Information from a California Foreclosure Lawyer

Foreclosure is a process in which a mortgage company takes legal steps to terminate ownership of a homeowner’s property, and sell the property to another buyer. The process begins when payments are in arrears, and it is frightening to contemplate the power a lender has to take their homes away from them. There are times when a person’s financial situation unexpectedly changes and they may need time to get caught up and get their loan back in good standing. They may also now need to renegotiate the terms of the loan to make getting caught up more possible.

Two Types of Foreclosure

In the United States, there are two main types of foreclosure: deed in lieu of foreclosure andjudicial foreclosure. In the former type of foreclosure (strict foreclosure), the borrower will give all real property interest to the lender in order to satisfy the home loan (mortgage) that has defaulted. In the judicial foreclosure process or simply “foreclosure,” the lender files suit against the borrower after they have defaulted on their mortgage. This suit is filed in state court. The property is then up for auction or short sale. Many judicial foreclosures do not face any sort of opposition, because those who cannot afford to pay their mortgage are not likely able to pay for legal counsel. As a remedy, what usually happens now is a debtor will be given a notice of default with an “intent to sell” the property letter. Because this process is nonjudicial, it doesn’t actually require a lawsuit to initiate the foreclosure proceedings.

What is foreclosure defense?

If you have recently been served with a notice that your mortgage lender is going to foreclosure on your home, you might be wondering what the next step is. Foreclosure defense is the process of fighting back against the action of foreclosure that your lender is taking against you. You want to keep your home, and this is the way to do it, but what are the methods for foreclosure defense? Before you delve into the “how,” it is important to understand what you might be up against. Over the last decade, mortgages have been subject to the process of securitization. This process groups mortgages together and sells them to investors so that interest on mortgages are paid to investors. This might make it more difficult to secure a loan modification. With the help of a foreclosure defenseattorney, you can ask your mortgage lender the difficult questions to challenge the proceedings.

Proven Foreclosure Defense in California

Seasoned foreclosure defense counsel will know how to proceed in order to explore the various options available for fighting foreclosure and maintaining possession of the home for their homeowner client. Negotiating with mortgage companies can be an extremely complicated process, and it is easy for an untrained individual to make arrangements or agreements that potentially put them in an even worse situation than they were before. Often individuals trying to work something out with the mortgage companies fail in doing so and lose their homes due to their inexperience with this complex process and system. The mortgage companies are well trained in getting their best interests covered or in forcing compliance to their wishes. If you are facing foreclosure it is imperative that you contact a California foreclosure attorney at once to get all of your options explored and legally acted upon on your behalf.

The Law Office of J. Arthur Roberts has extensive experience helping clients avoid foreclosure. Whether through renegotiating aspects of the loan agreement, short sales, or delaying foreclosure long enough to either successfully challenge the right to foreclose or to allow the homeowner time to get caught up, we will tirelessly fight to protect your family’s future.