What is Foreclosure in Pasadena, California?

Pasadena 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 Pasadena, 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, 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 good effort to get a reasonable 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 borrower owes, the bank cannot go after the debtor for the remainder. You should consult with an lawyer in Pasadena, California to see if this is the case. However, this normally doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in California?

Most importantly, you must not dismiss 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. You should keep in mind that banks normally don't want to take your Pasadena home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will prevent you from defaulting.

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. There is also the option of a "short refinance," which forgives a considerable portion of your mortgage debt, and refinances the rest.

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How Can A Pasadena, California Attorney Help?

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

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Life in Pasadena

Pasadena, California is a city in Los Angeles County. It has a population of about 137,000 people.

Pasadena was first settled by Europeans in the early 1800s, and it was part of a Mexican land grant from that time period. When California became a U.S. state in 1849, Pasadena saw a large wave of settlement from other parts of the United States. 

Modernly, Pasadena, California is known for its connection to cutting-edge scientific research. It is home to the California Institute of Technology - one of the leading universities in the country. It is also home to the Jet Propulsion Laboratory, which oversees the operations of many of NASA's deep space exploration probes. It is also the largest employer in Pasadena, California. In addition to employing scientists and engineers, JPL also employs large numbers of administrative personnel, including lawyers.

As you might imagine, because of its high level of education, there are many learned professionals, such as lawyers, in Pasadena, California.

If you are a resident of the Pasadena, California area and need a lawyer, chances are excellent that you'll be able to locate a Pasadena, California attorney who can handle whatever legal issue you might be facing.

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