The immediate plan shall be used to help the homes that are already foreclosed or on the brink of foreclosure. The long term plan should be focused on future homeowners so that such a crisis never occurs in the future. It would indeed be unjust to throw out families that have been living in the house for 10-20 years. Hence, the property that has been foreclosed should not be auctioned but rather rented to the same family. Most of the time this rent is cheaper than the mortgage payment thus leaving a family safe without the risk of becoming homeless. However, this leasing of the property should not be concurred if there is a possibility of loan modification. Hence, every family that fears that there might be a chance of them falling out of payment or would not be able to make payment for next month; they should immediately contact their banks/lenders. Most of the times lenders will be able to help out a new and convenient plan for the borrower without the risk of losing his/her home. If the lender is unable to be of assistance and if the borrower feels that there could have been a better loan modification then the best option is to go to a home counselor, who is available in every state. Hom...
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...the properties can be brought down and can become affordable to the population at large. For example, the government can heavily fine houses that are vacant for more than three months after foreclosure. This way the foreclosed homes would be forced to be sold by the lenders on the best offered price or would have to be rented out to people on reasonable prices. This will bring down housing prices and increase the chance of people to own homes and have affordable mortgage payments.
There is a strong need for people to understand what they are going through and work out the best possible solution. The borrowers and lenders are the only one who can work out together to prevent harm on both parties. The borrowers’ needs to keep in mind about what they are getting into, and the lenders should be of assistance to the borrower rather than just thinking of hollow profits.
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