What is foreclosure?

In California, most lenders may foreclose on deeds of trusts or mortgages in default using the non-judicial foreclosure process. This process involves the serving of several legal notices to the homeowner then subsequently forecloses on the property.  Once the sale takes place, the property the either reverts back to the lender or transfers to a 3rd party purchaser.

Contrary to what many think, foreclosures aren’t a result of irresponsible homeowners who simply borrowed more than they could afford; in reality, these folks have had a major change in their personal circumstances such as:

• Loss of job/decrease in pay
• Divorce
• Death
• Medical issues
• Adjustment in original loan terms

The fact is, today, there are almost 5 million people facing foreclosure.  Our foreclosure attorneys can help you by working with your lender to help keep you in your home and work out favorable arrangements.  Our experienced team of attorneys has helped hundreds of homeowners remain in their home.  We can help you too.  Call our office for a free consultation.

People may face foreclosure for many reasons. Extreme changes in life situations: job loss, death, divorce, prolonged illness and many others, or because they must immediately relocate. Foreclosure can occur when payments become three to four or more months late, depending on the mortgage terms.

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