What is Foreclosure in Santa Ana, California?

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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 Santa Ana, 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 an Attorney in Santa Ana, 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?

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 honest with them. One should remember that banks generally don't want to take your house in Santa Ana. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are honest with them about your financial situation, they are likely to make reasonable accommodations to keep you from defaulting.

If you can't work anything out with your lender, or have become totally unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt may be forgiven. You may also consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.

How Can A Santa Ana, California Attorney Help?

If you are faced with the possibility of foreclosure in Santa Ana, 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 Santa Ana

Santa Ana is the county seat of the infamous Orange County, California. Santa Ana is the 4th most densely populated area in the United States with over 325,000 residents. Santa Ana is known nationally for it's beautiful coastline and it lends its name to the Santa Ana Freeway that bisects the city as well as the winds that historically fuel wildfires in Southern California, the Santa Ana Winds. One of the reasons people flock to Santa Ana is for work with Orange County at the Santa Ana Civic Center. Santa Ana has a high number of skilled lawyers because it's the location of the Orange County Supreme Court and the Ronald Reagan Federal Building and Courthouse.

Santa Ana's close proximity to Los Angeles attracts many corporate headquarters. Behr Paint, Corinthian Colleges, First American Corporation, and The Orange County Register all have their corporate headquarters in Santa Ana. Ingram Micro is the world's largest information technology distributor and outdoes all of the others as the top employer in Santa Ana besides Orange County. For those folks commuting out of the city by way of public transit, Amtrak's Pacific Surfliner runs through Los Angeles to San Diego. Santa Ana also has service from the Metrolink Orange County Line to Oceanside and the Inland Empire Line running to San Juan Capistrano and San Bernardino.