This paper discusses the foreclosure procedure in the US, alternatives for homeowners and new laws affecting foreclosure.
Written in 2009; 2,400 words; 9 sources; APA; $ 73.95
Paper Summary:
In this article, the writer notes that in today's economy, foreclosures are becoming a very common problem facing many Americans throughout the country. The writer first discusses the foreclosure procedures used in the United States and then looks at the different legal options that a homeowner may have when faced with foreclosure as well as the changes to real estate law that have taken place over the past two decades in order to alleviate some of the difficulties caused by home foreclosure. Next, different kinds of foreclosure and possible alternatives to foreclosure are explored. The writer concludes that although some financial experts predict that foreclosure rates will continue to rise for the next two years, it has become a priority of both borrowers and lenders to continue to create ways for homeowners to avoid foreclosure.
Outline:
Types of Foreclosure
Defenses and Alternatives to Foreclosure
Conclusion
From the Paper:
"In the past, courts often favored lenders in foreclosure actions and the federal government offered little protection to those homeowners who were faced with foreclosure. However, in the past few years, the tables have started to turn in favor of distressed homeowners. Courts have begun to consider more closely the defenses raised by borrowers in foreclosure actions and lenders have started offering more in the way of workouts, including loan modifications, forbearance agreements, deeds in lieu of foreclosure and short sales. The federal government has also responded to the foreclosure crisis by offering assistance to qualified borrowers through programs that will make mortgage payments more affordable."
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