What is Foreclosure in Burbank, 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 Burbank, 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 gather as much money as possible, and move forward.
In all states in the U.S., including California, there is an option to go through foreclosure via judicial sale, in which a court supervises the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that may 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 borrower owes, the bank cannot go after the debtor for the remainder. You should consult with an lawyer in Burbank, California to see if this is the case. However, this normally doesn't 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 Burbank 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 Burbank, California Attorney Help?
If you think foreclosure is imminent, a good Burbank, 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 BurbankBurbank, California is known as the "Media Capital of the World". It is only a few miles away from Hollywood and is home to the headquarters for many entertainment and media companies. Burbank has a population of about 104,000 and was named after David Burbank, an entrepreneur. Many famous movie and film celebrities have resided in Burbank.
Burbank's economic and social life is supported primarily by the entertainment industry. Companies that have headquarters or major productions studios in the city include: Warner Music Group, Warner Bros. Entertainment, The Walt Disney Company, Nickelodeon, ABC, NBC Universal, and Cartoon Network Studios. Burbank is considered to be a nucleus for the Southern California entertainment and media industry.
Burbank has one of the most famous downtown districts in the country. In fact, the city of Burbank has often been referred to as "Beautiful Downtown Burbank". Downtown Burbank features a diverse mix of fine dining, high-end shopping, and entertainment attractions. Burbank Mall is a popular shopping destination for visitors to the area. Several other similar shopping centers can be found throughout Burbank.
Lawyers in Burbank, California often assist their clients at the Burbank Courthouse. The Courthouse handles a very broad range of legal claims. Burbank lawyers are available to advise those who need legal advice or assistance.