What is Foreclosure in Burlingame, California?

Burlingame 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 Burlingame, 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 Burlingame, 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 of all, you shouldn't ignore the problem. You should stay in contact with your bank, and be honest with them. Ignoring the issue will not make it go away. It is essential to remember that banks don't really want to own homes in Burlingame. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will enable you to keep paying them in the long run.

If you can't work things out with your lender, there are other options. You could 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 gets those proceeds, but the remainder of the loan 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 Burlingame, California Attorney Help?

If you think foreclosure is imminent, a good Burlingame, California attorney might be your best hope for staving it off. Even if keeping the house proves impossible, a good lawyer can minimize the financial effects.

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Life in Burlingame

Burlingame, California is a city in San Mateo County, California. It is located south of San Francisco, on the San Francisco Peninsula. It has a significant portion of shoreline on the San Francisco Bay. Its population is about 29,000 people.

Burlingame is unofficially nicknamed the "city of trees" because of the huge number of trees within the city limits (there are over 18,000 publicly-owned trees in Burlingame, California). Thanks to its close proximity to the San Francisco International Airport, many airlines and related companies do a large amount of business in Burlingame, California. 

Airlines employ a very large number of people, in a wide range of industries. These included administrative personnel, such as Burlingame, California lawyers.

So, if you live in Burlingame, California and are in need of legal advice, it's almost certain that there are attorneys in Burlingame, California who can assist you.

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