What is Foreclosure in Redding, California?
Foreclosure is the legal procedure 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 Redding, 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 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 some states, original mortgages are treated as "non-recourse" loans, meaning that, at most, the lender can take possession of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the borrower for the remaining balance once it sells the house. You should consult a attorney in Redding, California to find out if this is the case here. This usually does not apply if the mortgage has been refinanced.
How Can I Avoid Foreclosure in California?
First, you should never dismiss the matter. As unpleasant as it seems, it is necessary to stay on top of the issue. Ignoring the problem will never make it go away. It is necessary to remember that the bank does not really want your Redding house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.
If no deal can be worked out, or the mortgage payments have become prohibitive, you may consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders generally treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency may be forgiven. You may also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a comparatively small loss, and allows the homeowner to keep their home.
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How Can A Redding, California Attorney Help?
If you are faced with the possibility of foreclosure in Redding, California, an lawyer may be able to help. At the very least, he or she can advise you of your legal options.
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Life in ReddingRedding, California is located in Shasta County, where it serves as the county seat. It is California's larges city to the north of Sacramento and has a population of over 89,000 people. The city is mostly known for its natural environment preserves and for its close location to the Sacramento River. Redding, California is nicknamed "the Jewel of Northern California".
Residents and visitors to Redding California can enjoy many opportunities for outdoor recreation and activities. Popular areas to visit in Redding and the surrounding areas include Lake Shasta, Lassen Volcanic National Park, and Turtle Bay Exploration Park. The Exploration Park houses a botanical garden, a nature educational camp, and a natural history museum. The Redding Arboretum is also part of the park. The Exploration Park exemplifies Redding's commitment to preserving plant and animal wildlife.
Other places of interest in Redding, California include Cascade Theater, and the Redding Convention Center, which holds shows and concert productions throughout the year. The city also hosts the festive "MarketFest" event every summer. Major employers in Redding include Mercy Medical Center and Shasta College.
Lawyers in Redding, California provide the community with legal assistance in a variety of different fields. Redding lawyers often represent their clients at the Redding branch of the Superior Court of California, County of Shasta. Lawyers in Redding have experience in dealing with the laws and legal issues that are unique to the local area.