What is Foreclosure in Buena Park, California?
Foreclosure is the legal procedure by which the lender in a mortgage arrangement takes possession of the property (typically a house) that secured the loan. This is done when the Buena Park, California debtor has repeatedly failed to make their payments. Foreclosure often requires the house to be sold at auction. Often, banks want to get rid of the property as soon as they can, in order to make as much money as possible, and move forward.
In all states in the U.S., including California, there is an option to go through foreclosure via judicial sale, in which a court supervises the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that may have a lien or other interest in the property (in order of priority), and, finally, to the borrower, if anything is left. In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the borrower owes, the bank cannot go after the debtor for the remainder. You should consult with an lawyer in Buena Park, California to see if this is the case. However, this typically doesn't apply if the mortgage has been refinanced.
How Can I Avoid Foreclosure in California?
First, you should never dismiss the matter. As unpleasant as it seems, it is necessary to stay on top of the issue. Ignoring the problem will never make it go away. You should remember that banks in Buena Park don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are forthright with them, lenders will typically try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.
If you can't work anything out with your lender, or have become totally unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt may be forgiven. You might also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.
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How Can A Buena Park, California Attorney Help?
If you are facing the possibility of foreclosure, a good Buena Park, California real estate lawyer can help. At the very least, they will be able to inform you of your legal options.
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Life in Buena ParkBuena Park, California has a population of over 80,000 and is located in the northwestern parts of Orange County. The city is nicknamed "the Center of the Southland", due to its central location in the county. Many tourist attractions can be found in Buena Park, most notably the Knot's Berry Farm amusement park.
In Buena Park, many of its famous attractions can be found in the "E-Zone" district. Knott's Berry Farm, Knott's Soak City, and several other popular establishments are situated in the district. The E-Zone is also adjacent to Anaheim, home of Disneyland. Thus, the economy of Buena Park has benefited greatly from the operation of the E-Zone district. Other top employers in Buena Park, California include major companies such as ProLogis and Nutrilite.
Other popular places to visit in Buena Park are its local historic park, the Ralph B. Clark Regional Park, and Los Coyotes Country Club. Los Coyotes Country Club is a world-renowned establishment featuring three unique 9-hole course layouts. Los Coyotes also boasts many of the county's most desirable real estate properties.
Lawyers in Buena Park, California file many of their claims at the Superior Court of California, County of Orange, which is located nearby. Buena Park attorneys assist their clients in a number of different legal claims and issues. Many of them are members of multiple bar associations and legal organizations.