Solving the Foreclosure Crisis

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The foreclosure crisis is a very sensitive issue that needs to be acknowledged urgently. This particular issue has put a lot of people in danger by losing their homes. When being in a predicament like losing one’s home it is all about responsibilities. Once a person has been notified that their home is in the process of foreclosure and they only have but so little time to pay their mortgage, this is when compromising comes into action. It is imperative that needs come before wants when in a position of foreclosure. Solving the foreclosure crisis is a very big assignment to do but it needs to be handled by the government. The government plays a role in everything including foreclosing homes, so with the government’s help it will improve the foreclosure crisis tremendously. The government can make a system specifically geared toward helping those who are going through the foreclosure crisis. With the help of the government, the rate of the foreclosure crisis will decrease by making it less complicated to pay a mortgage bill. Several ways to make it easier to pay the mortgage bill would be to extend the due date, create more jobs, and decrease the late fees along with interest rates.

Extending the due date to every two months instead of every month would be better for those who have difficulties paying on time. Foreclosure is enforced by lenders who have ownership over properties. It is the responsibility of the lenders to notify those who are late paying their mortgage. Before foreclosing the homes, lenders give out warnings to remind borrowers to pay their bill, if not the property is taken. The borrowers are given thirty days to pay the mortgage including the late fees. One of the main reasons people experience foreclosures is b...

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...lls because it shows a lack of responsibility on the borrower’s part. This may be true in some cases but it is not fair to penalize the mass of people who are not able to pay their bills on time because of the select few who take advantage of the government.

Some effects of the foreclosure crisis are due to the loss of jobs, short pay periods, and interest rates. Job loss and unemployment are the main sources for the cause of the foreclosure crisis. Having a job is one of the main resources for paying a mortgage. So the fewer jobs the economy has the more foreclosures will occur. Foreclosure crisis is a very important issue that has affected over millions of people in America. It has caused many people to lose their homes and jobs. With the help of the suggestions listed above on how to solve the foreclosure crisis, it will decrease the foreclosures in America.

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