Exploring the Foreclosure Crisis

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Mortgage. The word stems from the old French phrase “mort gaige,” which loosely translates into “dead pledge.” Truth in title, it precisely sums up its bearing on modern homeowners. In order to fully grasp the weight and severity of the former statement, a thorough definition must be produced. A mortgage is a debt and/or pledge, which cannot be expunged under ordinary circumstances. Its demise depends upon one of two occurrences, the first being its payoff. The other option is payment failure otherwise known as foreclosure. The latter seems to be an unsettling staple of society in America and abroad, thus fulfilling its namely obligation. More and more homes are going into foreclosure, leaving an equal amount of homeowners to face the daunting uncertainty of their and the economy’s situation. Most likely feel that they are indeed trapped in a death pledge, and must succumb to a grim fate resulting from their inability to carry out the provided stipulations of their intended fate. Intentional fate sounds oxymoronic, but does exist as a multifaceted philosophy. For example, the homeowners intend for their mortgage to be payable, thus eradicating the necessity of foreclosure. The bank owners intend to get their money by any means necessary and contrary to moral belief, the “ends justify the means.” Outwardly, banks project an innocuous image of support and stability, when in all reality their primary concern is receiving their money. Quite frankly, either option serves as a source of contentment for them. I am in no way insinuating that banks intend for their customers’ homes to go into foreclosure, but their actions speak louder than their words. As long as a provision of funds continues, methods remain immaterial whether they are p...

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