What is Foreclosure in Thousand Oaks, California?

Find the right Foreclosure Bankruptcy attorney in Thousand Oaks, CA

Foreclosure is the legal process 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 Thousand Oaks, 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 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 many states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the borrower for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Thousand Oaks, California attorney to see if this state is one of them.

How Can I Avoid Foreclosure in California?

First and foremost, you should not ignore the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this might seem, you should stay in contact with your creditor, and be honest with them. One should remember that banks generally don't want to take your house in Thousand Oaks. 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 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. There is also the option of a "short refinance," which forgives a significant portion of your mortgage debt, and refinances the rest.

How Can A Thousand Oaks, California Attorney Help?

If you are facing foreclosure, a good Thousand Oaks, California real estate attorney can help. While keeping your home might not always be possible, a lawyer can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Thousand Oaks

Thousand Oaks, California is a master-planned city located in Ventura California. It is named after the abundance of oak trees in the city. Thousand Oaks contains about 2,000 single family residences, an industrial park, a regional shopping center, and various neighborhood retail centers.

The local economy of Thousand Oaks consists of numerous businesses, namely biotechnology, electronics and telecommunications, and cosmetics. Major corporations in Thousand Oaks include Baxter Healthcare Corporation, Amgen, Inc., Jafra Cosmetics, and a Verizon Regional Office. These companies, along with many other employers, attract a large number of residents and commuters to the city.

Popular destinations in Thousand Oaks, California include: the Thousand Oaks Civic Arts Center, Wildwood Regional Park, and The Oaks Shopping Center. Many national store chains establish new locations in Thousand Oaks when expanding to the West Coast, as the city is often at the forefront of fashion and retail trends. Due to its location in the northwest region of the Greater Los Angeles Area, many famous actors, singers, and celebrity superstars chose to live in Thousand Oaks. These have included Colbie Caillat, Heather Locklear, Sophia Lauren, and Dean Martin.

In order to meet the needs of the community, lawyers in Thousand Oaks, California offer services in many different areas of law. Thousand Oaks lawyers handle legal matters that are sometimes unique to the region. Legal advice is available for those with questions about the laws in Thousand Oaks.

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