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How to Solve the Foreclosure Crisis

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Our country has had many setbacks in the real estate market. We survived the pitfalls over the past years only to have the downfall of the real estate market manifest itself once again. We have endured the demise of the banking industry where bad loans were made and ultimately brought down many savings and loan institutions.

The American dream of owning a home has been a reality for some individuals, as well as a nightmare for others who sacrificed their American dream to foreclosure. There has been concern on how to restore our economy back where home ownership is not just a dream but can also be an actuality.

The stimulus incentive of $8,000 for first time homebuyers has motivated many individuals to consider home ownership. This enticement was well received by many consumers. Initially this program was to end by November 30, 2009. Extending the first time homebuyer program to April 30, 2010 was the smart thing to do. It not only gave first time homebuyers time to benefit from this program but it also gave an extra incentive of having time to use any income tax refunds towards the purchase of a new home.

If we take into consideration the incentives we offer the American people maybe it is time to look at other residents of the United States. Our Hispanic families who have put many years of their labor force into our economy. Is it fair to say we can use them to sustain our job market but not encourage them to also be a part of the American dream?

Presently the banking and loan industry only accommodates individuals with valid social security numbers. This in turn does not allow individuals without such documentation to even be considered for any type of loan program. Although, the government is issuing ITIN nu...

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...yers just like we are offering now with the $8,000 tax credit.

Another incentive would be to take a look at our HUD foreclosure homes that we currently have available. There are thousands of foreclosures that are not selling to the American people and either the house has a lot of repairs that are needed or the properties are in areas of the community that are not perceived as the most promising of neighborhoods.

If we can offer these homes to individuals with incentives to fix them up and bring the neighborhoods back to life then we should do so instead of leaving these homes abandoned and neglected. These homes are only going to be vandalized and then they will be of no use to anyone.

It is my hope that the government considers the solution to resolving the foreclosure crisis and look to our Mexican neighbors for help as they are in need of our help as well.
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