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The Homeownership Experience Of Households In Bankruptcy
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Book Synopsis The Homeownership Experience of Households in Bankruptcy by : Sarah W. Carroll
Download or read book The Homeownership Experience of Households in Bankruptcy written by Sarah W. Carroll and published by . This book was released on 2019 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides the first in-depth analysis of the homeownership experience of households in bankruptcy. The authors consider households who are homeowners at the time of filing. These households are typically seriously delinquent on their mortgages at the time of filing. The authors measure how often they end up losing their houses in foreclosure, the time between bankruptcy filing and foreclosure sale, and the foreclosure sale price. In particular, they follow homeowners who filed for chapter 13 bankruptcy between 2001 and 2002 in New Castle County, Delaware, through October 2007. They present three main findings. First, close to 30 percent of the filers lost their houses in foreclosure despite filing for bankruptcy. The rate rose to over 40 percent for those who were 12 months or more behind on their mortgage payment, about the same fraction as among those who entered into foreclosure directly. Second, filing for bankruptcy allowed those who eventually lost their houses to foreclosure to remain in their houses for, on average, an additional year. Third, although the average final sale price exceeded borrowers' own estimates at the time of filing, the majority of the lenders suffered losses. These findings are pertinent to the recent debate over the bankruptcy code on mortgage modification. Finally, the paper also reports circumstances related to the loan, borrower, and lender that make it more or less likely that a certain result will take place.
Book Synopsis Helping Families Save Their Homes by : United States. Congress. Senate. Committee on the Judiciary
Download or read book Helping Families Save Their Homes written by United States. Congress. Senate. Committee on the Judiciary and published by . This book was released on 2009 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Saving Homes in Bankruptcy by : John Eggum
Download or read book Saving Homes in Bankruptcy written by John Eggum and published by . This book was released on 2015 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article examines the home affordability of chapter 13 bankruptcy debtors under current law, which prohibits the cram down or modification of residential mortgage loans. Using original empirical data from a national study of over 1700 chapter 13 bankruptcy cases, it analyzes the relationship between housing costs and income for bankrupt households. More than two-thirds of homeowners in chapter 13 bankruptcy live in unaffordable or severely unaffordable housing, according to the standards developed by the Department of Housing and Urban Development. Such families spend more than 30 percent of their incomes at the time of bankruptcy on paying their mortgages and related housing costs. The large fraction of their incomes that bankrupt homeowners commit to paying their housing cost reduces the odds that they will succeed in saving their homes in bankruptcy and completing their chapter 13 repayment plans. The Article considers how these data could inform the debate about whether Congress should amend the Bankruptcy Code to permit the modification of home mortgages, offering examples from real bankruptcy cases to show the beneficial effects of mortgage modification to create sustainable homeownership. It concludes that permitting mortgage modification would enhance the usefulness of bankruptcy as a tool to address the foreclosure crisis.
Book Synopsis Homeownership and America's Financial Underclass by : Mechele Dickerson
Download or read book Homeownership and America's Financial Underclass written by Mechele Dickerson and published by Cambridge University Press. This book was released on 2014-06-30 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why does America have a love affair with homeownership? For many, buying a home is no longer in their best interest and may harm their children's educational opportunities. This book argues that US leaders need to re-evaluate housing policies and develop new ones that ensure that all Americans have access to affordable housing, whether rented or owned. After describing common myths, the book shows why the circumstances now faced by America's financial underclass make it impossible for them to benefit from homeownership because they cannot afford to buy homes. It then exposes the risks of 'home buying while brown or black,' discussing US policies that made it easier for whites to buy homes, but harder and more costly for blacks and Latinos to do so. The book argues that remaining racial discrimination and certain demographic features continue to make it harder for blacks and Latinos to receive homeownership's promised benefits.
Book Synopsis Helping Families Save Their Homes in Bankruptcy Act of 2009 and the Emergency Homeownership and Equity Protection Act by : United States. Congress. House. Committee on the Judiciary
Download or read book Helping Families Save Their Homes in Bankruptcy Act of 2009 and the Emergency Homeownership and Equity Protection Act written by United States. Congress. House. Committee on the Judiciary and published by . This book was released on 2009 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Broke written by Katherine Porter and published by Stanford University Press. This book was released on 2012-01-11 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: About 1.5 million households filed bankruptcy in the last year, making bankruptcy as common as college graduation and divorce. The recession has pushed more and more families into financial collapse—with unemployment, declines in retirement wealth, and falling house values destabilizing the American middle class. Broke explores the consequences of this unprecedented growth in consumer debt and shows how excessive borrowing undermines the prosperity of middle class America. While the recession that began in mid-2007 has widened the scope of the financial pain caused by overindebtedness, the problem predated that large-scale economic meltdown. And by all indicators, consumer debt will be a defining feature of middle-class families for years to come. The staples of middle-class life—going to college, buying a house, starting a small business—carry with them more financial risk than ever before, requiring more borrowing and new riskier forms of borrowing. This book reveals the people behind the statistics, looking closely at how people get to the point of serious financial distress, the hardships of dealing with overwhelming debt, and the difficulty of righting one's financial life. In telling the stories of financial failures, this book exposes an all-too-real part of middle-class life that is often lost in the success stories that dominate the American economic narrative. Authored by experts in several disciplines, including economics, law, political science, psychology, and sociology, Broke presents analyses from an original, proprietary data set of unprecedented scope and detail, the 2007 Consumer Bankruptcy Project. Topics include class status, home ownership, educational attainment, impacts of self-employment, gender differences, economic security, and the emotional costs of bankruptcy. The book makes judicious use of illustrations to present key findings and concludes with a discussion of the implications of the data for contemporary policy debates.
Book Synopsis As We Forgive Our Debtors by : Teresa A. Sullivan
Download or read book As We Forgive Our Debtors written by Teresa A. Sullivan and published by Beard Books. This book was released on 1999 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bankruptcy in America is a booming business, with hundreds of thousands of ordinary Americans filing for bankruptcy each year. Is this dramatic growth a result of mushrooming debt or does it reflect a moral decline that permits the middle class to evade their debts? As We Forgive Our Debtors addresses these questions with hard empirical data drawn from bankruptcy court filings. The authors of this multidisciplinary study describe the law and the statistics in clear, nontechnical language, combining a thorough statistical description of the social and economic position of consumer bankrupts with human portraits of the debtors and creditors whose journeys have ended in bankruptcy court. Book jacket.
Book Synopsis Who Invests in Home Equity to Exempt Wealth from Bankruptcy? by :
Download or read book Who Invests in Home Equity to Exempt Wealth from Bankruptcy? written by and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Homestead exemptions to personal bankruptcy allow households to retain their home equity up to a limit determined at the state level. Households that may experience bankruptcy thus have an incentive to bias their portfolios towards home equity. Using US household data for the period 1996 to 2006, we find that household demand for real estate is relatively high if the marginal investment in home equity is covered by the exemption. The home equity bias is more pronounced for younger households that face more financial uncertainty and therefore have a higher ex ante probability of bankruptcy.
Book Synopsis Living in Limbo by : Gini Graham Scott
Download or read book Living in Limbo written by Gini Graham Scott and published by Createspace Independent Pub. This book was released on 2012-07-01 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book combines a personal narrative about experiencing the foreclosure process with the stories of middle income people faced with underwater homes and mortgages they can't pay. It also describes the author's experiences in getting involved with real estate professionals, bankruptcy attorneys, activist groups seeking to stop foreclosures, and other groups dealing with this issue. It concludes with what the author learned by successfully navigating through the process and selling her home, renting in San Francisco, and turning her life around to gain success again. The book has been endorsed by a lawyer who ran for Congress and is gathering support from other individuals and groups active in this arena.
Book Synopsis The Housing Crisis and Bankruptcy Reform by : Eric A. Posner
Download or read book The Housing Crisis and Bankruptcy Reform written by Eric A. Posner and published by . This book was released on 2009 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: The housing crisis threatens to destroy hundreds of billions of dollars of value by causing homeowners with negative equity to walk away from their houses. A house in foreclosure is worth 30 to 50 percent less than a house that a homeowner either retains or sells on the market, and a foreclosed house damages neighboring property values as well. We advocate a reform of Chapter 13 that would allow homeowners to strip down the value of their mortgages in a prepackaged bankruptcy. Such a plan would give homeowners an incentive to keep or resell their homes, thus reducing the market value loss of homes while protecting the effective value of creditors' interests. Two further key elements of the plan are that it uses prices based on the average house price in a particular ZIP code, which reduces moral hazard; and it is automated, requiring only a rubber stamp by a bankruptcy judge or other official, thus preserving judicial resources. Other plans, including that of the Obama administration, are compared.
Book Synopsis Saving Homes? Bankruptcies and Loan Modifications in the Foreclosure Crisis by : Alan M. White
Download or read book Saving Homes? Bankruptcies and Loan Modifications in the Foreclosure Crisis written by Alan M. White and published by . This book was released on 2014 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do homeowner bankruptcy filings work to delay or prevent home foreclosures, and how do they compare to voluntary loan modifications specifically targeted to mortgage relief? The 2007-2012 financial crisis provides a unique opportunity to assess whether bankruptcy can help homeowners avoid the negative consequences of over-indebtedness and mortgage default. This empirical study analyzes a large, loan-level mortgage dataset to determine which variables are associated with delinquency and bankruptcy filing, and in turn, whether filing bankruptcy or receiving a loan modification measurably influences subsequent loan outcomes (e.g., foreclosure sale, prepayment, or default cure). Overall, we find that bankruptcy filings delay foreclosures but are not generally effective in curing payment defaults, especially when compared to modifications negotiated outside of bankruptcy, which are highly effective. We also find, consistent with prior research, that variations in state bankruptcy and foreclosure law greatly influence debtor outcomes from one state to another. Bankruptcy filing is more effective in states with nonjudicial foreclosure and limited homeowner protections.
Book Synopsis The Homeownership Experience of Minorities During the Great Recession by : Charles S. Gascon
Download or read book The Homeownership Experience of Minorities During the Great Recession written by Charles S. Gascon and published by . This book was released on 2019 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: It has been argued that during the Great Recession, wealth losses were more concentrated for college-Âeducated Black and Hispanic families than for White and Asian college-educated families and their non-college-educated Black and Hispanic peers. This article explores the extent to which the homeownership experience for families who purchased homes between 2004 and 2008 is a potentially imporÂtant factor in explaining this finding. During the housing boom, the increase in homeownership for Blacks and Hispanics was very similar, but the second group had a smaller decline. Despite these differences, the Great Recession was far more destructive for these minorities regardless of income. Logit regressions show that underwriting standards and loan structure explain a significant amount of the non-White–White gap in foreclosures. However, geographic concentration was most significant in explaining the gap for Hispanic borrowers. Despite accounting for these factors, sizable gaps in the likelihood of foreclosure remain between Blacks and Hispanics relative to Whites.
Book Synopsis Household Bankruptcy and Government Transfers by : David Lander
Download or read book Household Bankruptcy and Government Transfers written by David Lander and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays on household bankruptcy and government transfers. The first studies how we should model the decision-making process of an indebted household with an option to discharge its debt through U.S. Chapter 7 bankruptcy. The second investigates whether we can implicitly model means-tested government transfers in dynamic economic models using exogenous Markov processes. Finally, the third jointly studies government transfers and bankruptcy policy to evaluate the effect of interactions between these policies on borrowing constraints and welfare.The first chapter studies whether households filing for bankruptcy are strategic, i.e., they file when the financial benefit of filing exceeds the cost, or nonstrategic, i.e., they file when unable to repay their debt. These types differ in their likelihood of filing, hence the distribution of types affects the availability and pricing of consumer credit. I extend a standard heterogeneous agent life-cycle model of household bankruptcy to include both strategic and nonstrategic agents, where these types differ only in terms of their filing decision rule. The proportion of each type is estimated using household-level data from the Panel Study of Income Dynamics. The model enables us to quantify both strategic and nonstrategic bankruptcy filings, and infer the magnitude of the alleged `abuse' of Chapter 7 bankruptcy policy by strategic households. It also provides insights into previous findings in both the structural and reduced-form bankruptcy literature, by estimating the model parameters using simulated method of moments, with target moments taken from previous studies. The main result is that a structural model without nonstrategic agents has difficulty matching key moments, and it generates a significantly larger number of bankruptcy filings where the agents could repay. Consequently, it overstates the extent that Chapter 7 is being `abused', and leads to predictions that exaggerate the effect of the 2005 Bankruptcy Code reforms implemented to curtail abusive filings.The second chapter studies whether it is appropriate to directly estimate a stochastic process for the sum of labour earnings and public transfers, i.e., disposable income. A Monte Carlo experiment is performed to evaluate how accurately this procedure approximates a simulated panel of income, generated by a life-cycle model with transfers in the form of an income floor. I show that means-tested transfer policies are not well-represented by a stationary stochastic process for income with the canonical ``transitory-and-persistent'' AR(1) structure, since means-testing generates age-dependence in the autocovariance structure of income. The consequence, in terms of economic inference, is demonstrated by using the method of simulated moments to estimate key behavioural parameters (i.e., the discount factor and coefficient of risk aversion), with target moments taken from the baseline model. While the bias of these parameter estimates, relative to the baseline model, is increasing in the income floor, the magnitude and direction of the bias depends on the choice of target moments.The third chapter, undertaken with Russell Cooper, studies the joint effect of a means-tested transfer policy and personal bankruptcy policy on borrowing constraints and welfare. We identify a channel through which transfers can adversely affect consumer welfare, even in the absence of taxes. If the transfer policy increases the likelihood of a household filing for bankruptcy, the subsequent feedback effects on interest rates may lead to tighter borrowing constraints and reduced welfare. This effect can arise when the transfer policy is available to all households, regardless of whether they filed for bankruptcy, but there is limited, stochastic participation in the transfer scheme. A life-cycle model of household bankruptcy with endogenous borrowing constraints and an income floor is employed to quantify this phenomenon. It reveals that the transfer policy causes low-income households to experience tighter borrowing constraints early in the life cycle, and a welfare loss may occur for relatively low values of the income floor, i.e., $3,000 to $4,000.
Book Synopsis How to Buy A House 2 Years Or Less After Bankruptcy Discharge: Credit Repair by : Pria J. Jackson
Download or read book How to Buy A House 2 Years Or Less After Bankruptcy Discharge: Credit Repair written by Pria J. Jackson and published by After Bankruptcy. This book was released on 2019-09-29 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Details on home buying immediately after bankruptcy discharge
Book Synopsis Misbehavior and Mistake in Bankruptcy Mortgage Claims by : Katherine M. Porter
Download or read book Misbehavior and Mistake in Bankruptcy Mortgage Claims written by Katherine M. Porter and published by . This book was released on 2009 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The greatest fear of many families in serious financial trouble is that they will lose their homes. Bankruptcy offers a last chance for families save their houses by halting a foreclosure and by repaying any default on their mortgage loans over a period of years. Mortgage companies participate in bankruptcy by filing proofs of claims with the court for the amount of the mortgage debt. In turn, bankruptcy debtors pay these claims to retain their homes. This process is well-established and, until now, uncontroversial. The assumption is that the protective elements of the federal bankruptcy shield vulnerable homeowners from harm. This Article examines the actual behavior of mortgage companies in consumer bankruptcy cases. Using original data from 1700 recent Chapter 13 bankruptcy cases, I conclude that mortgage servicers frequently do not comply with bankruptcy law. A majority of mortgage claims are missing one or more of the required pieces of documentation for a bankruptcy claims. Fees and charges on claims often are poorly identified and do not appear to be reasonable. The bankruptcy data reinforce concerns about the overall reliability of the mortgage service industry to charge homeowners only the correct and legal amount of the debt and to comply with applicable consumer protection laws. Mistakes or misbehavior by mortgage servicers can have grave consequences. Bloated claims can jeopardize a family's ability to save their home in bankruptcy. On a system level, mistakes or misbehavior by mortgage servicers undermine America's homeownership policies for all families trying to buy a home. The data also reinforce concerns about whether consumers can trust financial institutions to adhere to applicable laws. The findings are a chilling reminder of the limits of formal law to protect consumers. Imposing unambiguous legal rules does not ensure that a system will actually function to safeguard the rights of parties. Observing the reality that laws can underperform or even misfire has crucial implications for designing legal systems that produce acceptable and just behavior.
Book Synopsis The Homeownership Experience of Low-Income and Minority Households by : Christopher E. Herbert
Download or read book The Homeownership Experience of Low-Income and Minority Households written by Christopher E. Herbert and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this article is to review and synthesize literature about low-income and minority households' experience with homeownership and to assess the extent to which homeownership is likely to benefit these groups. We present this work in the interest of supporting the development of effective policies for promoting and supporting homeownership and of addressing the concerns raised by those who fear that too great an emphasis is placed on promoting homeownership. Although several recent reviews of the literature have assessed the empirical evidence on the benefits of homeownership, this study is unique in that it explicitly focuses on what is known about low-income and minority households' experience with homeownership.
Book Synopsis Home Ownership in a Risk Society by : Ford, Janet
Download or read book Home Ownership in a Risk Society written by Ford, Janet and published by Policy Press. This book was released on 2001-07-25 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book argues that the emergence of unsustainable owner -occupation is emblematic of broader changes in contemporary society associated with the emergence of what commentators such as Beck and Giddens have characterised as a "risk society."
