What is Foreclosure in Santa Rosa, 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 Santa Rosa, 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 Rosa, 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. You should keep in mind that banks typically don't want to take your Santa Rosa 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 keep you from defaulting.
If you can't work things out with your lender, there are other options. You could 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 gets those proceeds, but the remainder of the loan will 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.
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How Can A Santa Rosa, California Attorney Help?
If you are worried about foreclosure, a good Santa Rosa, California real estate lawyer might be able to help. A lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.
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Life in Santa RosaSanta Rosa, California is a city in Sonoma County, in the far northern portion of the San Francisco Bay Area. With a population of about 162,000 people, it is the fifth-largest city in the Bay Area.
Santa Rosa's first known permanent settlement came in the 1830s, and it began to grow after California achieved statehood. In 1867, Sonoma County officially incorporated it as a city. The 1906 San Francisco Earthquake essentially destroyed the downtown area of Santa Rosa. In addition to destroying much of San Francisco, that earthquake heavily damaged almost every other city in the Bay Area.
Modernly, Santa Rosa is known for the natural beauty just outside the city, in the form of rolling hills and miles of undisturbed wilderness. Santa Rosa, and the rest of Sonoma County is internationally renowned as a wine-making region, with scores of vineyards and wineries nearby.
If you live in Santa Rosa, California and need an attorney, the chances are good that you'll be able to find one. The thriving and diverse economy of the Bay Area, and Santa Rosa's status as one of the outlying population centers of that area, ensure that Santa Rosa, California lawyers are very sophisticated and well rounded. If you have any type of legal problem, and need help with it, a Santa Rosa, California lawyer is the person to call.