What is Foreclosure in Foster City, California?
Foreclosure is the legal process 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 Foster City, 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 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 Foster City, 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?
Most importantly, you must not ignore the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be straightforward with them. It is critical to remember that the bank does not really want your Foster City 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 believe that foreclosure is imminent, there are some other options. For example, you might be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can get, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. You might also consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.
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How Can A Foster City, California Attorney Help?
If you think foreclosure is imminent, a good Foster City, 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 Foster CityFoster City, California is a master-planned city situated in San Mateo County. It has a population of about 31,000 and is sometimes held to be part of Silicon Valley due to its local industry. Foster City is considered an affluent community and has been featured several times in Forbes Magazine as well as Money Magazine.
As a master-planned city, Foster City offers many advantages and amenities, such as an efficient distribution of stores, restaurants, and resources. Master planning helps developers avoid "haphazard" construction and city layout. This has contributed to much of Foster's City's clean and pristine appearance. Foster City is also home to a number of attractions, including a boardwalk, a 9-hole golf course, an extensive $4 million Teen Activities Center, and a public amphitheater. Windsurfing is extremely popular within city limits.
Foster City, California is also known for being an important center for many high-tech companies as well as financial organizations. The city is headquarters to many nationally recognized businesses such as Adchemy, Gilead Sciences, Life Technologies, Live365, Philips, Sony Computer Entertainment America, and many others. One can access several points in the Bay Area from Foster City due to its location near the San Mateo Bridge.
Lawyers in Foster City, California often represent their clients at the Superior Court of California, County of San Mateo. The court house has integrated much new technology including an electronic document camera. Foster City attorneys are available for assistance in many different fields of law.