Foreclosure Activities Continue to Increase in Los Angeles County (VIDEO)
Let’s start off by explaining what “Foreclosure” is. Foreclosure is the process of taking possession of a mortgaged property as a result of the mortgagor’s failure to keep up mortgage payments. Whenever a home goes into foreclosure, the bank is starting to process to reclaim property that they have a lien on. Generally, foreclosure proceedings start after one or two missed payments and can take up to a year or more to complete. While the foreclosure process is ongoing, a homeowner has various options according to the Local Records Office in Bellflower, California.
Am I Able to Sell the House During Foreclosure?
Local Records Office says, “Yes”. You can still sell your property during a foreclosure as you’ve still got a legal right to the property and any equity that you’ve built. Many times, homeowners will attempt to negotiate a short sale with the lender. Short sales enable the property owner to sell the property for whatever they can get for this. The bank typically forgives any outstanding balance or is merely able to claim a part of the balance according to some laws in Los Angeles, California.
You May Be Able to Stop Your Lender from Continuing Foreclosure Proceeding
Although selling the property is an option, it might be possible to stop your lender from shifting a foreclosure proceeding. This might be done by filing for possibly Chapter 7 or Chapter 13 personal bankruptcy. During the time of the actual stay, it may be possible to exercise an alternate payment plan. In the event you file for Chapter 13 personal bankruptcy, your debt will be reorganized as long as all payments are made according to the bankruptcy plan according to the professionals at the Local Records Office.
Be Aware of Your Rights and Laws in Los Angeles, California
You may want to seek advice from an attorney prior to taking any action to trade the home during a property foreclosure. Ideally, you will work out a payment plan using your lender. Before limiting selling or selling it completely, make sure that there are no clauses in your mortgage preventing you from prepaying early or otherwise not prohibiting you from making some sort of deal. With the help associated with an attorney, it may be possible to delay a foreclosure with no need for bankruptcy while allowing a borrower to sell his or her home.
Can I sell my house? That is probably the biggest question that’s on your mind when you first hear that you’ll be being foreclosed upon. Fortunately, the answer is YES and there can be no penalties for doing consequently. Therefore, don’t be afraid to put your home on the market instead of leaving your fate inside the hands of a bank.
A foreclosure proceeding is often a bad experience but with help of a real estate attorney, you could work out some sort of payment plan with the bank.