Law Firm Orange County
Posted on June 18, 2010
Filed Under Bankruptcy, Credit, Debt Relief, Loans, Personal Finance | Leave a Comment
Foreclosure filings in Riverside, San Diego, Orange and San Bernardino County don’t appear to bedecelerating anytime soon and there’s one attorney around with a few tricks up his sleeve. Bankruptcy attorney James D. Zhou, senior partner at the Law Offices of Zhou & Chini utilizes his skills sagely when dealing with homeowners attempting to stop foreclosure on their houses. “With so many homeowners seeking loan modifications to try to stop foreclosure, the truth is we can typically help them save their home and eliminate their debt and 2nd mortgages at the same time”, says Zhou. There is a little trick he uses with the banks, and sometimes all it takes is a phone call to the lender’s legal section to achieve the results he’s looking for. A lender will usually allow a client in default who files bankruptcy to stop the foreclosure to move forward on a loan modification or begin the loan modification process. By filing a chapter 7 bankruptcy and reaffirming the debt, a bankruptcy lawyer may be able to negotiate a loan modification easier by eliminating the homeowners unguaranteed debt. If the client has a second they might be able to wipe that out as well. Throughout San Bernardino and Riverside County many of the homeowners have 2nd notes that are underwater and charged off. The borrower’s liability on these 2nd mortgages can be eliminated through chapter 7 and the lien can also be removed through a chapter 13. A bankruptcy attorney who understands banks loan modification guidelines and motivations may be a good choice for a client attempting to fend off foreclosure and save their home. While many homeowners in Riverside and San Bernardino County are making the choice to walk away from their homes what they should understand is how to utilize the bankruptcy laws to cease foreclosure and eliminate 2nd mortgages and unsecured debt. The bankruptcy lawyers in California have an amazing tool at their disposal with all these unsecured 2nd notes. In many circumstances they can be wiped out completely in chapter 7 or chapter 13 depending on the borrowers set of fortune. Riverside and San Bernardino Counties have been hit hard with foreclosures and while the banks really don’t want to take back anymore homes the homeowner’s still need to be qualified for a loan modification to save their home and stop the foreclosure process. When we spoke to the bankruptcy attorneys at Zhou & Chini we learned of their technique when compounding a loan modification with bankruptcy. While chapter 7 will only eliminate a homeowner’sborrower’s} personal liability, a chapter 13 will eliminate the lien tied to the property also. “This way when property values come back, so will our clients equity”, says Chini, Zhou’s partner at Zhou & Chini, who normally negotiates with the lenders directly. With the abilit to combine the bankruptcy laws with a loan modification, homeowner’s in this place receive the maximum benefit allowing them a running start as they turn the page in their life. “It really makes you feel good when you do more than just file bankruptcy for someone and can eliminate all this unwanted debt and see them get their loan modified at the same time” says Chini. Homeowners are usually not filing bankruptcy unless they need to rather than using bankruptcy as a tool. If you are looking for more info on how bankruptcy works in combination with a loan modification follow this link www.bankruptcyattorneyinCalifornia.com
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