Bankruptcy allows debtors burdened by financial obligations to receive a fresh start. All creditors of the debtor should receive notice of the bankruptcy and information from the court on how to file a claim. Once a claim is filed, the debtor will have the opportunity to oppose the validity of the claim. At the conclusion of the case, the court will usually discharge all of the debtor’s obligations that are eligible for discharge.
The nation’s current economic troubles have forced REALTOR® associations to address bankruptcy issues, with both association members and vendors filing for bankruptcy protection. This Q&A will outline the basics of bankruptcy, and then address specific bankruptcy issues that a REALTOR® association may encounter.
Banks can spur a housing recovery by providing underwater borrowers relief through principal reduction.
Home buyers face unprecedented hurdles in qualifying for a mortgage in today’s market, but getting a loan is possible for those who know how to overcome the obstacles, according to a presentation on Cracking the Credit Code at the 2011 Realtors® Conference & Expo.
Existing-home sales increased in August, even with ongoing tight credit and appraisal problems, along with regional disruptions created by Hurricane Irene, according to the National Association of Realtors®. Monthly gains were seen in all regions.