What is Foreclosure in West Hollywood, California?

Find the right Foreclosure Bankruptcy attorney in West Hollywood, 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 West Hollywood, 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 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 West Hollywood, California attorney to see if this state is one of them.

How Can I Avoid Foreclosure in California?

First, you should never ignore the matter. As unpleasant as it seems, it is essential to stay on top of the issue. Ignoring the problem will never make it go away. It is essential to remember that banks don't really want to own homes in West Hollywood. 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 enable you to keep paying them in the long run.

If no deal can be worked out, or the mortgage payments have become prohibitive, you might consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders usually treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency might be forgiven. You might also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A West Hollywood, California Attorney Help?

If you are faced with the possibility of foreclosure in West Hollywood, 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 West Hollywood

West Hollywood neighbors Beverly Hills and is a well-known area to many all over the United States. Many celebrities live in and/or work in the area, and therefore the Paparazzi are constantly referring to West Hollywood in their news reports.

Many may not know, but West Hollywood has some landmarks and unique locations. West Hollywood is home to the Sunset Marquis Hotel, a place known for its Whisky Bar and recording studio. Melrose Avenue is also located in West Hollywood, and was the main location for the popular 90's show Melrose Place. West Hollywood is also home to the famous Sunset Boulevard, filled with great shopping, dining, and nightlife. Sunset Boulevard was also home to Frank Sinatra, Errol Flynn, John Wayne and Howard Hughes.

Popular attractions in West Hollywood include musical venues such as the House of Blues, Whisky a Go Go, the Viper Room, and the Roxy Theatre. Other popular attractions include Westlake Recording Studios, Samuel Goldwyn Studios, Plummer Park, Sierra Towers, the Standard Hotel, Pacific Design Center, The Schindler House, Smashbox Studios and TMZ on TV.

Los Angeles being home top-tier law schools and firms attracts some of the most brilliant attorneys in the United States. Therefore residents of West Hollywood have no trouble finding a good lawyer because there are many to choose from!

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