What is Foreclosure in Redwood City, California?

Redwood City 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 Redwood City, 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 some states, original mortgages are treated as "non-recourse" loans, meaning that, at most, the lender can take possession of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the borrower for the remaining balance once it sells the house. You should consult a attorney in Redwood City, California to find out if this is the case here. This normally does not apply if the mortgage has been refinanced.

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. You should keep in mind that banks normally don't want to take your Redwood City 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 can't work things out with your lender, there are other avenues. You can try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still receives those proceeds, but the remainder of the loan will be forgiven. You may also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

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How Can A Redwood City, California Attorney Help?

If you think foreclosure is imminent, a good Redwood City, California lawyer may be your best hope for staving it off. Even if keeping the house proves impossible, a good attorney can minimize the financial effects.

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Life in Redwood City

Redwood City, California is a city in San Mateo County, on the San Francisco Peninsula. It has a population of about 77,000 people, and is the county seat of San Mateo County.

Redwood City, California is one of the major hubs of employment in the South Bay region of the San Francisco Bay Area, particularly in the high-tech sectors. Technology companies like Oracle and Electronic Arts are headquartered in Redwood City, and they provide a major source of employment, in various fields. Both of these companies employ a large number of white-collar professionals, probably including several Redwood City, California lawyers.

Other major employers in Redwood City, California are the government of San Mateo County, as well as several major players in the healthcare industry, such as Kaiser Permanente.

If you live in Redwood City, California and are in need of a lawyer, you're in luck. A significant number of attorneys in Redwood City are set up to handle the legal issues that often arise for ordinary consumers.

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