What is Foreclosure in Hayward, California?

Hayward 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 (typically a house) that secured the loan. This is done when the Hayward, 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 many states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the borrower for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Hayward, California attorney to see if this state is one of them.

How Can I Avoid Foreclosure in California?

First, and most importantly, you should not ignore the issue. Failing to respond to foreclosure calls from your lender will not make a problem go away. You should stay in touch, and be forthright with, your creditor as much as possible. It is crucial to remember that banks don't really want to own homes in Hayward. 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 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 try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a relatively small loss, and allows the homeowner to keep their home.

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How Can A Hayward, California Attorney Help?

If you are facing the possibility of foreclosure, a good Hayward, California real estate attorney can help. At the very least, they will be able to inform you of your legal options.

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Life in Hayward

Hayward, California is a city in Alameda County, California, in the Eastern portion of the San Francisco Bay Area (the "East Bay"). It has a population of 145,000 people. 

Human habitation of the area now known as Hayward, California dates back to at least 6,000 years ago, and probably longer, with various Native American tribes living in the area. In the 19th Century, the first people of European descent settled the area, when Mexican settlers relocated to the Bay Area, at a time when California was still part of Mexico.

Modernly, Hayward, California is home to California State University, East Bay, which is a large public university. This school is particularly known for its excellent programs in business, economics, and education. It also happens to be one of the largest employers in Hayward, and a driving force behind the local economy. Some of the university's graduates have gone on to law school, and are now respected Hayward, California attorneys.

Accordingly, if you need legal advice or information in Hayward, California, chances are good that you will be able to find a local Hayward attorney who can help you with whatever legal issue you might be facing.

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