How To Lower Homes Going Into Foreclosure

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In my opinion, I think one way to lower so many homes going into foreclosure would be to have the mortgage companies lower the homeowner’s mortgage payments to an affordable price the homeowner can pay, especially if the homeowner has been paying their mortgage on time every month and then all of a sudden fell into rut and aren’t able to pay their monthly amount. I mean why not give your customers a break if they have been doing every thing in their power to pay their money on time and the full amount. This will not, by any means, lower the loan amount the customer borrowed but it will add more months, maybe years, to what the borrower actually borrowed. By lowering the mortgage payments, the mortgage company will still receive their money and the homeowner still has a home. Instead of just snatching these people’s homes away from them and their families there should be a fund that is given to homeowners in the time of a desperate need. This fund can be named Homeowners Emergency Stimulus Fund, which will be a fund that homeowners can apply for when they have falling on hard times and just don’t’ have the money to pay their mortgage. This fund will be similar to the stimulus check that was given to tax payers, except it will be given only to homeowners who are in need of a financial blessing. This fund will, of course, have some criteria that have to be met in order for homeowners to receive the money. Some examples of the criteria will be you must be a homeowner, your mortgage is behind in payment(s), you are employed/actively seeking employment, you can show proof of how far behind in payment alleged, you agree to a financial advisor if necessary, etc. With the known criteria, and I’m sure more, homeowners will know if they are ...

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...tuation then this could help homeowners who are headed towards trouble try to stop the problem before it progresses. If worst comes to worst then homeowners should be given the option to sell their home and move to a home that is more affordable for them. With the selling of their home the mortgage will be paid, the homeowner can move to a more affordable home and will not have a foreclosure listed on their record, and the homeowner can start fresh and new somewhere else. There are many avenues and options that can be taken before a homeowner’s home is taken from them. The problem is that many of these options are not discussed before the problem gets out of hand or many of the solutions are not known to the homeowner before the problem gets too far gone. I think taking the individual’s home should be the last result, because it is a very drastic outcome in the end.
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