What is Foreclosure in Long Beach, 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 Long Beach, 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 various states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the debtor for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Long Beach, California lawyer to see if this state is one of them.
How Can I Avoid Foreclosure in California?
First of all, you shouldn't dismiss the problem. You should stay in contact with your bank, and be straightforward with them. Ignoring the issue will not make it go away. It is important to remember that banks don't really want to own homes in Long Beach. 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 allow you to keep paying them in the long run.
If you can't work things out with your lender, there are other avenues. You can try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still receives those proceeds, but the remainder of the loan will be forgiven. A "short refinance" may also be an option in some cases. This allows you to have some part of the debt forgiven, while refinancing the rest.
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How Can A Long Beach, California Attorney Help?
If you are worried about foreclosure, a good Long Beach, California real estate attorney may be able to help. A attorney can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.
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Life in Long BeachLong Beach, California is best known as "the LBC" by rap and pop music fans. Long Beach is actually the 7th largest city in California with just under 500,000 residents. Recently, Long Beach was named the "Aquatic Capital of the Nation" because the Port of Long Beach is one of the world's largest container ports and plays a substantial part in the global economy. The City of Long Beach is does not only revolve around the port. Many oil, aircraft, automobile, electronics, and home furnishings manufacturing plants are located in Long Beach. The city has seen an influx of new residents since the aerospace and other technology industries have begun to boom. In fact, Boeing produces DC-8s, DC-9s, DC-10s, MD-11s, C-17s, and the Boeing 717 all from their Long Beach production plants. Boeing is the second largest employer in Long Beach in front of California State University Long Beach and behind the Log Beach Unified School District.
Long Beach has obviously made production and transportation one of the cornerstones of the economy so you shouldn't be surprised to find the bevy of ports, busses, airports, freeways, highways and bike paths that have been masterfully incorporated into the city's design. Long Beach announced its vision to become the most bicycle friendly city and has really followed through. The city has identified traffic routes and destinations and created bike routes that are convenient and illustrated on the Long Beach City Bike Map for tourists and locals alike.