What is Foreclosure in El Cajon, California?
Foreclosure is the legal process by which the lender in a mortgage arrangement takes possession of the property (typically a house) that secured the loan. This is done when the El Cajon, 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 make 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 some states, original mortgages are "non-recourse loans," meaning that the lender can 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 El Cajon, California lawyer to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans which have 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. It is important to remember that the bank does not really want your El Cajon house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.
If you can't work anything out with your lender, or have become completely 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 might be forgiven. You might 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 El Cajon, California Attorney Help?
If you think foreclosure is imminent, a good El Cajon, 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 El CajonEl Cajon, California is a city in San Diego County. It has a population of just under 100,000 people.
El Cajon, California was formed from a land grant from the Mexican government in 1845, and was officially incorporated as a city in 1912.
El Cajon is located inland from San Diego, and as a result, its climate has more variation than San Diego from one extreme to another, but compared to most other places, its climate can be considered quite mild. Summers in El Cajon, California are quite warm, though it rarely gets extremely hot.
Like most places in California, El Cajon sports a large amount of ethnic and religious diversity. El Cajon, California is also home to a burgeoning art and culture district, including art galleries, and a strong commitment to public art.
If you are facing a legal issue in El Cajon, California, chances are good that there is a lawyer nearby who is capable of handling your problem, whatever it might be. El Cajon, California lawyers are always ready to meet the legal needs of their community. If you have any legal trouble whatsoever, no case is too big or too small for an El Cajon attorney.