Proactive prevention may be a solution that can turn this problem around. Stakeholder agencies (mortgage lenders, banks, social service agencies and other government and non-government agencies) can identify family stories that may define impending foreclosures. These agencies can acknowledge family income; may guide heads of households as they establish the ability to restructure mortgages under existing programs of subsidized funding that will assist families to remain in their homes while they are experiencing economic difficulties.
Proactive prevention aimed at assisting families may be a solution to the growing epidemic of vacant properties across the country. Currently, all across the US, there are foreclosed homes sitting vacant. Real Estate for sale signs along country roads and in inner-city neighborhoods indicate this problem is not getting better. For example, “In Cuyahoga County, Ohio there are 17,000 vacant, foreclosed properties. In Baltimore, there are 16,000. These properties sit, unmaintained, with boarded up windows, affecting not just their own value, but the values of homes nearby.” (Retrieved on November 24, 2009 from http://consumerist.com/2008/02/vacant-abandoned-housing-is-a-blight-on-cities.html).
Additionally, an internet search that looks at the historical record for vacant housing data suggests there is a...
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... home owners into tenants, for example by using the administration, rules and laws in place governing Section 8, to keep families and individuals in their homes. Then, by connecting existing programs of subsidized housing with stakeholder agencies’ clients in need of housing the methodology may solve two social problems.
President Obama used the campaign slogan of “Hope and Change” as he competed for his current position. This proposal offers a way to give hope to people in fear of losing their homes. Innovative financing, that offers time and relief, is a proactive prevention method that can create change. Subsidized housing finance can stop foreclosures, acknowledge the home owner’s income and convert (possibly temporarily) a ‘bad mortgage’ into a ‘rent to buy’ situation. Ultimately proactive prevention may be the beginning of the end of the foreclosure crisis.
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