Fullerton Foreclosure Lawyers
The Foreclosure Process in California
In Fullerton, 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 a large number of states, but not all of them, mortgages are a type of loan identified as a "non-recourse loan." While the regulations governing these loans are complex, it most essentially 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 Fullerton, 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.
Because banks don't specifically enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. Nonetheless, 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.
As a last resort, you might consider a "short sale," which results in loss of the home, but it typically leads to a great deal of the debt on the mortgage being forgiven. Typically, 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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If you are worried that your Fullerton, California house is going to be foreclosed, and want to try and stop this, a reliable real estate lawyer can help.
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Life in FullertonFullerton is located in the northern parts of Orange County, California. The city is named after George H. Fullerton, who originally secured the plot of land where the city is now situated. Fullerton, California is home to several employers and educational institutions such as California State University, Fullerton (CSUF).
Downtown Fullerton is a veritable cornucopia of entertainment with its mix of cantina-style eateries, local pubs, and jazz bars. The city of Fullerton, California is associated with the alternative rock music scene, as it is considered a cultural hub for that particular genre of music. Gwen Stefani, lead singer of the music group "No Doubt", attended CSUF, and the band has performed many shows in Fullerton.
Adding to the culture's rich cultural make-up is its equally impressive role in the history of music. Leo Fender, founder of Fender Musical Instrument Company, was born and raised in the city. He started his company in Fullerton, and the Fender factory produced some of the world's most innovative electric guitars.
Fullerton thus became known as a trend-setter in the music and entertainment scene. With its bustling night life and close proximity to Los Angeles, Fullerton is a major contributor to the economic and cultural vitality of California.
Lawyers in Fullerton, California contribute to the city's progress by providing a number of valuable legal services for residents. Fullerton lawyers typically process legal claims at the Superior Court of California, Orange County.