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Citizen's Guide to N.C. Banking, Home Loan & Foreclosure
This North Carolina-focused guide will point you to resources that provide information and help to citizens dealing with home loan, mortgage, bankruptcy and debt issues.
Access: Access is available for: UNC-Chapel Hill Law School students and faculty with a personal ID. Campus faculty may also obtain access for themselves and their students by contacting the law library reference desk (919-962-1194).
In addition to the resources listed below, you can search our catalog for resources by using keyword terms such as "bankruptcy", "mortgage" and "foreclosure". For help locating material, visit the Law Library Reference Desk.
In foreclosure? Know your options If you're one of the millions of Americans in danger of losing your house, The Foreclosure Survival Guide provides the practical information you need, including: the ins and outs of foreclosure how to decide if you should try to keep your house federal programs to help you avoid foreclosure alternatives to foreclosure, such as short sales and deeds in lieu new federal foreclosure protection and mortgage servicing rules new state foreclosure mediation programs delaying or avoiding foreclosure with bankruptcy, and avoiding foreclosure scams. This edition provides up-to-date information on the Making Home Affordable programs, new federal rules, foreclosure timelines, and court decisions affecting homeowners' rights.
Choose the best bankruptcy option Is bankruptcy right for you? It's tough to know on your own. Here, you'll find clear-cut answers, worksheets and strategies to help you figure out whether bankruptcy is the best solution for your debt problems. Find out: Whether you qualify for Chapter 7 bankruptcy which debts are wiped out how Chapter 13 repayment plans work how bankruptcy affects homeowners whether you can keep cars and other property how bankruptcy affects credit other ways to handle debt problems The 6th edition includes updated state and federal exemption tables that list which assets you can keep if you file for bankruptcy. It also provides helpful worksheets, checklists and sample forms.
This paper examines how filing for bankruptcy under Chapter 13 helps financially distressed debtors save their homes. Filing under Chapter 13 stops lenders from foreclosing and gives debtors extra time to repay mortgage arrears, but does not reduce the total amount owed. We develop a model of debtors' decisions to default on their mortgages and file for bankruptcy and we evaluate it using a new dataset of debtors who filed for bankruptcy under Chapter 13 in 2006. We also examine the effect of allowing "strip-down" of residential mortgages in Chapter 13, so that bankruptcy judges could reduce the total amount owed. The paper documents that 96% of Chapter 13 filers are homeowners and that more than 90% of Chapter 13 plans involve repayment of mortgages or car loans. The model predicts that introducing strip-down would allow an additional 100,000 debtors to save their homes each year.
The average credit card debt per household is $7,500, and more than 1.6 million Americans file for bankruptcy each year. The American Bar Association Guide to Credit & Bankruptcy answers the questions people commonly ask lawyers about getting, keeping, and repairing credit. • Includes major new requirements of the bankruptcy reform bill, in effect October 2005 • Topics include credit card debt, bankruptcy, and other forms of debt such as home mortgages, auto loans, and e-loans.