How California Mortgages Are Foreclosed and How Loan Modification Can Help

San Diego Foreclosures For Sale

A few of years ago, the United States saw the collapse of the home mortgage industry. This disaster has left millions of Americans faced with the reality of foreclosure and homelessness. As of September 2009, Los Angeles has over 35,000 properties in foreclosure or pre-foreclosure, Sacramento has over 17,000, and San Diego has over 14,000. As a state, California has over 200,000 homes in danger from foreclosure. Not just families, but entire communities are eroding.
Legal Loan Bailout sees many people throughout California and around the country who are faced with foreclosure or its impending threat. They come looking for help and for answers to their questions. Our main goal is helping homeowners stay in their homes through home loan modification. One of the reasons we can help is that we can negotiate with the mortgage company if they employee a loan modification attorney. Another way we can help is to provide information for people who have questions.
California’s main method of foreclosure involves non-judicial foreclosure. Non-judicial foreclosure doesn’t involve the courts. When a mortgage contract is signed it most often contains a provision allowing the lender or an agent of to sell the property to pay back the loan if defaulted. This sale happens in the form of an auction.
Legal Loan Bailout’s attorney partners help educate people in regards to California’s foreclosure process, which includes the fact that California has a requirement called the one-action rule. This means that if foreclosure is done using the non-judicial method, a second action to recover a deficiency judgment is not allowed. Simply, they can’t come back for more except for in certain circumstances. California also has very strict rules of notification in the foreclosure process, with mortgage contracts being required to contain the power of sale language that allows for this type of foreclosure method. Again, simply put it has to be there in writing.
California’s foreclosure process requires:
That the homeowner/borrower receives a default notice.
A minimum 60-day period before the foreclosure can proceed.
The homeowner must be given a 20 day notice before any foreclosure sale.
Foreclosure sales must take place on a business day during normal business hours (9AM and 5PM) and must take place at the location referred to on the notice of sale, usually city hall.
A trustworthy California loan modification attorney working with you is vital in the process of avoiding foreclosure and keeping your home. The incredible number of laws, regulations, dates and other statutes to keep track of during the process are numerous and overwhelming. The average person doesn’t have the knowledge to negotiate with the lender, keep track of dates, and fill out all the paperwork and the almost innumerable other details necessary to prevent foreclosure.
If you are in the process of foreclosure, or think you are in danger of foreclosure, contact a qualified California Loan Modification Attorney today, get pro-active and get educated. The knowledge can help you stay in YOUR home.
For more information visit Legal Loan Bailout.