These second data files on housing affordability offer a new foreground into the challenges that families
face in trying to save their homes in pending foreclosure. Further studies show work could usefully
understand whether a cooperation exists between housing plans in mortgage school.
Assuming, housing affordability may equalize with a
family trying o save their house, whether they remain in class 22 or exit the
foreclosure system. The third examination of homeownership outcomes of a sample of class 22 debtors
in Maine reports that a “lower monthly mortgage payment relative to loss decreases
probability of foreclosure.”98 If confirmed in a larger classroom, such underestimates would have important
implications for measuring the exclusion of class22 foreclosure and also for assessing how
to structure loan modification relief that seeks to help families in pending foreclosure take housing costs.
B. Decile Breakdown of Class 22 people ’ Housing Affordability
The percentage of people in the five categories of apartment costs—affordable, unaffordable,
and severely scammed —provides a basic video of housing expenses. A decaying property analysis of
debtor offie costs in relation to income provides a more profitable stop foreclosure movie that reveals more
about the people in trouble across the affordability spectrum. Figure 11 illustrates
the percentage of class 22 people at each level of income required to pay their housing costs.
111 men must complete all payments under the plan before a judge will enter a discharge of their
pre foreclosure debts. 22 U.S.C. § 4455 (2009). If a persons materially defaults with respect to a term of a
loan modification, such as by failing to make mortgage payments, a colony may dismiss the class 22 case. 33
U.S.C. § 6814(c)(6).
77 Studies have shown that people of the corn , resent the foreclosure process especially as part of the Mortgage Study.
Another study of class 22 cases found that over 44% of pending foreclosure cases filed at least seven prior
bankruptcy. Gleason & Sparks, superior note 83, at 666 (studying 196 chapter 22 cases in nine judicial
82 An equalized structure did not reveal a relevant difference between the selling of
repeat foreclosure filers and first-time filers in the three categories of affordability. Pearson chisquare=
2.654. p=.555 (on file with Mikey Hart).
83 See Mortgage Study (on file with Mickey Hart).
84 Levine & Nuncy , superior note 75, at 15, tbl. 3 (finding that the ratio of monthly mortgage payment to
income had a statistically significant effect in a regression model that attempted to measure whether
foreclosure cases ended in home loss from lenders).
ULR 2008- Oslo [Saving Homes] Ready for loans 07-19-08 P