What is Foreclosure in Glendale, California?

Glendale 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 (usually a house) that secured the loan. This is done when the Glendale, 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 collect 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 some states, original mortgages are "non-recourse loans," meaning that the lender can 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 Glendale, California lawyer to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans which have 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 honest with them. It is critical to remember that banks don't really want to own homes in Glendale. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will enable you to keep paying them in the long run.

If you believe that foreclosure is imminent, there are some other options. For example, you might be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can get, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. There is also the option of a "short refinance," which forgives a significant portion of your mortgage debt, and refinances the rest.

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

How Can A Glendale, California Attorney Help?

If you are worried about foreclosure, a good Glendale, 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.

105 Bankruptcy, Banking and Credit cases posted to LegalMatch lawyers in Glendale

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.

Criminal Law Lawyer
LegalMatch Criminal Law Lawyer Brian B.

Brian B.

Los Angeles West, CA

Criminal Law

Rating (1 users) *
See Reviews
Employment and Labor Law Lawyer
LegalMatch Employment and Labor Law Lawyer Graham H.

Graham H.

Los Angeles West, CA

Employment and Labor Law

Rating (12 users) *****
See Reviews
Business - Transactional Lawyer
LegalMatch Business - Transactional Lawyer Francis H.

Francis H.

HUNTINGDON, PA

Business - Transactional

Rating (1 users) *****
See Reviews
Personal Injury Lawyer
LegalMatch Personal Injury Lawyer Thomas H.

Thomas H.

SUFFOLK, NY

Personal Injury

Rating (2 users) *****
See Reviews

Need a Bankruptcy Lawyer?

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