Oceanside Foreclosure Lawyers

Find the right Foreclosure attorney in Oceanside, CA

Foreclosure Law in California

In Oceanside, 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 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 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 Oceanside, 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 straightforward with your lender, and stay in touch with them as much as possible.

You should be mindful of the fact that your bank wants you to make your monthly mortgage payments - they likely aren't scheming to trick you into giving up your home. This isn't out of altruism, it's due to the fact that foreclosure is almost never as lucrative for the bank in the long run than a mortgage that is paid in full over a period of years or decades, with interest accruing the whole time. For a bank, a foreclosure is just a last resort to cut their losses.

If you face sudden expenses, such as medical bills or a lawsuit, which put a serious but relatively short-term strain on your finances, you should notify your lender instantly. You might find that they are willing to accept lower payments, if this will keep you from defaulting.

As a last resort, you might consider a "short sale," which results in loss of the home, but it normally leads to a great deal of the debt on the mortgage being forgiven. Basically, 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.

Can a Oceanside, California real estate attorney help?

In Oceanside, California, dealing with a possible foreclosure is never easy. However, the assistance of a seasoned real estate lawyer can make the whole process much more bearable, and possibly delay or even prevent the foreclosure altogether.

Talk to a Real Estate Law Attorney now!

Life in Oceanside

Oceanside, California is the third-largest city in San Diego County. Its population is just under 180,000 people.

Oceanside is located near Camp Pendleton, which is the busiest, and one of the largest, military installations in the U.S., and a major source of the area's economic activity.

Oceanside, California was originally settled by Europeans in 1769, when Spanish missionaries arrived in the area, though the area had been populated by Native Americans for thousands of years before, and became part of Spain's North American empire. In 1821, when Mexico gained independence from Spain, the area now known as Oceanside, and the rest of California, became part of Mexico. The area fell under U.S. control after Mexico lost the Mexican-American war.

This led to a land rush into the newly-acquired territories by American settlers. By the early 20th Century, Oceanside began to develop into the beach community that we would recognize today.

Oceanside has a climate which, for many people, isnearly perfect, with temperatures rarely exceeding 80 degrees, or dropping below 40 degrees, coupled with small amounts of rain.

Oceanside, California is a very attractive area to live, owing to its proximity to one of the largest cities in the U.S.,and its mild climate. It should be no surprise, then, that given its fairly large population, and attractive living conditions, many Oceanside, California lawyers practice in the area. An Oceanside, California attorney can handle just about any legal issue a resident of the area is likely to face.

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