The idea that a missed payment on a mortgage could result in your losing your home or place of business is enough to fill any person’s mind with dread. Unfortunately, the major lenders that do business in the San Jose area—such as US Bank, Wells Fargo, JP Morgan Chase, Aurora Loans, and Bank of America—have the power to seize property if they do not receive every penny on these loans. Making matters worse, the state of California’s non-judicial foreclosure rules mean that a foreclosure does not even need to go to court.
A San Jose foreclosure lawyer at Estavillo Law Group may be able to help keep you in your home or place of business. Our team of committed legal professionals could evaluate your current account status, determine if the account is currently in arrears, examine the steps that your lender has already taken, and work to protect your rights through legal action and negotiation.
Non-Judicial Foreclosures in San Jose
The process of foreclosing on a home or piece of commercial property is a complex one. Even so, state law allows this process to take place outside of the courts via the non-judicial foreclosure process.
The process begins when a lender believes that a mortgage holder has failed to make a payment towards their loan. This can result in the issuance of a notice of default. This notice must give the borrower at least 90 days to make all overdue payments on the account. If the borrower complies, the foreclosure halts.
However, at the same time, the lender will be looking to file that notice of default with the registrar of deeds. This is the step that allows them to eventually seize the property. Still, California Civil Code § 2923.5 says that lenders cannot file this notice less than 30 days after the borrower receives it. A knowledgeable San Jose foreclosure attorney could go into more detail about the non-judicial foreclosure process that lenders may use to seize property during an initial consultation.
Options for Avoiding Foreclosure
While the receipt of a notice of default is always a serious matter, it does not mean that all hope is lost. In fact, just because a lender has initiated foreclosure proceedings does not mean that they will follow through with this process to the end. In fact, most lenders will be willing to negotiate new mortgage terms that allow a family to remain in a home or a business to remain in operation. This is because the costs and time commitment involved in evicting an owner from the property and reselling it may not be worth the full cost of the seized property. A proactive foreclosure lawyer could take the lead in convincing lenders to take on this alternative to foreclosure that often results in fairer loan terms for San Jose property owners.
Another choice is to contest the methods that lenders have used to initiate a foreclosure case. Arguments here could revolve around whether the account was actually in arrears or if the lender followed the correct foreclosure procedures under state and federal law. Allowing a knowledgeable attorney from our firm to evaluate the situation as soon as possible helps give these cases the best chance of success.
Enlist the Help of a San Jose Foreclosure Attorney Today
All people deserve the chance to save their homes or place of business. It seems unfair that a single missed payment could justify a lender’s attempts to seize property—though, California state law says otherwise. Even so, you have protections under the law, and even foreclosures that do not require full trials in court must follow strict procedures.
A San Jose foreclosure lawyer at Estavillo Law Group could protect your legal rights after you receive a notice of default. They could work to determine the validity of this notice and the legality of your lender’s actions. They might also be able to help negotiate a new loan agreement that helps keep you on your property with more manageable payments. Call now to learn how our team of dedicated attorneys could help you.