What is Foreclosure in Beverly Hills, California?
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 Beverly Hills, California debtor has repeatedly failed to make their payments. Foreclosure normally requires the house to be sold at an auction. Normally, 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 Beverly Hills, 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 Beverly Hills 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 straightforward with them, lenders will normally 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 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 part of the debt to be forgiven, and lets you refinance the rest.
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How Can A Beverly Hills, California Attorney Help?
If you think foreclosure is imminent, a good Beverly Hills, 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 Beverly HillsBeverly Hills, California is located in Los Angeles County and is one of the most affluent cities in the country. The city is famous for being a trendsetter for fashion, beautiful homes, and high-end living. Many celebrities and movie stars live in Beverly Hills. Along with Bel Air and Holmby Hills, it forms part of the "Platinum Triangle" of wealthy L.A. neighborhoods.
The area of Beverly Hills, California is home to a number of Fortune 500 companies, including Platinum Equity and John Paul Mitchell Systems. In addition to major corporate businesses, the economy of Beverly Hills is supported by an abundance of high-end fashion retailers. In particular, Rodeo Drive is a world-famous shopping district filled with cutting-edge fashion boutiques and designer label stores. It is estimated that the operating budget of Beverly Hills, California exceeds $300 million, which is comparable to the Gross National Product for the entire British Virgin Islands.
Beverly Hills is frequently featured in movies and television shows. A few familiar examples include the hit television series Beverly Hills, 90210 and the Beverly Hills Cop movies. Other attractions include the Beverly Hills Hotel (referenced in the Eagles' song "Hotel California"), Walden Drive, and Beverly Gardens Park.
Lawyers in Beverly Hills, California perform legal services to meet the unique needs of the city's residents. Many Beverly Hills lawyers file lawsuits at the West District branch of the Los Angeles Superior Court, located within the city. Attorneys in Beverly Hills represent clients in both general and specific areas of law.