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Books

As the foreclosure crisis spreads, a number of foreclosure-related books are hitting the bookshelves. I encourage you to read every one you can put your hands on. You probably will not have to pay more than $100 for the lot of them—not a bad deal considering what’s at stake.

Every book will have something different to offer. Each author will be giving you the benefit of personal experiences, favorite tips on strategy and tactics, and opinions on the best approach to dealing with foreclosure. While every book is sure to contradict every other one in some particular, that should not worry you. A little confusion can be very helpful if it makes you think. There is no one truth to these matters, and sooner or later you will sort things out.

That said, I wish to recommend three Nolo books, which I authored or co-authored, and one published by the National Consumer Law Center:

• How to File for Chapter 7 Bankruptcy. As the title says, this book explains everything you need to know about filing for Chapter 7 bankruptcy.
• Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time. This is a guide to the whole Chapter 13 process, including instructions for coming up with a repayment plan and filling in required forms.
• The New Bankruptcy: Will It Work for You? If you’re not sure whether or not bankruptcy is the right way to go for you and your family, this book will highlight the pros and cons and help you evaluate your situation.
• Foreclosures: Defenses, Workouts, and Mortgage Servicing. Authored by the staff of the National Consumer Law Center, this is the best book out there for in-depth legal research on the subject of foreclosure. It covers many of the areas I’ve addressed—and some I have not—in considerably more detail, including:
• how to negotiate pre-foreclosure workout agreements, and current workout options with Fannie Mae, Freddie Mac, HUD, VA, and RHS
• the best discussion anywhere on how to challenge mortgage servicer abuses
• foreclosure litigation, including power of sale, due on sale, and substantive and procedural defenses
• raising loan broker and loan originator-related claims against the mortgage holder
• special rights to stop foreclosure of FHA, VA, and RHS mortgages
• special chapter on mobile home foreclosures, and
• tax liens and tax foreclosures.

It comes with a CD that contains a lot of the forms, foreclosure laws, and other materials you will need if you want to fight a foreclosure or do your own workout with your lender.

You can buy a copy for around $100, or perhaps find a copy in your local law or general-purpose library. For more information, visit www.nclc.org.