Solving the Foreclosure Crisis Essay

Solving the Foreclosure Crisis Essay

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What has happened to our Country and Economy in such a short period of time is astounding. I was a Mortgage Broker in Arizona for 7 years and before that an Office Manager to a Brokerage. I saw what was happening and refused to do many loans that I knew would be a financial blow to my clients. Even in being able to see the future, what was going to happen with the prices inflating over night and the loans that were high risk, I could not have imagined what was about to occur in the market. I am going to outline the current main problems in the real estate market and the solutions. This article is not meant to be a detailed proposal, but two solutions working together to slow down the amount of current foreclosures, stop the decline in lower property values, bring in monies monthly for lenders, and create jobs. I think we can all agree that the time for quick action to the crisis is well past. It is time to evaluate the situation, see where we are at as a country, and come up with sound ideas to move in the direction necessary to slow down the devastation of many Americans.

The current main problems in the real estate market:

1. Properties are upside down, many with loans that are adjustable and home owners are forced to decide if it is worth keeping their home or facing the consequences of a foreclosure on their credit.
2. Foreclosures are pushing property values down for the homes in the neighborhoods, so that many people who would sell or refinance can’t get value.
3. Banks are holding on to foreclosed homes longer then they should, with the homes not being kept up and driving property value down farther.
4. People are foreclosing, properties are sitting vacant for 6 to 18 months and no HOA fees or propert...

... middle of paper ...

...A fees being paid to the state and developments/condos monthly
7. Rebuilding community pride and revenue for small businesses
8. Create jobs for property management companies, title, small businesses and state

It is time to change with the times and how we view lending. There are many factors in this proposal that still need to be addressed. This is an innovative idea that if we all work together for a better tomorrow the American Dream can come alive once again for every American citizen who can stand up and claim their right to pursue happiness by being able see the light at the end of the tunnel. I hope with all of my heart that this is at least considered to see the possibilities of how it can work to slow down the amount of current foreclosures, stop the decline in lower property values, bring in monies monthly for lenders, and create jobs.

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