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The real estate market crashed in 2007. Within minutes, hundreds of subprime lenders were out of business. The seller's market quickly became the buyer's market and property values went into a momentum of constant decline. The short sale process became a viable option for lenders and borrowers, both. Do not simply walk away from your property, stay the course, but if foreclosure is imminent, a short sale will salvage your credit. If mortgage payments are current, generally a short sale will reduce the borrower's credit score by 50 points and the score will slowly increase again when the process is complete. However, if the mortgage payments are delinquent, then the missed and late payments are what will drain the credit score approximately 100-150 points, but the short sale will increase that score within months. If the property forecloses a borrower will have to wait 5-7 years before obtaining another mortgage loan. A short sale is a win/win.
The European acquis communautaire in the field of property law is to a large extent still unexplored. This study has aimed to shine a light on EU property law. It provides an overview of the existing acquis communautaire in property law, and presents a proposal for the future development of this field of law. It deals with the influence of the EU's four freedoms - of goods, persons, services and capital - on national property law and discusses whether or not the EU would have the competence to actively create property law, and the extent to which it has already done so. By conducting an extensive search on the basis of some thirty key property law terms, the author has been able to uncover not just the handful of Directives and Regulations that touch upon property law and are relatively well-known, but also hundreds of EU legislative measures that make use of property law concepts, but leave them mostly undefined. The resulting picture of EU property law is a fragmented one. In order to develop this field of law more consistently and coherently, the author has proposed a framework for future EU property law, focusing on both form and content. The essence of this framework is the development of three European-autonomous property rights, functioning within a European set of property law rules. About the author Eveline Ramaekers (1985) studied law at the European Law School, Maastricht University (LL.B., LL.M. cum laude). She obtained her doctoral degree from Maastricht University in April 2013. She has been a visiting researcher and lecturer in Munster, Stellenbosch and at the China-EU School of Law in Beijing. Eveline co-founded the Young Property Lawyers Forum, a network for young property law researchers. She currently holds a post as Fellow and Tutor in Law at Wadham College, Oxford.
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