The foreclosure process can be difficult to understand and difficult to navigate. Having a qualified California loan modification attorney by your side to help you avoid foreclosure is one of the best things any homeowner can do right now. Foreclosures have cost countless people their homes, leaving whole neighborhoods in California riddled with empty houses. With countless federal and California loan modification programs available, the time is right for a California loan modification.
Part of the foreclosure process is the foreclosure auction. At a foreclosure auction, which is usually held on the steps of a courthouse, an opening bid on the property is set by the foreclosing lender. Usually, the opening bid (the opening dollar amount prospective buyer’s can pay) is equal to the outstanding loan balance, the accrued interest and any addition fees (including attorney fees) associated with the sale. In many cases, there are no bids higher than the opening bid, in which case the foreclosed property is purchased by the attorney conducting the sale, on behalf of the lender.
Should the attorney wind up purchasing the property, the foreclosed home is deemed an REO (Real Estate Owned). Many California foreclosures fall into this category because they are worth less than the total amount owed to the bank or lender. If someone else is purchasing property at a California foreclosure sale, the junior liens (with the exception of property taxes) are eliminated.
It seems very cut and dried, all sorts of rules are put in place so that banks can quickly and easily get whatever money they are able to for a foreclosed home. California loan modification attorneys have watched thousands of families stand by and see their home go up for auction, homes they fought hard to purchase and live in. California loan modification companies, such as the Feldman Law Center, know that behind every foreclosure auction is the story of a family that has to try and overcome this terrible tragedy. When the bank comes calling for money you do not have, or when your monthly mortgage payment doubles and triples, it often feels as if you have no one around to help you. However, loan modification companies are here to fight on your behalf and help you avoid foreclosure.
In reality, a bank would much rather negotiate a loan modification than go through the foreclosure process. Foreclosures are time consuming, require extra capital and as noted above it is rare they make money off of the deal. At best, they can only hope to come out even, but that is not always the case. A loan modification is good for you and good for the bank, if you can get a California loan modification attorney who is able to negotiate properly.
If you are facing foreclosure, or if you think a California loan modification might be right for you, contact the Feldman Law Center to get answers to all your questions and concerns. Ignoring the problem will not make it disappear.
Visit us at http://www.feldmanlawcenter.com or call 800-588-0425.
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The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.