Huntington Beach, CA (PRWEB) August 08, 2012
A foreclosure takes place when the borrower is in default of a mortgage and the lender takes back the home and tries to cover the outstanding balance on a mortgage or loan. The lender sells the property, usually at auction, and the proceeds of the sale are used to pay off the debt. The foreclosure process differs from state to state, and can happen as quickly as 30 days from the time that a notice is received. In some cases, the lender can also come after the person for the remainder of the loan if the sale price doesn’t satisfy the debt. There are actions that a homeowner can take in order to stop a foreclosure with the help of a Huntington Beach lawyer. Zhou and Chini bankruptcy attorneys are one of Huntington Beach’s better known bankruptcy firms, and have been putting forth a massive marketing campaign to try to save homes for Orange County residents. To learn more about a filing chapter 13 bankruptcy in Huntington Beach visit http://www.bankruptcyattorneyHuntingtonBeach.info
If the property owner choices then can try to negotiate a loan modification with the lender, this can allow the homeowner to keep your home and make the payments on the home within the homeowners budget. There are programs that have been created to help homeowners stay in their homes due to the current mortgage crisis. The U.S. Department of Housing and Urban Development provides information on the government’s programs to help homeowners negotiate a mortgage modification. A Huntington Beach bankruptcy attorney can help with negotiating with a lender to obtain a restructured loan. The fees associated with the negotiation process may limit the benefits of the modification received. Bankruptcy attorneys Zhou and Chini can also check to see if the homeowner qualifies for the new HARP 2 refinance program for residents who are upside down in their home loan. Another opportunity for some orange county residents may quality for an reverse mortgage in Orange County. To find out more contact an Orange County bankruptcy attorney to go over your options.
A Huntington Beach property owner can also stop foreclosure process by filing bankruptcy in Huntington Beach. By filing a Chapter 13 bankruptcy case the person filing can get up to date with payments on the home through the payment plan worked out with the bankruptcy trustee. The property owner must continue to make timely payments on your home during the bankruptcy case, or the lender petition the court to proceed with the foreclosure sale. An experienced Huntington Beach attorney can help you filing for chapter 13 bankruptcy now.
Filing for Chapter 13 in Huntington Beach may be an option when facing a foreclosure or a are in serious default. When filing a petition for Chapter 13 bankruptcy, foreclosure proceedings will automatically be stayed (stopped, delayed). Chapter 13 is the “reorganization” chapter of the Bankruptcy code wherein there is a proposed “plan” for restructuring debts. This is often referred to as “Individual Debt Adjustment” or “wage earner’s plan.” Chapter 13 serves to protect the debtor’s property from liquidation, as would occur in a Chapter 7 bankruptcy. The debtor is required to pay bills over a specified period of time, usually 3 to 5 years. During that time, creditors are restricted from pursuing collections, including contact, lawsuits and more. Foreclosure proceedings may also be stayed. An individual with regular income may be eligible for a Chapter 13, even if he or she is self-employed or operates an unincorporated business. A corporation or partnership is not eligible for Chapter 13. If you are an individual with less than $307,675 in unsecured debt and less than $922,975 in secured debt, you may be eligible to file for Chapter 13. Additionally, you must have received credit counseling from an approved agency within 180 days before filings. Speak with an attorney in Huntington Beach if you have any questions about filing to bankruptcy.
The bankruptcy attorneys use SEO professional services to assist in law firm marketing to promote the message about the importance of speaking with an experienced bankruptcy attorney in Huntington Beach, if someone is considering filing. The firm continues its online presence by offering zero cost bankruptcy information on the bankruptcy firm’s blog and social media pages. This information along with free consultations the firm hopes to help more homeowners learn about chapter 13 bankruptcy and what options they may have.
About the Firm: The Law Office of Zhou & Chini servicing the cities and counties of California. He is a graduate of UCLA and has been practicing law since 1999. Mr. Zhou has a wealth of experience in bankruptcy, civil litigation, family law, criminal law and unlawful detainers. Zhou and Chini Law Offices provide bankruptcy assistance to Huntington Beach, Los Angeles, Orange County and San Diego residents. For more information about the bankruptcy law firm please call the toll free, 888-901-3440 or visiting http://bankruptcyattorneyorangecounty.org/