What is Foreclosure in Del Mar, California?
Foreclosure is the legal procedure 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 Del Mar, 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 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 some states, original mortgages are "non-recourse loans," meaning that the lender may only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with a Del Mar, California attorney to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans that have been refinanced.
How Can I Avoid Foreclosure in California?
First, and most importantly, you should not dismiss the issue. Failing to respond to foreclosure calls from your lender will not make a issue go away. You should stay in touch, and be straightforward with, your creditor as much as possible. One should remember that banks typically don't want to take your house in Del Mar. 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 keep you from defaulting.
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 may also consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.
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How Can A Del Mar, California Attorney Help?
If you think foreclosure is imminent, a good Del Mar, California lawyer may be your best hope for staving it off. Even if keeping the house proves impossible, a good attorney can minimize the financial effects.
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Life in Del MarDel Mar is located in San Diego County, California. With a smaller population of about 4,500, Del Mar is an upscale city known for its beautiful beaches and legendary surfing. The name "Del Mar" means "by the sea" or "of the sea", as it is located directly on the Pacific Coast. The city was mentioned in the Beach Boys hit song, "Surfin' USA".
Del Mar is home to several beaches which are known as excellent surfing spots. In particular, 15th Street Beach in Del Mar was listed as #4 on Time Magazine's list of "100 Greatest Beaches in the World". Other beach sites include Torrey Pines State Beach and North Beach, affectionately known as "Dog Beach" by the many dog owners who frequent the area.
Del Mar, California is also famous for being the home to the annual San Diego County Fair. The fair is one of the most popular summer fairs in all of California and is held at the Del Mar Fairgrounds. The Fairgrounds also houses the Del Mar Racetrack. In addition to the world-class beaches at Del Mar, the area is an excellent site for employment, with top hirers such as Kitchen 1540 and Pacifica Del Mar.
Lawyers in Del Mar, California handle a variety of different legal claims and disputes. Legal inquiries can be directed to an experienced Del Mar lawyer. Del Mar lawyers typically represent clients at the nearby Superior Court of California, County of San Diego.