Things You Need to Know About Foreclosure in California
If you live or own a home in the state of California and you face the possibility of foreclosure on your property, you are not the only one. There are thousands of financially distressed homeowners in your state who are facing the same thing. They might be dealing with different circumstances than you are, but foreclosure is more prevalent than you might think.
In 2013 alone, one out of every 96 homes were reported as having foreclosure proceedings initiated against it. This can be overwhelming to lenders and serving agents. As a result, lenders are usually more willing to help struggling homeowners avoid foreclosure and the complications that can occur as a result. Utilizing the rules and regulations from the state of California as well as those in place at the federal level regarding the foreclosure process, many homeowners facing foreclosure might be able to resolve their mortgage loan issues.
It might seem very obvious to say that renting and leasing a property is two different things. If you live in a property that you are renting or have a lease agreement, someone else owns the property. If you live in a property you own, you own the property. However, unless you own it outright, you are paying a mortgage to the lender who is the actual owner of the property.
In either case, you, the tenant, have rights under real estate law. For example, in California, if you have lived in a property for a year or more, your landlord is required to give you 60 days notice to vacate the property in the case of an eviction.
One out of every 200 homes will be foreclosed upon. There are strict regulations that must be followed when it comes to proper notifications and opportunities to pay before the property is put up for sale in a foreclosure auction or other kind of sale. If you are finding that you are in a situation where you home might be foreclosed upon, make sure you consult your real estate attorney so that you know your rights.
For many people who are finding themselves in danger of having their homes foreclosed upon, there are extenuating circumstances that have kept them from making a payment or from making several payments. Perhaps it is illness or a spouse who has lost their job or passed away suddenly. Knowing your rights can at the very least enable you to make informed decisions about what you need to do next if you find yourself in a similar situation.