WHAT IS FORECLOSURE PREVENTION?
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The attorneys at Hanasab & Zolekhian, LLP, are fully informed about the foreclosure process in California and can answer all your questions, but here is a general overview about foreclosure.
The California foreclosure process follows a series of legal steps that begin when you miss a loan payment. The foreclosure process can be either judicial or non-judicial, depending on which foreclosure process was selected by the lender when loan documents were signed. If the loan papers do not contain a provision allowing for a non-judicial foreclosure on the property, the lender will have to go to court and seek a judicial foreclosure. Once that is obtained, the process is nearly identical in both situations.
A foreclosure is a lengthy and expensive process for the bank, and borrowers facing a foreclosure generally have enough time to negotiate a commercial loan modification or restructuring that allows the borrower to keep their property. This negotiation process can be more effective if the borrower is represented by an attorney because of our extensive training and experience in negotiating with lenders. While each case is different, our experience and knowledge can greatly assist your efforts and help you reach the best solution. The bank will be represented by an attorney and so should you.
No one wants a foreclosure, not even the lender. Their business is lending, not owning property, and most lenders are eager to work out an agreement that lets you keep your property at payments that make economic sense. Negotiating with lenders can be complex and frustrating, and even finding the right person to talk to can be nearly impossible. At Hanasab & Zolekhian, LLP, we know how to reach the decision makers and get them to agree to the commercial loan modification that is right for you.
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