There are few things that are more overwhelming than realizing you’re facing foreclosure. Unfortunately, it’s a reality too many Americans have found themselves dealing with in recent years. There are ways, though, that you can prevent or stop foreclosure proceedings. Your first priority should be to locate a compassionate team of professional attorneys who can help you through the legalities. You need to understand all of your options, even if you feel you have none.
One of the biggest challenges for our clients is the fact that they struggled in their efforts of saving their homes before reaching out to an attorney qualified in foreclosure prevention. They’re relieved when they do contact us and learn they may be able to save their home.
Every state has its own compliance laws when it comes to foreclosures. In California, consumers have rights that lenders must acknowledge. Typically, there are two types of California foreclosure processes:
Your bank or lender can begin proceedings on deeds of trust using what’s known as a non-judicial foreclosure process. These typically are handled outside of a courtroom. A judicial foreclosure process, on the other hand, does require the court's involvement.
The non-judicial foreclosure is when the homeowner voluntarily leaves the home and allows the lender to reclaim the property. This saves time and expenses for both parties. Of course, that means the homeowner must find a new home in the midst of an already-difficult time. Still, it’s preferred over the alternative, which requires judges, auctions and a very drawn out process.
Before things become that desperate, why not at least explore your legal options? The laws have changed in recent years. There may be solutions you hadn’t even considered. Not only that, but lenders must remain in compliance with those new laws. You have rights, but too many times, homeowners have no idea. For instance, did you know you have right of redemption protection? This law allows you to buy your home back –within one year - from whoever won it at auction.
Regardless of what you ultimately decide, the last thing you want to do is realize, only after it’s too late, that there might have been a better solution that would have allowed you to remain in your home. Our team of legal professionals stands ready to help you decide the best solution to stop foreclosure proceedings on your home.
Contact us today to schedule a consultation and rest better tonight knowing you have a solid game plan.