Conduct of Mortgage Foreclosures During Bankruptcy ... PDF Download
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Author: American Bankruptcy Review, inc., New York
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 56
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Book Description
Author: American Bankruptcy Review, inc., New York
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 56
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Book Description
Author: United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Administrative Oversight and the Courts
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 152
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Book Description
Author: United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Administrative Oversight and the Courts
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 184
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Book Description
Author: United States. Congress. Senate. Committee on the Judiciary
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 68
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Author:
Publisher:
ISBN: 9781602482104
Category : Consumer credit
Languages : en
Pages : 0
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Book Description
Author: United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 192
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Author: Adam J. Levitin
Publisher:
ISBN:
Category :
Languages : en
Pages : 91
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Book Description
For over a century, bankruptcy has been the primary legal mechanism for resolving consumer financial distress. In the current foreclosure crisis, however, the bankruptcy system has been ineffective because of the special protection it gives most home mortgages. Debtors may modify the terms of all debts in bankruptcy except those secured by mortgages on their principal residences. A bankrupt debtor who wishes to keep her house must pay the mortgage according to its original terms down to the last penny. As a result, many homeowners who are unable to meet their mortgage payments are losing their homes in foreclosure, thereby creating significant economic and social deadweight costs and further depressing the housing market.This Article empirically tests the economic assumption underlying the policy against bankruptcy modification of home-mortgage debtmdash;that protecting lenders from losses in bankruptcy encourages them to lend more and at lower rates, and thus encourages homeownership. The data show that the assumption is mistaken; permitting modification would have little or no impact on mortgage credit cost or availability. Because lenders face smaller losses from bankruptcy modification than from foreclosure, the market is unlikely to price against bankruptcy modification. In light of market neutrality, the Article argues that permitting modification of home mortgages in bankruptcy presents the best solution to the foreclosure crisis. Unlike any other proposed response, bankruptcy modification offers immediate relief, solves the market problems created by securitization, addresses both problems of payment-reset shock and negative equity, screens out speculators, spreads burdens between borrowers and lenders, and avoids the costs and moral hazard of a government bailout. As the foreclosure crisis deepens, bankruptcy modification presents the best and least invasive method of stabilizing the housing market.
Author: Juliet M. Moringiello
Publisher:
ISBN:
Category :
Languages : en
Pages : 66
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Book Description
Mortgage foreclosures are at an all-time high and property values in many parts of the country have declined precipitously. Yet bankruptcy, which is often a last resort for individuals in financial distress, provides little relief to a homeowner who finds that her mortgage debt exceeds the value of her home. The reason for bankruptcy's inadequacy in this regard is the Bankruptcy Code's prohibition on the modification of home mortgages, a prohibition that became part of bankruptcy law in 1978, when most home mortgage loans were 30-year fixed rate loans made by savings and loan associations. While most secured loans can be stripped down in bankruptcy, reflecting the payment that the lender would receive if it were forced to foreclose on the collateral, a home mortgage loan must be paid in full, giving the lender more than it would receive under state law. In recent years, abusive mortgage practices have proliferated. These abusive practices, which have prevented homeowners from building equity in their homes, harm not only the debtor, but also the debtor's other creditors. Despite their behavior, however, home mortgage lenders who engage in these practices continue to receive favorable treatment in bankruptcy. In this paper, I argue that creditors should be denied special treatment in bankruptcy unless they behave in an “honest but unfortunate” manner. Judges can deny this special treatment by using a time-honored bankruptcy principle, the principle of equitable subordination, to subordinate the unsecured portion of a home mortgage loan to all secured and priority claims. While equitable subordination, by itself, will not solve the foreclosure crisis, it may, by reducing the claims of abusive mortgagees, deter abusive lending practices in the future.
Author: Amy Loftsgordon
Publisher: Nolo
ISBN: 141332911X
Category : Business & Economics
Languages : en
Pages : 345
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Book Description
Facing foreclosure? Put together a plan. Take action. When you’re in foreclosure, there’s no time to waste. You need to know your options and The Foreclosure Survival Guide can help. You’ll learn how to: determine whether you should try to keep your house find loss mitigation programs that could help you save your home apply for mortgage relief from your lender bring your loan current in Chapter 13 bankruptcy, and if you can’t stay in your home, avoid unnecessary costs by filing for Chapter 7 bankruptcy. The powerful, yet practical advice in this edition also explains: your most important tool—the 120-day foreclosure waiting period before foreclosure starts how the foreclosure process works potential tax consequences, and more. People affected by COVID-19 will also learn about moratoriums and how to address mortgage problems using the most current foreclosure avoidance options.
Author: Charles Hastings Wiltsie
Publisher:
ISBN:
Category : Foreclosure
Languages : en
Pages : 364
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Book Description
