The current state of the economy got many Americans struggling to survive on their income. With the rising fuel prices and the effects of a post-pandemic world, some landlords are finding it difficult to make monthly payments for their mortgage. If a foreclosure seems to loom around the corner, you need to arm yourself with the knowledge of your own rights and your responsibility towards your renters. 

If you’re worried about the foreclosure of your property, you need to talk to our rental unit foreclosure attorney now! At Steven Adair MacDonald & Partners, P.C., we help our clients find resolutions that will save them time and money. Call our law firm today to schedule a consultation and get sound legal advice.

Why do I need a Foreclosure Attorney for Landlords in San Francisco, CA.?

If you’re dealing with landlord-tenant and real estate disputes in California, our San Francisco real estate law attorneys are here to help. The risk of foreclosure of your hard-earned investments make for a stressful time. One mistake can spell the difference between keeping or losing your rental property. Our seasoned San Francisco foreclosure attorneys can give you peace of mind as you overcome this difficult experience. 

If you retain a foreclosure attorney for landlords from Steven Adair MacDonalds, you can expect the following:

• Responsive, Client-Focused Service: Our lawyers will explain the legal issues in your case, answer your questions and keep you informed of developments throughout the process. You will have confidence knowing that an experienced team is working hard for you
• Enormous Savings on Time and Money: Our lawyers know that 99% of cases don’t go to trial. We aim to come to an earlier resolution, so you save both time and money.
• Aggressive but Strategic: Most real estate matters don’t require full-scale litigation. With aggressive yet strategic negotiations and mediation, we can resolve your dispute quickly without needing to go to trial.
• Personalized Care: Each case is different. When you call our foreclosure attorney for landlords, we’ll critically analyze your case to account for the unique circumstances to arrive at the best possible solution
• Extensive Network and Resources: Although most landlord-tenant and real estate disputes can be resolved without complication, sometimes our clients benefit from collaboration between our attorneys. Our lawyers have the resources to take on the most complex real estate cases, and the size to keep your case from becoming more than just a case file.

An experienced attorney can be the difference in foreclosure cases. Don’t wait. Call our San Francisco real estate law office now to talk to an experienced rental unit foreclosure attorney for legal assistance.

What is Foreclosure?

Foreclosure is when the bank takes legal ownership of your home if you fail to make your mortgage payments. It can be a stressful time for you and an expensive undertaking for your lender. The bank may sell the property to cover the amount you owe. 

Does a California Foreclosure Need to Go Through Court?

Most foreclosures in California are classified as nonjudicial, which means that banks don’t need the court’s help to foreclose your property. Your responsibilities toward your home end once it has been sold in a nonjudicial foreclosure.  Don’t worry if the sale price doesn’t meet your debt amount, you don’t owe any more money!

In rare cases, a foreclosure may go through the court in what’s known as a judicial foreclosure. These are typically much more expensive and much slower than their non-judicial counterpart. Not only that, you’ll still owe the deficiency – the difference between how much the house sells for and what you actually owe. 

However, for judicial foreclosures, you are afforded the right of redemption, meaning you can buy your home from the person who got it from the auction. As long as there isn’t any deficiency, you have 3 months from the date of sale to repurchase your home. If there’s a deficiency, that period increases to 1 year. Take note that if a bank decides to waive its rights to a deficiency judgment, you may not be able to repurchase your property. 

Our San Francisco property foreclosure attorneys for landlords know real estate law. We can get you the best possible outcome as soon as possible, lessening your bills and the time that you’ll be stressed! Call our San Francisco real estate office today for legal aid concerning rental unit foreclosures.

What Happens in a Foreclosure?

Foreclosure is a slow process that can take months or years. The following are the stages involved in the entire foreclosure process. 

• Missed payment (Day 1). If you fail to pay on time, then that’s a default on your mortgage. What usually happens is the bank charges late fees and sends you reminders. After a few months, then the lender may take further action. 
• Notice of Default (Day 120). This is a formal notice that your mortgage is past due. A lender has to wait 120 days from the missed payment before the first official notice. Once a bank filed a Notice of Default, they have 10 days to inform you. The notice gives you a deadline to pay off your mortgage until it’s current or become subject to possible foreclosure. 

If you can’t pay all your debts within the given timeline, then the home will remain in default.

• Notice of Trustee’s Sale (Day 180). After the notice of default, you then have 3 months to pay until you’re current. If you fail to pay off the back payments, property taxes, interest, and fees, then the bank can finally set the date for auctioning off your house. Once this happens, you’ll be notified via a Notice of Trustee Sale. 
• Trustee’s sale (Day 200). The bank has to wait a minimum of twenty (20) days after sending the Notice of Trustee sale before the auction can go through. Based on the borrower’s debt, the sale’s expenses, and market circumstances, the lender determines the opening bid. The person who wins the bid becomes the new owner of the property. If it fails to sell, then the bank becomes the owner. They can use the property to attract a future sale or as a rental property. 

Knowing where you are in the foreclosure process can help you figure out what you should do and what options you have left. If you’re lost and don’t know what to do, it’s best to ask our San Francisco rental unit foreclosure attorney for landlords! Get your peace of mind and call us today for legal help on landlord-tenant law!

Will My Tenant Get Evicted?

The new owner typically has the power to evict the existing tenants after the sale. If the borrower lives in the home, then the eviction can happen in only a few days. If the unit is rented by a tenant, then they are afforded some rights to prevent immediate eviction. 

Call our San Francisco Foreclosure Attorney for Landlords Now!

A bank foreclosing your home can be a stressful situation for homeowners. If you can’t avoid foreclosure on your own, it’s best to call our experienced San Francisco rental unit foreclosure attorney from Steven Adair MacDonald & Partners, PC. 

We are dedicated to solving your real estate disputes and landlord-tenant law issues as soon as possible, saving you both time and money. With our aggressive but strategic mediation and negotiation, we can prevent a full-blown litigation and come to the earliest resolution possible. 

Our attorneys can also help you with the eviction process, an unlawful detainer lawsuit, or tenant background screening. Call our San Francisco office now to get started on resolving your real estate problems!