Union City Foreclosure Lawyers

Find the right Foreclosure attorney in Union City, CA

Foreclosure Law in California

In Union 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.

When consumers have to deal with foreclosure, it almost always involves a home. The bank will normally take possession of the house, and then sell it at auction, to try to cover the balance of the mortgage. Banks typically 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 type 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 protect the borrower: it helps prevent them from still owing money after the house is sold at auction.

Some states treat mortgages as "non-recourse loans." A non-recourse loan is one that is secured by the borrower's property, but for which the borrower is not personally liable. Basically, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it cannot go after the borrower.

How to Possibly Avoid Foreclosure in Union City, California

It's quite important that you engage in continued communication with your bank. Lenders are surprisingly willing to make accommodations if it means they still get paid something, but in order to accommodate your situation, they have to know about it.

You should be mindful of the fact that your bank wants you to make your monthly mortgage payments - they probably 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 simply a last resort to cut their losses.

Because banks don't particularly enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. However, 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.

Some buyers in California, when none of the above options have worked, resort to a "short sale." This includes selling a house which is about to be foreclosed, typically 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.

Can a Union City, California real estate attorney help?

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

Talk to a Real Estate Law Attorney now!

Life in Union City

Union City, California is located in the East Bay of the San Francisco, Bay Area. It is a short drive from Silicon Valley. Surrounding cities include Fremont, Hayward, and Newark. Union City is home to approximately 69,516 people, and caters to a very diverse population.

Top employers in Union City include Wal-Mart, Dreyer's, Masonic Homes, Caravan Trading Company, the San Francisco Chronicle, and the school district. Many residents also make the commute and work in the tech companies of Silicon Valley.

Being so close to Silicon Valley and San Francisco, Union City residents enjoy the best of both worlds when it comes to legal services. Many small, mid-size, and large multinational law firms have location in Silicon Valley, catering to the small start-ups, and mid to large corporations. San Francisco has large law firms, as well as small to mid-size firms that believe in personalized legal services. Either way, Union City residents have access to a competent legal force that can handle issues in all areas of law.

Popular attractions in Union City include the San Francisco Bay Area Flight 93 Memorial in Sugar Mill Landing Park. This is the first monument devoted to honoring the passengers and crew of United Airlines Flight 93, which was bound for San Francisco but was hijacked and crashed in Pennsylvania on September 11, 2001. Other popular attractions include the Eden Landing Ecological Reserve and the Masonic Homes.

All in all, Union City is a wonderful place to visit and live in!

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