What is Foreclosure in Baldwin Park, 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 Baldwin Park, California debtor has repeatedly failed to make their payments. Foreclosure usually requires the house to be sold at an auction. Usually, banks want to rid themselves of the property as soon as they can, in order to gather as much money as possible.
In every state, including California, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be supervised by a court, to make sure that the bank makes an effort to get as high a price as possible (to increase the chances that the whole balance will be covered, as well as the odds that there will be some money leftover for the debtor). In some states, original mortgages are "non-recourse loans," meaning that the lender may only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with a Baldwin Park, California attorney to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans that have 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 Baldwin Park 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 honest with them, lenders will usually 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 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. 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.
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How Can A Baldwin Park, California Attorney Help?
If you are worried about foreclosure, a good Baldwin Park, 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 Baldwin ParkBaldwin Park is a city located in Los Angeles County. It has a population of about 75,000 people and is a very family-oriented community. Nestled in the quaint San Gabriel Valley of California, Baldwin Park was founded as early as 1860. Its early economy revolved around trade and enterprises along the San Gabriel River. Top employers currently include Kaiser Permanente and the Home Depot. Baldwin Park, California was home to the first In-N-Out Burger stand.
Today, Baldwin Park California is known for being a hub of arts and culture development. The Arts and Recreation Center (ARC) in Baldwin Park is a unique facility offering a variety of specialty classes for families, adults, and children. The ARC has a multi-purpose room, a dance and artist studio, and a banquet hall. Barnes Park Family Recreation Center is a similar facility in Baldwin Park and has received an Award of Excellence.
Many visitors and tourists to California enjoy events at Baldwin Park. A few examples of city events include a New Year's Day Celebration, the Veteran's Day Ceremony, and "Concert in the Park" series lasting several weeks in the summer. The Baldwin Historical Museum is another favorite destination.
Attorneys in Baldwin Park, California often assist clients by offering legal advice and providing representation in court. They have experience in interpreting the unique laws and codes of the city. Baldwin Park lawyers are available to assist the community in a wide range of legal fields and topics.