What is Foreclosure in Norwalk, 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 Norwalk, 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, foreclosure by judicial sale is allowed. Under this system, the sale is overseen by a court of law, to ensure that the bank makes a reasonable effort to get a decent price at the auction, and that any proceeds above the balance of the mortgage go back to the borrower. In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the debtor owes, the bank cannot go after the debtor for the remainder. You should consult with an attorney in Norwalk, California to see if this is the case. However, this typically doesn't apply if the mortgage has 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. You should remember that banks in Norwalk don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are forthright with them, lenders will typically try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.
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 Norwalk, California Attorney Help?
If you are facing the possibility of foreclosure, a good Norwalk, 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 NorwalkNorwalk is a suburb located in Los Angeles County, California. It boasts a population of over 105,000 people and is the California's 58th most populated city. The economy of Norwalk, California is driven largely by retail and entertainment business. Its location close to Los Angeles makes it a popular place for living and recreation.
The city of Norwalk emphasizes the development of arts and culture. For example, Norwalk operates an "Art in Public Places Program", which places internationally- recognized high-caliber sculptures on display throughout the city. The Program is intended to raise awareness of art in Norwalk while at the same time beautifying the city. Due to its artistic appeal, many films and television shows were filmed in Norwalk, such as the Karate Kid, CHiPs, and Monk.
Norwalk is an important city for lawyers as it is home to the Los Angeles County Registrar and Recorder. The Registrar's office has jurisdiction over matters like voter registration and marriage license issuance. It is also responsible for recording legal documentation of real property as well as birth, death, and marriage records. The office services over 2,000 customers per day and maintains over 2 million personal and real property documents.
Lawyers in Norwalk, California are available to assist clients with many different types of legal issues. Norwalk lawyers can provide help for persons filing with the Registrar's office. They also process many legal claims at the Southeast District of the Los Angeles County Superior Court, which is located in Norwalk.