What is Foreclosure in Los Angeles, California?

Los Angeles Foreclosure Lawyers, CA

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Foreclosure is the legal procedure 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 Los Angeles, 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 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 Los Angeles, California lawyer to see if this state is one of them.

How Can I Avoid Foreclosure in California?

First of all, you shouldn't dismiss the problem. You should stay in contact with your bank, and be straightforward 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 Los Angeles. 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 believe that foreclosure is imminent, there are some other avenues. For example, you may be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can receive, 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. 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 Los Angeles, California Attorney Help?

If you are faced with the possibility of foreclosure in Los Angeles, California, an lawyer may be able to help. At the very least, he or she can advise you of your legal options.

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Life in Los Angeles

Most people think of Hollywood when they think of Los Angeles, California. Los Angeles is home to many celebrities, movie studios such as Paramount Pictures Home Entertainment Studios, and the Walk of Fame.  Los Angeles residents and visitors can often sight celebrities shopping on Rodeo Drive, in Malibu, Beverly Hills, or in various night clubs.

Besides celebrities, Los Angeles is near the happiest on Earth-Disneyland!  Kicking back and enjoying rides, great shows and parades, and hanging out with your favorite Disney characters is not the only thing Disneyland is about.  Rather, Disneyland is a place where families come together, have fun, and both children and adults feel like a kid again.  This unique attraction is one of the reasons Los Angeles is so visited by people all over the world.
Other attractions in Los Angeles include the J. Paul Getty Museum, Universal Studios Hollywood, Hollywood Museum, Griffith Park, Venice Beach, and the Hollywood Bowl Museum. 

Los Angeles being such a large city with a population of 9,862,049 is home to many intelligent, ivy-league-educated, and promising lawyers.  Therefore, many large, multinational as well as mid-sized and small firms are present in Los Angeles.  No legal need is left unattended in Los Angeles, California. 

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