What is Foreclosure in Walnut Creek, California?

Find the right Foreclosure Bankruptcy attorney in Walnut Creek, 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 Walnut Creek, 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 Walnut Creek, 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 critical to remember that banks don't really want to own homes in Walnut Creek. 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 try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a comparatively small loss, and allows the homeowner to keep their home.

How Can A Walnut Creek, California Attorney Help?

If you think foreclosure is imminent, a good Walnut Creek, California lawyer may be your best hope for staving it off. Even if keeping the house proves impossible, a good attorney can minimize the financial effects.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Walnut Creek

Walnut Creek is located in the East Bay of the San Francisco Bay Area. It is near Concord, Sacramento, and San Jose. Many view Walnut Creek at the "business and entertainment hub" of Contra Costa County because of its central location to California's capital and Silicon Valley.

Many Walnut Creek residents are employed by Aetna, HCR Manor Care, Nordstrom, John Muir-Health, Kaiser Permanente, Safeway, Macys, and the City of Walnut Creek. Top corporations in Walnut Creek include Carollo Engineers, American Reprographics, and PMI Group.

with such a working force, legal issues naturally arise. Walnut Creek is home to many small and mid-size firms with excellent attorneys who practice in all areas of law.

Popular attractions include the California Symphony and the Center Repertory Company. Walnut Creek also has a beautiful downtown with great shopping and dining.

Some famous residents include Alice Greczyn, Lester Rodney, Jeff Richards, Jason Newsted, Randy Johnson, and Luke Whitehead.

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