Solving the Foreclosure Crisis

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One evening while watching the Ten O’clock news, one state was giving ideas on how to help the public facing foreclosure. The televised special, particularly emphasized counseling when homeowners become delinquent on their mortgage payments. This is particularly interesting because it has a lot to do with the foreclosure crisis today. Ideas are constantly being thrown around, but one must stop to think if any of them in fact would actually work. Counseling, among other things, would be a possible way to help stop foreclosures and help families get back on track. The end result of a foreclosure is a loss to the bank by the owner who is the original lending institution. It takes over a year for property to become “bank owned”. Prior to this, properties are offered as a short sale, in which the bank agrees to take less for the property than what is owed. This is not as much as a credit detriment to the homeowner as when their home is repossessed and they lose everything to the bank. This article is designed to suggest ways to eliminate the very serious problem which is a product of the recession. The number of homes and businesses taken back from their owners is skyrocketing. Often, once a home is abandoned by the homeowner, it is not maintained and allowed to become “run down”, and in some cases the property is damaged by angered homeowners who deliberately seek to reduce the value of the property on the landowner’s behalf. This is an emotional, as well as a financial issue when a family is faced with losing their home and must face the fact that they have no place to go. They often must impose on family members by having to with live with them, causing stress for everyone in the household. In this great land of opportuniti... ... middle of paper ... ...e crisis. Even minimal contributions can add up tremendously. Asking people for help is a big step. Many people are more generous than one may think. It is in times like these that we must help our friends and neighbors as they struggle with financial burdens. Unfortunately, it may never be totally eliminated. If we could decrease the foreclosure crisis by helping one family at a time to keep their homes, we will have come a long way. People somehow think that if a person or a family incurs bad fortune that they deserve it or that they just didn’t manage their finances correctly. Many times these people are labeled as being lazy. The truth of the matter is that this situation could happen to any one of us. We never know what our future hold for us. So we need to be compassionate and lend assistance to people to raise themselves back up to being productive citizens

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