Possible Solutions to the Foreclosure Crisis Essay

Possible Solutions to the Foreclosure Crisis Essay

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During the time of this economic crisis, many people are foreclosing on their homes because of inflation in the housing market. It is said by the Mortgage Bankers Association that one out of every 200 Americans will have a foreclosed house. In America, that is a lot of homes that are unoccupied. In this time of crisis, there needs to be a way so that people can stay in their homes for just a little bit longer to conjure up the money to pay off their bills during this recession.

Today, millions of Americans are suffering lost jobs and cut hours because of the recession. Because of this loss, those people cannot afford the monthly bills the bank sends out for mortgages, therefore making people foreclose on their homes. A home is where people live, cook, sleep and sometimes work. If that is taken away, their lives are taken as well. The foreclosure crisis needs to be solved.

One possible way to solve this crisis is to teach Americans how the economy works. Without an education of what is going on, people are clueless as to what their money is going to. Some people excessively spend money on things that are not needed, and because of inflation, their money quickly is gone. Educating people about how to use and store their money and how the economy works could help the crisis. It should scare people that inflation is occurring and jobs are being lost. Sooner or later, those people who spend money mindlessly could be living with a family friend or even out on the streets. I believe learning helps people to do what is best for them because they learn from past mistakes and possible future outcomes.

Another way that could solve the crisis is to have the banks modify all loans and lower interest rates to whatever it takes fo...


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...ecting not only those who are foreclosing, but the nation around them. It leaves open space that could be used and wasted money sitting on land. The banks could be making more money if they do not foreclose than if they do. Giving people opportunities to pay off their mortgage helps America as a nation and helps people grow and learn from their previous mistakes. Giving people rights to their property and then taking it away because of unemployment and possibly excessive spending makes our nation looked down upon. In the constitution, we have rights as citizens to many different things, and that includes property. Taking away property, or foreclosing, is against what the ancestors of our time have said. By using any of these plans could help our nation become a more positive place and people of those circumstances can grow and influence others to do what is right.

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Possible Solutions to the Foreclosure Crisis Essay

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