What is Foreclosure in Clayton, California?

Clayton Foreclosure Lawyers, CA

Find the Right Lawyer Now

Foreclosure is the legal process by which the lender in a mortgage arrangement takes possession of the property (normally a house) that secured the loan. This is done when the Clayton, 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 gather as much money as possible, and move on.

In all states in the U.S., including California, there is an option to go through foreclosure via judicial sale, in which a court oversees the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that might 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 debtor owes, the bank cannot go after the debtor for the remainder. You should consult with an attorney in Clayton, California to see if this is the case. However, this normally doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in California?

Most importantly, you must not ignore the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be straightforward with them. One should remember that banks typically don't want to take your house in Clayton. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are straightforward with them about your financial situation, they are likely to make reasonable accommodations to prevent you from defaulting.

If you can't reach a solution with your lender, there are other options. You could, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will get the proceeds of the sale, and the rest of the debt will be forgiven. There is also the option of a "short refinance," which forgives a considerable portion of your mortgage debt, and refinances the rest.

Find a Clayton Lawyer that Specializes in Your Area of Need:

How Can A Clayton, California Attorney Help?

If you are worried about foreclosure, a good Clayton, California real estate lawyer might be able to help. A lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

8 Bankruptcy, Banking and Credit cases posted to LegalMatch lawyers in Clayton

Foreclosure Attorneys in the Largest CA Cities

Show California Cities

Foreclosure Lawyers in Other California Cities and Towns


Find the Right Lawyer Now

Top Rated Lawyers

View attorney profiles and see how other LegalMatch users rate attorneys that may respond to your case.

Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer Eddy H.

Eddy H.

CONTRA COSTA, CA

Bankruptcy, Banking and Credit

Rating (3 users) *****
See Reviews
Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer Christopher K.

Christopher K.

CONTRA COSTA, CA

Bankruptcy, Banking and Credit

Rating (17 users) *****
See Reviews
Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer Therese H.

Therese H.

Los Angeles West, CA

Bankruptcy, Banking and Credit

Rating (2 users) *****
See Reviews
Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer T. Hall B.

T. Hall B.

SAN DIEGO, CA

Bankruptcy, Banking and Credit

Rating (4 users) ****
See Reviews

Need a Bankruptcy Lawyer?

No obligation - Lawyers compete for your case. Choose your issue & get started now: