Stop lending too much money! A person should be able to make the monthly mortgage payment with one and a half weeks to two weeks of paychecks. If it takes two and a half weeks or even 3 weeks of paycheck to make that mortgage payment then you cannot afford that mortgage. This is the kind of things that banks and lenders should be practicing. Banks and lenders need to first realize that the mortgage is not the only bill that we have. Yes it is the most important or should I say the most expensive but we have other bills and needs too. So if we put all our money in one pot we will eventually lose that pot and we then have nothing and that is when we go into foreclosure. So we must get a handle on the lending before we are able to attack the foreclosures. The banks and lenders are not all to blame we share some of that blame for accepting the loans that we could not afford. But it is very hard to say “I can’t afford this house” after the banks or lenders have said that you can. A lot of us were pushed into homes that were too much for us to handle because we were told that it’s no problem. Also interest only payments and balloon payments should not be legal. They only benefit the banks, the home owners always get into trouble with those types of loans.
We have many houses in foreclosure that can be prevented; one way is to have the banks be regulated ...
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...rom that. One thing is banks could start making money again and even start giving out more loans (good loans). The other thing that could come out good is the economy could get even better; people are staying in their homes now so they would want them to be in good condition. They would spend more money on home improvements which will help out the local stores. Maybe even the housing market would improve with fewer foreclosures on the market. The value would go up people could then sell their houses for what they are worth. We all need to work together and reduce the foreclosures, banks and lenders working with the people and the people working with the banks and lenders. If everybody works together then we can accomplish this crisis and be in a better position. Hopefully everybody has learned something from this situation and we can all improve from this.
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