The Foreclosure Crisis

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Since I do not have a mortgage to foreclose, I know about it because I have heard my parents discussing it and I have seen clippings in the newspapers as well as on the television. Now the school is evoking thoughts, and I am encouraged to perform cursory research and present my best thoughts as my recommendations for solving the foreclosure crisis.

Every one has been talking about the stimulus and the Obama’s plan to avert foreclosures. But it seems that the program is designed for failures. It is said that if one fails to plan, then the plan must be, to fail! The economy right now is still on a negative or down slide – continued lay-offs, reduction in work hours, no cost of living adjustments; taxes are up, no pay raises, accelerated and aggressive past due collections efforts, and, the ever present increases in the everyday basis expenses.

With all of this going on, loans are still being identified to be cut. One type of loans with eventual reduced availability, which has been of particular concern, is student loans; of which now may impact my livelihood and immediate future. That is one of the main reasons why I have chosen to submit and hopefully, with a different set of eyes, share in the opportunity to solve this foreclosure crisis.

For the suspecting reader, let me first define connecting terms. What is the definition of foreclosure, and the crisis?

foreclosure - the process by which mortgaged (financed at an agreed interest rate) property enters into the possession of the mortgagee without right of redemption by the mortgagor, usually for reason of delinquency in mortgage payments. The action of initiating taking back is called foreclosure.

crisis - An unstable condition, as in political, social,...

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...; the thrust and best developed plan is to supplement – add to the homeowner.

Contrarily to popular belief, setting aside for the newly home owner is only, the government is unconscientiously providing for the gullible and greedy real estate service business person, banks and, sad to say, some of our unscrupulous corrupt politicians.

Everybody wins, the bank gets it interest earned and principal repaid, the economy is revived and circulated, and the home owner get to continue repaying, and keep the home; and the local government get to continue collecting taxes, and dollars are made available locally, state and federal to assist competing scholarship applicants like, the writer of this essay!

Back-end is to put aside all past-dues and or any other amounts that is associated with the foreclosure action and allow the homeowner to pay if off in a future period.

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