Solving the Foreclosure Crisis Essay

Solving the Foreclosure Crisis Essay

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Here are some of my ideas about how to prevent foreclosure.
First, I believe that that you should not purchase a home that is more expensive that you can afford. Before you even begin to look for a home it is best to sit down and make out a budget. Here are some of the things you need to consider when making your budget. You should plan to have at least three months of reserve money to live on. This will allow for loss of income. This will most likely happen sometime in your lifetime. In the present economy, loss of job, soaring gas prices and increasing food prices are major problems for struggling families. This can happen at any time. The necessities in life are food, shelter and clothing. There has to be an allowance for property taxes, insurance and the unexpected. You don’t want to be tied down to a house payment and never get to go on vacation. Life is too short.
Second, check on your credit score. Your credit score along with your available income will determine what kind of interest rate you will have and how much money you can spend per month on a house payment. Ask a lender to prequalify you for a loan. If you do that then you can be sure that you can really borrow the money and you will have a firm idea of how much money you have to spend on your new home.
Next, you should look at houses that fit your budget. You should never try to compete with anyone on a house by choosing more house than you can really afford. You should only buy what you can afford. Do not "try to keep up with the Jones". There is an old saying “Your wants won’t hurt you.” Your obligations should come first. Then you should choose a house that fits within your budget. I had rather have a small roof over my head than none at all.
Aft...


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...ghts are that many banks were too lenient about lending money. They were lending money to people who were not able to repay the loan. The lending rules should be tightened up. The housing market is the strength of our nation. The necessities in life should come first, not supporting bad habits. You and only you are responsible for your spending habits.

I am planning to get a college education with a Master’s degree. I want a degree in computer forensics and hope to get a job with the FBI. I want to pursue a career with the federal government. I think that would be good job security. I am currently an intern with our local government in the MIS/IT department working in computer maintenance. I am a responsible person. I can manage my money and time. I will remember the things I have written about in this essay when I am ready to buy my first home.


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