The foreclosure crisis in America can only be resolved by every American citizen working together to build a stronger America by changing the way we make decisions for expenditures in our lives. We must stop overextending ourselves beyond our economic means. The foreclosure crisis of America has been caused by Americans borrowing money to purchase a home that they cannot afford. Lending agencies have allowed Americans to borrow more money to buy a home than they can afford. Each lending agency seemingly used logical reasoning that if they did not lend the funds to the homeowners, another agency would. The foreclosure crisis was caused by homeowners, businesses, banks, and even the government. The economic recovery depends on not only solving the foreclosure crisis in America, but also the crisis is dependent on ending the war in Afghanistan, finding a more energy efficient alternative for fuel, guarding our borders and protecting our homeland and making it possible to end government housing and food stamps as a way of living.
In order to solve the foreclosure crisis in America, the American public has to begin thinking differently and training themselves to live within their means. Each family needs to create a budget based off of actual income deducting expenses and managing any overages or shortages carefully. It is important to consider paying the mortgage first and then pay any other secured loans such as a car loan next followed by the payment of utilities. Grocery items and fuel for vehicles should be considered next. Payments on unsecured loans should then be considered. Entertainment and vacations should be the last expenditures listed on a budget. Tracking income and expenditures on a regular basis leads t...
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...uce our debt significantly in a short amount of time and place us in the best financial position for the people of America.
The foreclosure crisis will not be solved over night. It is encouraging to hear the announcements from Citibank and Wells Fargo that they will repay the bailout money in 2010. While this is great news, it will still take much more than that to solve the foreclosure crisis of America. It is important for all government agencies at all levels to cut expenditures. This will free up cash and make it possible to repay outstanding debt at a faster rate. The ideas mentioned in the previous paragraph may seem somewhat Utopian, but they are necessary in the future of America. We the people of the United States of America must work together as responsible individuals who co-exist as a whole to solve the foreclosure crisis of this great country.
... main way to fix the foreclosure crisis; education. A concentration on education doesn't mean spend more tax dollars on public schools. I mean increase the quality and target of the curriculum in the schools that do exist. Americans learn of Paul Revere but do they know about Louis McFadden. We learn about capitalism and democracy but do we know how it is sustained. Do we teach and require from ourselves and our children the common sacrifice needed to maintain our way of life. Do we know and understand our rights, not in some superficial manner but in a substantial internalizing way. I think if we did, we would be greater demanders and defenders of such. Property, due process, legal vocational pursuits, and contract rights are such that if not protected, will not only foster more and deeper foreclosure and financial crises, but could end our democracy as we know it.
The best way to solve this foreclosure crisis is preventing homes from foreclosing one house at a time. The American family needs a simple option to save their home. My solution is based upon the concept of the homeowner paying what they are capable today, with a long term solution for the homeowner to repay the entire debt eventually. If the homeowner can now afford to make the payments, then they can escape foreclosure, rebuild their pride, and be productive citizens.
There is a solution to the Foreclosure Crisis. I do not propose that this is my own answer, but that it is born out of Love. The love for all my family and friends and the country as a whole is the reason for this proposal. Their fates and indeed the fates of our way of life in America depend on what we do at this time in history. The admiration and love for the foundation on which this country was established is an additional motivating factor. Needless to say we can neither turn our backs on all those who have shed blood and even given their very lives for the principles of our America. To allow this jewel of freedom and prosperity to falter and deteriorate would be the most monumental political plunder ever recorded. We can not afford to blow this opportunity.
Foreclosure in America has been a rising and prominent problem recently, and has destroyed many Americans hopes and dreams. Over 2.3 million homes were foreclosed in 2008, and an estimated four million homes will be foreclosed by the end of this year. Despite the efforts of many banks and lending companies, over half of homes will foreclose that have received their help. I believe that we have only started in the right direction in solving the foreclosure crisis. Giving money and lowering mortgage rates will help, but I believe we should find out why Americans are in this situation in the first place. We are being too stereotypical when we think the only reason someone is foreclosing is because of irresponsible payments or buying a home out of a person’s capabilities to pay for it. If we understand their situation, we will be better enabled to help and solve their crisis.
It’s important to note that the solutions made above should be on a person-to-person basis and do not apply to everyone. Yet, if possible, it is to the best interest of all parties to see that these solutions are implemented. For in every city, in every neighborhood, and on every street, there is someone facing foreclosure. If not for the empathy of another’s pain, then look at it in terms of how it’s hurting you. If you’re a neighbor, you’re left with an unsafe, empty neighborhood and a house that’s worth considerably less because of it. If you’re a bank, you’re left owning a house with unpaid mortgages and annual property taxes. If you’re an investor, you see your shares decreasing in value which takes money out of your own pocket. The foreclosure crisis affects everyone, and it’s about time that we realize that.