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Essay / Research Paper Abstract
This 5-page paper lists the advantages of the Helping Families Save Their Homes in Bankruptcy Act of 2009, which includes the fact that homeowners can stay in their homes while they settle on their debts. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: D0_MTbankract.rtf
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Unformatted sample text from the term paper:
that have been caught in this meltdown is that they obtained mortgages during a time which property values (and home values) were sky high - meaning the mortgages were also
sky-high. But in recent months, property values have dropped severely, meaning homeowners are paying off mortgages that are more expensive than the house is worth.
This problem is further exacerbated if the homeowner had an adjustable rate mortgage that is now resetting. Because home prices have dropped, the homeowner cant refinance the
mortgage to a more reasonable fixed rate. The end result is that either the homeowner continues to pay the high ARM rates (if he/she can afford them) - or walks
away from the asset, forcing the bank to foreclose. In a foreclosure, the bank takes custody of the house and then resells
it. But banks are running into problems with this scenario, in that there is already a glut of homes on the market - meaning there isnt a huge demand for
them. The situation is even more severe if the homeowner is finding himself/herself having to file Chapter 13 for debt reconsolidation. While
Chapter 13 helps negotiate most debt, debt on a home, a mortgage, isnt among that debt thats considered. In an attempt to
fight the huge amount of foreclosures from homeowners, Representative John Conyers (D-MI) introduced H.R. 2000: Helping Families Save Their Homes in Bankruptcy Act of 2009. Conyers introduced the bill on
January 6, 2009, and while it doesnt overhaul the current bankruptcy code, it does amend it on several levels (GovTrack.us. H.R. 200). The summary basically amends the current federal bankruptcy
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