What is Foreclosure in Santa Clara, California?

Find the right Foreclosure Bankruptcy attorney in Santa Clara, CA

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

How Can I Avoid Foreclosure in California?

Most importantly, you must not ignore 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 forthright with them. One should remember that banks usually don't want to take your house in Santa Clara. 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 forthright with them about your financial situation, they are likely to make reasonable accommodations to prevent you from defaulting.

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. A "short refinance" might also be an option in some cases. This allows you to have some portion of the debt forgiven, while refinancing the rest.

How Can A Santa Clara, California Attorney Help?

If you are faced with the possibility of foreclosure in Santa Clara, California, an attorney might be able to help. At the very least, he or she can advise you of your legal options.

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Life in Santa Clara

Santa Clara, California is located in Santa Clara County in the heart of the Silicon Valley. Many advanced technology and semi-conductor companies are headquartered in the city, including Intel, McAfee, Applied Materials, and Agilent Technologies. Sun Microsystems and Oracle are also major employers in the area. The city of Santa Clara owns and operates its own electric utility facility called Silicon Valley Power. As a result, electricity rates are considerably cheaper in Santa Clara.

Aside from its central role in the Silicon Valley semiconductor boom, Santa Clara, California is home to a diverse array of facilities. Buck Shaw Stadium is located in the city, and is home to the Major League Soccer team the San Jose Earthquakes. The San Francisco 49ers holds practices in Santa Clara and is also headquartered there. Great America, a popular amusement park in the Bay Area, is also located in Santa Clara. The city also hosts a number of outdoor events such as the Art Wine Festival in September and Concerts in the Park.

Santa Clara is a major city for lawyers and attorneys, as the Santa Clara County Courthouse maintains a branch in the city. Many lawyers in Santa Clara, California received their legal education at Santa Clara School of Law. Santa Clara lawyers are available to assist clients in a diverse range of legal fields.

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