Our Attorneys and Staff have been successful many multiple times in completely avoiding Foreclosure sales. Generally, a bank will postpone a foreclosure sale once a loan modification application has been submitted that conforms to that lender's requirements. This includes a hardship packet and a client's financial information that is submitted in the appropriate form for that client's lender. Even though foreclosure is not in a lender's best interest, government statistics show the average foreclosure costs over $50,000 to the homeowner, their lender and the government.
In addition to costs, the lender will generally not recover the full amount owed by the borrower because of the weak housing market and applicable anti-deficiency laws in the state of California. Those laws do not allow the lender to attempt to recover the difference from the borrower, between what is owed and what the house is sold for.
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