What is Foreclosure in Roseville, California?
Foreclosure is the legal procedure by which the lender in a mortgage arrangement takes possession of the property (typically a house) that secured the loan. This is done when the Roseville, 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 make 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 Roseville, California to find out if this is the case here. This typically 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. You should remember that banks in Roseville don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are forthright with them, lenders will typically try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.
If you can't reach a solution with your lender, there are other options. You can, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will receive the proceeds of the sale, and the rest of the debt will be forgiven. You might also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.
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How Can A Roseville, California Attorney Help?
If you think foreclosure is imminent, a good Roseville, 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 RosevilleRoseville, California is located in Placer County in the Sacramento region. With the 11th highest retail sales for the state of California, the city is a major shopping destination. Roseville has been named one of the "Best Places to Live" by CNN Money. It has a growing population of over 118,000 and has ranked on the top 100 list for "America's best small cities".
Retail shopping plays an important role in the economy of Roseville, California. The city is home to a number of major retail centers and one of the largest auto malls in the U.S. Particularly, the Westfield Galleria at Roseville is the central shopping center for the city. The Galleria is a high-end shopping mall with popular retail chains and restaurants. Many other shopping centers are located throughout the city.
In addition to shopping, Roseville is an ideal location for housing, employment, and recreation. The Roseville Theater Arts Academy and the Blue Line Gallery are some favorite spots for entertainment and art-centered events. The city also hosts a number of community events and sports activities for residents. Roseville's Golfland SunSplash is a popular water park that draws many people during the warmer seasons.
Lawyers in Roseville, California practice law in a number of fields and handle many kinds of legal matters. Roseville is close to Sacramento, the state capital of California. Many Roseville lawyers assist their clients at the capital or at the Superior Court Santucci Justice Center Courthouse, located in Roseville.