What is Foreclosure in Brea, California?

Brea Foreclosure Lawyers, CA

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Foreclosure is the legal process 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 Brea, 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 on.

In all states in the U.S., including California, there is an option to go through foreclosure via judicial sale, in which a court oversees the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that might have a lien or other interest in the property (in order of priority), and, finally, to the borrower, if anything is left. In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the debtor owes, the bank cannot go after the debtor for the remainder. You should consult with an attorney in Brea, California to see if this is the case. However, this usually doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in California?

First, you should never ignore the matter. As unpleasant as it seems, it is essential to stay on top of the issue. Ignoring the problem will never make it go away. You should remember that banks in Brea 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 reach a solution with your lender, there are other options. You could, 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 get the proceeds of the sale, and the rest of the debt will be forgiven. You could also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

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How Can A Brea, California Attorney Help?

If you are worried about foreclosure, a good Brea, California real estate lawyer might be able to help. A lawyer 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 Brea

Brea, California is a city in Orange County, California. Its population is slightly under 40,000 people. Brea is known for its warm climate, high standard of living, and low crime rates. In 2006, it was named by Sunset Magazine as one of the best suburbs to live in the Western United States.

Brea, California can trace its origins back to the late 1800s, when oil was discovered across much of Southern California. Brea became a boomtown as the oil industry moved in.

These days, the economy of Brea, California is largely dominated by banking, finance, retail, and other service-based industries. Many white-collar professionals, such as attorneys, live and work in Brea, California. Brea, California is the birthplace of Cruz Reynoso, a prominent civil rights lawyer, and the first Hispanic justice on the California Supreme Court.

There are many other lawyers in Brea, California who are not as famous as Mr. Reynoso, but who tirelessly advocate for their clients every day. If you need legal help, you could do a lot worse than finding a Brea, California lawyer.

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