Los Angeles Foreclosure Lawyers

Los Angeles Foreclosure Lawyers, CA

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The Foreclosure Process in California

In Los Angeles, 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.

When consumers have to deal with foreclosure, it almost always involves a home. The bank will usually take possession of the house, and then sell it at auction, to try to encompass the balance of the mortgage. Banks normally want sell the property quickly, for as much money as possible.

In California, and every other state, foreclosed homeowners can go through a "foreclosure by judicial sale." In this form of foreclosure sale, a court supervises the sale, ensuring that the bank makes every reasonable effort to get the highest price possible for the house. The purpose of this is to maximize the chances that the bank gets, at the very least, the remaining balance of the mortgage. Although this may seem counter-intuitive, it is intended to safeguard the borrower: it helps prevent them from still owing money after the house is sold at auction.

In some states, original mortgages are regarded "non-recourse" loans. This means that once the house or other property that secured the mortgage is sold, and if it sells for less than the balance of the mortgage, the lender has to absorb the loss, and cannot sue the borrower for the remainder. This normally does not apply to second mortgages or refinanced loans.

How to Possibly Avoid Foreclosure in Los Angeles, California

It is absolutely necessary that you maintain a line of communication with your lender. Your can't expect your lender to accommodate your altered financial situation if they don't know about it. Ignoring the issue and hoping it will go away is the worst possible solution.

Throughout all this, you should remember one thing: the bank doesn't really want your house. After all, banks aren't real estate speculators, they're mainly money lenders. They stand to make a great deal of money if you are able to make your mortgage payments until it's paid off. They're likely to make much less if they're forced to sell your house.

It's possible that your lender is willing to negotiate a plan that results in temporarily-lower payments on your mortgage, particularly if this means that they will be able to get some payments, instead of none at all.

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 Los Angeles, California real estate attorney help?

If you are worried that your Los Angeles, California house is going to be foreclosed, and want to try and stop this, a seasoned real estate lawyer can help.

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Life in Los Angeles

Most people think of Hollywood when they think of Los Angeles, California. Los Angeles is home to many celebrities, movie studios such as Paramount Pictures Home Entertainment Studios, and the Walk of Fame.  Los Angeles residents and visitors can often sight celebrities shopping on Rodeo Drive, in Malibu, Beverly Hills, or in various night clubs.

Besides celebrities, Los Angeles is near the happiest on Earth-Disneyland!  Kicking back and enjoying rides, great shows and parades, and hanging out with your favorite Disney characters is not the only thing Disneyland is about.  Rather, Disneyland is a place where families come together, have fun, and both children and adults feel like a kid again.  This unique attraction is one of the reasons Los Angeles is so visited by people all over the world.
Other attractions in Los Angeles include the J. Paul Getty Museum, Universal Studios Hollywood, Hollywood Museum, Griffith Park, Venice Beach, and the Hollywood Bowl Museum. 

Los Angeles being such a large city with a population of 9,862,049 is home to many intelligent, ivy-league-educated, and promising lawyers.  Therefore, many large, multinational as well as mid-sized and small firms are present in Los Angeles.  No legal need is left unattended in Los Angeles, California. 

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