Foreclosure filings in San Diego, San Bernardino, Orange and Riverside County do not appear to bedecelerating anytime soon and there’s one attorney out there with a few tricks up his sleeve. Bankruptcy lawyer James D. Zhou, senior partner at the Law Offices of Zhou & Chini uses his skills wisely when handling homeowners attempting to cease 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’s a little trick he utilizes with the lenders, and sometimes all it takes is a phone call to the lender’s legal department to get the outcome he’s looking for. A bank will typically allow a client in default who files bankruptcy to stop the foreclosure to continue to work on a loan modification or start the loan modification process. By filing a chapter 7 bankruptcy and reaffirming the debt, a bankruptcy attorney may be able to negotiate a loan modification easier by wiping out the homeowners unguaranteed debt. If the client has a second mortgage they might be able to eliminate that as well. Throughout San Bernardino and Riverside County many of the homeowners have 2nd mortgages that are underwater and charged off. The borrower’s liability on these 2nd notes can be eliminated through chapter 7 and the lien can also be removed through a chapter 13. A bankruptcy lawyer who has and understanding of the banks loan modification guidelines and motivations may be a good choice for a client attempting to quash foreclosure and save their home. While many homeowners in Riverside and San Bernardino County are walking away from their homes what they should understand is how to use the bankruptcy laws to cease foreclosure and eliminate 2nd notes and unsecured debt. The bankruptcy attorneys in California have a powerful tool at their disposal with all these unsecured 2nd notes. In many cases they can be eliminated in chapter 7 or chapter 13 depending on the homeowners set of circumstances. Riverside and San Bernardino Counties have been hit hard with foreclosures and while the banks really don’t want to reposes anymore houses the borrower’s still need to be qualified for a loan modification to save their home and cease the foreclosure process. When we spoke to the bankruptcy attorneys at Zhou & Chini we learned of their system of 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 too. “This way when property values come back, so will our clients equity”, says Chini, Zhou’s partner at Zhou & Chini, who usually negotiates with the banks directly. With the abilit to combine the bankruptcy laws with a loan modification, homeowner’s in this place receive the most benefit allowing them a clean start at turning over a new leaf in 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. People are normally 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 when combined with a loan modification follow this link www.bankruptcyattorneyinCalifornia.com
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