Redding Foreclosure Lawyers

Find the right Foreclosure attorney in Redding, CA

Foreclosure Law in California

In Redding, 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 typically take possession of the house, and then sell it at auction, to try to encompass the balance of the mortgage. Banks usually 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 known 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 Redding, California

To prevent foreclosure, communicating with your lender is key. Let's face it - if you're in a case where foreclosure looks like a possibility, your life is not going to be easy for some time. While it's challenging to step up and acknowledge unpleasant facts, doing so will make your life much easier in the long run. If your lender is aware of your situation, it's far more likely that you'll be able to work something out with them.

You should remember that the bank doesn't really want your house. They granted 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.

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.

In California, some buyers have no choice but to resort to a short sale. This is simply the sale of the house, and using the funds to pay off the remainder of the mortgage. One benefit of a short sale is that, if the house sells for less than the mortgage balance, the remaining debt is discharged, and the borrower is free and clear.

Can a Redding, California real estate attorney help?

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

Talk to a Real Estate Law Attorney now!

Life in Redding

Redding, California is located in Shasta County, where it serves as the county seat. It is California's larges city to the north of Sacramento and has a population of over 89,000 people. The city is mostly known for its natural environment preserves and for its close location to the Sacramento River. Redding, California is nicknamed "the Jewel of Northern California".

Residents and visitors to Redding California can enjoy many opportunities for outdoor recreation and activities. Popular areas to visit in Redding and the surrounding areas include Lake Shasta, Lassen Volcanic National Park, and Turtle Bay Exploration Park. The Exploration Park houses a botanical garden, a nature educational camp, and a natural history museum. The Redding Arboretum is also part of the park. The Exploration Park exemplifies Redding's commitment to preserving plant and animal wildlife.

Other places of interest in Redding, California include Cascade Theater, and the Redding Convention Center, which holds shows and concert productions throughout the year. The city also hosts the festive "MarketFest" event every summer. Major employers in Redding include Mercy Medical Center and Shasta College.

Lawyers in Redding, California provide the community with legal assistance in a variety of different fields. Redding lawyers often represent their clients at the Redding branch of the Superior Court of California, County of Shasta. Lawyers in Redding have experience in dealing with the laws and legal issues that are unique to the local area.

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