Pasadena Attorneys Help Homeowners Understand Foreclosure
You have rights when you are in danger of losing your California home
With careful planning and the assistance of an experienced attorney, foreclosure can often be avoided. At Alkana Law, we work diligently to keep families in their homes. Attorney Eugene Alkana helps families understand their rights and the processes involved in foreclosure. The sooner you contact us, the more options we will have to save your home.
How does non-judicial foreclosure work?
The most common foreclosure procedure in the state of California is a non-judicial sale. This sale is allowed under the power of sale provision in the home’s deed of trust. The steps involved in this type of sale include:
- The bank or lender must contact you to discuss your options at least 30 days before recording the notice of default. Three months’ notice must be given before a sale can be planned.
- At this point, notice of sale can be given to the homeowner, but the sale may not take place for an additional 20 days.
- Once a non-judicial sale takes place, you have no redemption rights and cannot gain possession of the property by repaying your loan.
- If the home is sold, the new owner must still give you a three-day notice before making you leave, and file an unlawful detainer suit if they wish to evict you.
We will help you at every step in this process, working to obtain a loan modification so that you can stay in your home.
New rights granted to homeowners in California
In 2013, California enacted a new series of laws to protect homeowners facing evictions. The Homeowner Bill of Rights limits actions that banks can take. They must now make a final decision about loan modifications before they can start the foreclosure process. This allows families to delay the start of the process while making a serious attempt to enter into a bargain that will let them stay in their home. Banks must also give families a caseworker, called a “point of contact,” so that they can deal with one person or one group of people throughout the whole process. Additionally, there are provisions which allow our firm to help families bring a lawsuit against a bank when that lender violates proper procedures.
Homeowners associations and foreclosure
If you live in a condo, a townhouse or another type of unit that requires paying homeowners association (HOA) fees, the HOA can place a lien on your home when you fail to pay those fees. The HOA must meet time and financial requirements before they can file a lien or attempt to foreclose on your home. In order to foreclose you must owe at least $1,800 in fees or have been delinquent on payments for more than one year. Following an HOA foreclosure, you will have at least a 90 day redemption period to get your home back by paying your debts. Our real estate law firm helps families work with HOAs to avoid foreclosure.
For help avoiding foreclosure, contact an attorney with over 40 years of experience
Pasadena attorney Eugene Alkana of Alkana Law has more than 40 years of experience helping families avoid foreclosure. Whether you are falling behind on payments and looking for guidance or have already received notice of a lien and need to take action, our team can help. Call us now at 626-628-1127 or contact us online to plan a free phone consultation.