well as financial organizations. The city is headquarters to many nationally recognized businesses such as Adchemy, Gilead Sciences, Life Technologies, Live365, Philips, Sony Computer Entertainment America, and many others. One can access several points in the Bay Area from Foster City due to its location near the San Mateo Bridge.
Lawyers in Foster City, California often represent their clients at the Superior Court of California, County of San Mateo. The court house has integrated much new technology including an electronic document camera. Foster City attorneys are available for assistance in many different fields of law.