What is Foreclosure in La Habra, California?
Foreclosure is the legal procedure 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 La Habra, 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 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 various 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 debtor 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 La Habra, California lawyer to see if this state is one of them.
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. It is important to remember that banks don't really want to own homes in La Habra. 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 allow you to keep paying them in the long run.
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. A "short refinance" may also be an option in some cases. This allows you to have some part of the debt forgiven, while refinancing the rest.
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How Can A La Habra, California Attorney Help?
If you are facing foreclosure, a good La Habra, California real estate lawyer can help. While keeping your home might not always be possible, a attorney can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.
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Life in La HabraLa Habra is located in Orange County, California. The city has a lot of history to it because in the 1800s, the area was seen as a natural path to the north. Spanish explorers discovered the area, and Mariano Reyes Roldan was granted the lan. Later, Abel Stearns purchased the land from him. Therefore, many La Habra residents pride themselves over the rich history associated with their properties.
Famous residents include Rusty Anderson, Natalie Golda, Cathy Cooper, Richard Nixon, Ann Meyers, Jenna Haze, Jennifer Hanson, Anne Ramsay, and Norma Zimmer. It is not hard to believe that so many well-known people would want to own property in such a beautiful, history-rich area.
Being in Orange County, La Habra is a short drive away from beautiful beaches, many quaint downtown areas with great shopping and dining, and gorgeous properties to admire and/or live in. The wonderful weather of Orange County is an added plus.
Residents also have the luxury of having top-notch firms with excellent attorneys near by. Orange County is home to many firms of all sizes, that practice in all areas of law, and attract and train some of the nation's most brilliant legal minds. Therefore La Habra residents have no tension for any legal need of theirs can be handled well by the legal force in Orange County.