The foreclosure rate is skyrocketing! According to Bloomberg News, there were nineteen million homes seized in 2008! The largest increase came in the fourth quarter of the year when there was an increase of 6.7 percent over the 4th quarter in 2007.
The vacancy rate, the share of empty homes for sale, rose to 2.9 percent [...]
Posts from ‘February, 2009’
The U.S. Census Bureau Reports That a Record 19 Million Homes Were Vacant at the End of 2008
Modifying the Mortgage
The “Helping Families Save Their Homes in Bankruptcy Act of 2009” (the Act) will allow a Bankruptcy judge to modify the existing mortgage. Although the details of how this will work will need to be ironed out after the bill passes, the basic concepts are not alien to bankruptcy judges or lawyers.
For years the courts [...]