What is Foreclosure in San Rafael, California?

Find the right Foreclosure Bankruptcy attorney in San Rafael, CA

Foreclosure is the legal procedure by which the lender in a mortgage arrangement takes possession of the property (usually a house) that secured the loan. This is done when the San Rafael, 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 collect 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 an attorney in San Rafael, California to find out if this is the case here. This usually does not 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 honest with them. One should remember that banks generally don't want to take your house in San Rafael. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are honest with them about your financial situation, they are likely to make reasonable accommodations to keep you from defaulting.

If you can't reach a solution with your lender, there are other options. You can, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will receive the proceeds of the sale, and the rest of the debt will 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.

How Can A San Rafael, California Attorney Help?

If you are faced with the possibility of foreclosure in San Rafael, 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 San Rafael

San Rafael, California is a city in Marin County, which lies north of San Francisco, at the other end of the Golden Gate Bridge. Its population is currently about 58,000 people.

The area now known as San Rafael, California was originally populated by members of the Coast Miwok tribe of Native Americans.

Modernly, San Rafael's economy is one of the major centers for the entertainment industry outside of Hollywood. George Lucas, the creator of the Star Wars series of films, did most of his early work in San Rafael and the surrounding areas. Nowadays, it is still a center of the entertainment industry, but it focuses more on the high-tech aspects of the business, like special effects. A large number of software companies (particularly game developers) also have headquarters in San Rafael.

As a result of this, there are many lawyers in San Rafael who have developed sophisticated practices around the entertainment industry. Of course, San Rafael, California lawyers can also handle a wide range of other legal issues. If you need legal advice in San Rafael, there's probably a San Rafael, California attorney who can help.

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