What is Foreclosure in Oakdale, California?

Oakdale Foreclosure Lawyers, CA

Find the Right Lawyer Now

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 Oakdale, 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, foreclosure by judicial sale is allowed. Under this system, the sale is overseen by a court of law, to ensure that the bank makes a good effort to get a reasonable price at the auction, and that any proceeds above the balance of the mortgage go back to the borrower. 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 Oakdale, 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 dismiss 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. It is essential to remember that banks don't really want to own homes in Oakdale. 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.

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

How Can A Oakdale, California Attorney Help?

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

13 Bankruptcy, Banking and Credit cases posted to LegalMatch lawyers in Oakdale

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 Christopher K.

Christopher K.

STANISLAUS, CA

Bankruptcy, Banking and Credit

Rating (17 users) *****
See Reviews
Family Law Lawyer
LegalMatch Family Law Lawyer Kathy Lynn T.

Kathy Lynn T.

STANISLAUS, CA

Family Law

Rating (2 users) *****
See Reviews
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 Therese H.

Therese H.

Los Angeles West, CA

Bankruptcy, Banking and Credit

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

Need a Bankruptcy Lawyer?

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