Download or read book Constructing a New Theoretical Framework for Home Improvement Financing written by Julia Patterson Forrester and published by . This book was released on 2016 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this Article, I advocate modification of the law governing home improvement financing. In section I, I discuss the prevalence of home improvement scams, the dual system of home improvement financing available to affluent and poor homeowners, and the social cost of home improvement scams. Despite attempts by lawmakers to protect homeowners from unscrupulous home improvement contractors and lenders, home improvement scams remain a significant consumer problem. Most victims of such scams are poor, minority, and elderly homeowners. These homeowners obtain home improvements and home improvement financing through a system with tremendous potential for abuse. In this system, contractors and lenders use high pressure tactics and fraud to induce homeowners into disadvantageous home improvement transactions. Ultimately, victims of home improvement scams may, like the Hogans, lose their homes.In section II, I discuss the application of negotiable instruments law to home improvement loans. The Federal Trade Commission adopted its Holder in Due Course Rule to ameliorate some of the harshness of negotiable instruments law in consumer transactions. Other state and federal measures are also designed to protect consumers who borrow to improve their homes. In sections III and IV, I explain why these measures have not been sufficient to eliminate abuse by home improvement contractors and lenders. In cases of abuse, a homeowner who has executed a promissory note to evidence the obligation to pay a home improvement loan must prove defenses to payment. In most states,the homeowner also must initiate a lawsuit against the lender to enjoin foreclosure because foreclosure without judicial hearing is permitted. The burden of initiating suit is particularly onerous because a suit to obtain an injunction is likely to be expensive and require the assistance of an attorney. Placing these burdens on the homeowner is not appropriate when a relationship between the contractor and the home improvement lender exists because this circumstance increases the likelihood of a defense to payment. Therefore, in section V, I recommend prohibiting promissory notes and power of sale foreclosure in home improvement loans made by lenders who have a relationship to the contractor. This measure would shift the burdens of proof and initiating suit to the lenders.

Download or read book The Creation and Interpretation of Commercial Law written by Clayton P. Gillette and published by Taylor & Francis. This book was released on 2022-03-21 with total page 518 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2003. This volume contains essays by prominent commentators on topics in commercial law. It addresses the increasing harmonization of international commercial law and the essays demonstrate different methodologies used in analysing commercial law, such as economic and jurisprudential approaches.

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Download or read book Reform of the Real Estate Settlement Procedures Act RESPA and the Truth in Lending Act TILA written by United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 1998 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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Download or read book Housing Policy Debate written by and published by . This book was released on 2004 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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Download or read book Bankruptcy Reform written by United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law and published by . This book was released on 2000 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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Download or read book International Co operation for Habitat and Urban Development Directory of Non governmental Organisations in OECD Countries written by OECD and published by OECD Publishing. This book was released on 1997-12-19 with total page 502 pages. Available in PDF, EPUB and Kindle. Book excerpt: This specialised Directory provides information on over 1 700 non-governmental organisations (NGOs) active in the field of habitat and urban development.