The foreclosure crisis in America isn’t something I just hear about on television or in my high school Economics class. It is something that my family and I have been living through for the last few years. It is not just a problem for banks and mortgage companies and politicians. It is a problem for real people like me.
According to the Center for Responsible Lending, 2,400,000 foreclosures are projected to happen this year. I live in Arizona, a state that has one of the highest percentages of its citizens in some form of foreclosure. But, those statistics only list the number of houses that are being foreclosed. They don’t tell the actual number of “real” people who have lost their homes or fear they will lose them. These numbers don’t tell about the parents who don’t know where to turn or the children who are afraid they’ll be homeless. .
My story of foreclosure began a few years ago when my dad was laid off. My mom went back to work part time but it took my dad about a year to find another job. Then he got injured on that job and is now on social security. Although my mom now has a full time job, we have never been able to catch up with our house payments. We heard about programs to help people like us but when it comes to really doing anything, these programs seem to fall short. In fact, I read that the bank that holds our mortgage helps a very small percentage of their customers who face foreclosure with refinancing available under these programs.
I think being part of the foreclosure statistics makes me better able to see the problem from the inside and, thus, suggest real world solutions to the question of how to solve the foreclosure ...
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...n.d. Web. 18 Sept. 2009.
Hilsenrath, Jon, Serena NG, and Damian Paletta. "Worst Crisis Since '30s, With No End Yet in Sight ." Wall Street Journal 18 Sep 2008: A1. Web. 16 Dec 2009.
Leonard, Paul. "The Mortgage Foreclosure Crisis: Causes and Solutions." Center for Responsible Lending. Washington. 29 Sept. 2009. PDF file.
Liebowitz, Stan. "Most Mortgage Remedies Miss Real Causes of Foreclosure Crisis." Finance, Insurance & Real Estate News. The Heartland Institute, 31 Aug. 2009. Web. 16 Dec. 2009.
Pavini, Jeanette. "Liar Loans." CBS 5. CBS Broadcasting, n.d. Web. 26 Dec. 2009.
Perry, Martin K. "What is a Traditional Mortgage?" Docstoc. N.p., 18 Dec. 2009. Web. 26 Dec. 2009.
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