How to Solve the Foreclosure Crisis

1090 Words5 Pages
The solution to the Foreclosure Crisis is the implementation of continual, mandatory education classes that must be attended and passed, or penalties will be applied to the homeowners. A little tough love from the lender and the government is necessary. Just as our parents follow through and continue to teach us throughout our lives, so must the lenders and the government take the time to “sit” every homeowner down to make them learn and realize that being a homeowner comes with big responsibilities. Whether people are just on the verge of purchasing their homes or their foot is already close to stepping into the state of foreclosure, lenders and the government must take the time to really educate people about the responsibilities and risks that come with owning a property. Therefore, just as people (such as lawyers, doctors, and nurses) who wish to retain their licenses are required to attend education classes on a continual basis, homeowners should also be required to attend continual education classes every year or so.

One of the reasons why education classes are required for professionals, such as doctors, is that it keeps them current to the trends and developments of treatments that their patients can benefit from. This can be applied to homeowners by teaching them that contrary to the popular belief that the leading causes of foreclosure is either the rise in mortgage payments or the rise in our country’s unemployment rates, the actual leading cause is the decreasing prices of property. The fear of losing more money due to the decreasing trends in their property’s, as well as their neighbors’, value drove a lot of people to cut their losses and sell their homes. Additionally, the decreasing trend has drastically l...

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...bout their budgets been implemented, then the amount of people who undergo bankruptcies would also be drastically reduced.

Just as the Latin saying says: “Repetition is the mother of all learning”, a continuous learning approach will help homeowners focus on learning the ins and outs of being a homeowner. Additionally, making them constantly review the different issues that come up regarding being a homeowner allow them to react methodically instead of succumbing to the fears and trends that can be prevented through being educated. Offering ideas and ways to plan around issues such as decreasing property values and properly educating homeowners of the various steps that they can take to prevent themselves from falling into the pits of foreclosure are just some of the continuing issues that can be prevented or resolved to fix our country’s foreclosure crisis.

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