What is Foreclosure in Visalia, California?

Find the right Foreclosure Bankruptcy attorney in Visalia, CA

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 Visalia, 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 various 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 debtor 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 Visalia, California lawyer to see if this state is one of them.

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. It is important to remember that banks don't really want to own homes in Visalia. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will allow you to keep paying them in the long run.

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.

How Can A Visalia, California Attorney Help?

If you are facing the possibility of foreclosure, a good Visalia, California real estate lawyer can help. At the very least, they will be able to inform you of your legal options.

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Life in Visalia

Visalia, California is a city in Tulare County, in California's central valley. It is also the largest city in Tulare County, with a population of about 125,000 people.

Human habitation of Visalia, California dates back several thousand years, with Native American tribes inhabiting the area. The first written European account of the area known as Visalia came in 1722, when Spanish explorer Pedro Fages explored the area.

Throughout most of its history, and to this day, the economy of Visalia is dominated by agriculture. Grapes, citrus, cotton, and olives are all grown in the area. Because of the presence of large numbers of migrant agricultural workers, the lawyers who practice in Visialia are particularly skilled in practice areas like immigration and labor law, but most Visalia, California lawyers can also handle other legal issues.

If you live in Visalia, California and are in need of legal services, there are several places you can turn, such as legal aid organizations. However, your best bet for competent and comprehensive legal advice is to seek the advice of a good Visalia, California attorney.

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