Experienced Real Estate Foreclosure Attorneys
What is A Foreclosure?
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Can A Real Estate Attorney Help With A Foreclosure?
In all of the above examples, the lender normally places a lien against the real estate in order to obtain repayment of the funding. If the buyer fails to make a payment on the loan, or defaults on the financing, the lender can foreclosure on the house. In turn, the lender can force a sale of the residence to pay for the outstanding debt.
As noted, foreclosure can be complex as it can involve various types of financing. Therefore, you need the help of a San Diego real estate lawyer to look at your options when you have trouble paying your mortgage.
What Are the Different Types of Foreclosure?
In California, lenders can foreclosure on a mortgage or deed of trust by employing a foreclosure process that is non-judicial or judicial. Usually, the lender opts to go outside the court system, or uses a non-judicial process when foreclosing on a property.
A non-judicial foreclosure is used when a power-of-sale clause is included in the deed that secures the loan. It gives a trustee the power to sell the home to pay off the remainder of the debt, at the lender’s request, should a default occur.
When a lender uses non-judicial foreclosure against a borrower who fails to pay on the mortgage of his or her primary residence, the lender gives up the right to obtain a deficiency judgment against the mortgagor. This process is often used as it goes more quickly and does not cost as much.
On the other hand, a judicial foreclosure involves filing a lawsuit to obtain a court order to sell the home or foreclose on it. It is used when no power-of-sale is included in a deed of trust or mortgage. Generally, after the court orders the sale of the home, it is auctioned to the highest bidder. A judicial foreclosure is rare in the state of California.
We Help You Determine What Are the Right Steps in A Foreclosure
If you are thinking about going the foreclosure route in San Diego, it is important to keep in mind that there are many steps to the process. In fact, most times what seems like a good direction for you in the foreclosure proceeding can actually be very detrimental. It's best to get accurate answers and form a strategy that works for you. At Equity Legal LLP, we worked for the banks before we branched off on our own helping people in need of accurate and valuable foreclosure defense.
We are Property Default Specialist.
Real estate foreclosure is a complex and tricky process. There are many steps and paths to take in a foreclosure proceeding and it's best to know the right steps to take for your current legal situation. We have successfully helped many business owners, homeowners, and investors navigate the foreclosure laws. We have won several foreclosure litigation cases against banks, and will go the extra mile for you.
Property Foreclosures in California
When Does a Foreclosure Start?
How to End a Foreclosure
To stop a foreclosure sale, the property owner must respond up to five days before the sale to pay the default. When this occurs, it is called a loan reinstatement. During the 21-day period, after the Notice of Sale is posted, any financial institution or individual who has an interest in the property has a right to redeem the house. They can do this by paying the full balance of the loan amount.
In California, a San Diego real estate lawyer can help you avoid the foreclosure process by reviewing your financial situation, and by exploring ways to avoid the foreclosure process. Again, foreclosure can be complicated to understand. That is why you need to learn how to take a positive stance if foreclosure happens to be looming in the wings.
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