Accumulating debt sometimes just happens, and missing a mortgage payment or two doesn’t seem like a big deal at first. However, if left to develop, continuing to avoid your financial obligations will inevitably lead to serious problems, one of the most common ones being foreclosure. That’s when it hits you and that’s when you start looking for an experienced foreclosure attorney in San Diego. But what does foreclosure look like in California?
What does foreclosure in California entail?
Before the crisis regarding foreclosure in 2010, the law was on the side of the lenders, granting them greater power and authority over foreclosures and allowing them to gain possession of different types of real estate.
However, the tides have turned, and new state and federal laws grant more power to borrowers, allowing them to find a way out of their tight financial spot and retain possession of their property.
All this spells good news if you find yourself potentially facing foreclosure. However, it’s wise to explore the details of foreclosure and how the changing laws offer more protection. First, let’s take a look at what preforeclosure is and what your rights during this process are before delving deeper into the documentation associated with the process of foreclosure in California.
When you start falling behind with your mortgage payments, but before the official start of a foreclosure process, you’re in the “preforeclosure” stage of the proceedings. This is when you’re liable to pay various fees for the services and when you’ll most probably receive a breach letter.
Your rights in foreclosure
If you’re facing foreclosure in the state of California, you have numerous both state and federal laws at your side to help you avoid the worst-case scenario. Some of the rights you’re entitled to during such a process include:
- A breach letter during the preforeclosure noticing you of the actions about to take place
- Possibility of applying for loss mitigation
- Several foreclosure notices
- Possibility to meet the current requirements of the loan and putting a stop to your foreclosure sale
- Availability of special protections if under active service in the military
- Repayment of the entire loan for preventing the sale
- Filing for bankruptcy
Know that missing a payment is not the end of the road. The majority of property loans have a two-week grace period before assessing all late fees. However, every time you miss a payment and the grace period ends, the servicer charges you a fee. You can find the amount of this fee in the contract of your loan.
Additionally, you may have to pay other fees as well, such as for opinions from a broker, costs associated with property preservation, as well as fees for property inspections.
Most deeds of trust in California feature a provision that states that your lender has to notify you about your loan being in default before they can accelerate your loan. This document is called a breach letter and it grants you the possibility of curing your default and preventing foreclosure.
Who is the leading foreclosure attorney in San Diego & the area?
When you’re facing foreclosure, the most significant weapon you have in your arsenal is knowledge. That’s why you should learn more about the essential details of it, but also delve deeper. First, explore all the steps in the process of foreclosure in California before looking for ways to avoid foreclosure. Also, remember that bankruptcy remains the best possible way to prevent foreclosure and get back on your feet.
At Bankruptcy Law Offices of Mark L. Miller, we’re here to help you prevent foreclosure and file bankruptcy ensuring a favorable outcome for your particular case. You can call us, text us, or email us, and let us take it from there. We’ll do everything in our power to put a stop to your foreclosure and ensure your family retains their home. Contact us, give us the information we need, and then visit Gaslamp Quarter while we handle everything for you.