Foreclosure in America has been a rising and prominent problem recently, and has destroyed many Americans hopes and dreams. Over 2.3 million homes were foreclosed in 2008, and an estimated four million homes will be foreclosed by the end of this year. Despite the efforts of many banks and lending companies, over half of homes will foreclose that have received their help. I believe that we have only started in the right direction in solving the foreclosure crisis. Giving money and lowering mortgage
The frequency of foreclosure in our nation today is dangerously high. The strain from the recent economic downturn has put many families and individuals in a financial chokehold preventing them from being able to make their monthly mortgage payments. Consequently, many of these people feel they’ve punched a one-way ticket to foreclosure. With all these homes being foreclosed on, we face a very real crisis. The best way to solve this foreclosure crisis is preventing homes from foreclosing one house
In order to accurately solve the problem of the foreclosure crisis the nation is currently in, one must look at the cause of the issue. To determine the cause, the history of foreclosures has to be looked at. The questions, “How long have foreclosures been around? In the past what was the cause of foreclosures? How was the problem fixed before? What are the similarities between now and then?” all need to be answered. Foreclosures have been around since the first public banking system was brought
Including a description of distressed real estate and foreclosure in addition to how utility can play a role in the decision-making process. Distressed Real Estate and Foreclosure Distressed Purchase Collateral for the defaulted loan. Distressed real estate involves making a distressed purchase. According to Financial Crisis (2011), “[A] distressed purchase is whereby the property owners are usually in a foreclosure/short sale situation.” Foreclosure applies to a residential real estate loan in which
There is a solution to the Foreclosure Crisis. I do not propose that this is my own answer, but that it is born out of Love. The love for all my family and friends and the country as a whole is the reason for this proposal. Their fates and indeed the fates of our way of life in America depend on what we do at this time in history. The admiration and love for the foundation on which this country was established is an additional motivating factor. Needless to say we can neither turn our backs on all
Posing the problem of solving the foreclosure crisis first begs the question – “is there really a foreclosure crisis?” The country is certainly in crisis, but the crisis is not being caused by mortgage foreclosure. Foreclosure is simply a mechanism for people to deal with a debt they can no longer afford. Rather than being a crisis, the potential onslaught of home foreclosures (which has been slowed somewhat by the Obama administration’s “Making Home Affordable” program) is actually market forces
happened with our nation’s recent wave of foreclosures. Loans have led everyone to believe that they can own a home and it has omitted the practice of saving. That is where the beginning of the solution lies. Our nation’s people need to relearn the value of patience, therefore we need to learn how to start saving again because although loans may pave a way toward homeownership, it is not valued as much compared to someone who has saved for a home. Foreclosure is defined as “The legal process by which
downturns. As a result, many of us have lost our jobs and subsequently, our homes. The current foreclosure crisis is affecting 1 out of every 5 Americans, Jonathan Lain (How to Solve the Foreclosure Crisis). So now the focus is on finding ways to solve the growing epidemic of foreclosures. I propose that the government fund a non-profit organization, whose mission is to reduce the number of foreclosures among the American people. Furthermore, although the initial funding would come from the government
recurring themes present is the current literature include the financial crisis of 2008 and foreclosure impacts. Foreclosure impacts include the effects of crime, housing sales, property valuation, property abandonment, neighborhood destabilization, and shifts in tax revenue. The sources of the literature reviewed were scholarly journals, peer-reviewed journals and governmental websites. The foreclosure impacts will be presented as subtopics within the body of this paper. Financial Crisis of 2008
It’s hard when a home becomes a house: left with walls, stripped of memories. It’s disheartening when a family becomes a number: left with foreclosure, stripped of dignity. In 2007, over-extended borrowers began to default on their sub-prime mortgages; mortgages that increased as more and more families chased the American dream during the housing boom. The interest rates were “teasingly” low, but more detrimentally, they were variable. When mortgage rates were readjusted, homeowners found that they
To many people, losing a house can be as damaging as losing a loved one. Being forced to go through a foreclosure or sell a cherished home for far less that what it is expected to be worth can take a hit on every aspect of a family’s, or anindividual’s life. When the recession began in 2007, approximately 4.8 million home owners lost their homes to foreclosure and 2.2 million lost their homes to short sales. Almost eight years later, as we are coming to the close of 2014, the economy is progressively
Associates, PLLC there are many services offered such as Foreclosure Defense, Short Sale Negotiations, Bankruptcy, Immigration, Uncontested Divorces, Personal Injury, and Wills & Estates. The company initially began in order to fulfill the needs of the Hispanic community by providing their law experience, knowledge and well equipped negotiations skills in order to help their client’s afford their mortgage payments and rescue them from foreclosure. However the law firm must take into consideration the
America is the land of opportunity and vast wealth, but what happens when a recession falls upon the country? Will the people of America survive? In Richard Florida’s article “How the Crash Will Reshape America”, he explains the different approaches America can be transformed to help them out of the economic crisis. Although Florida presented different solutions to help get through the times of the recession, the housing market whether we are considering new construction or renovations on existing
upstanding businesses that produced a quality product at a market ready price. However, some of these companies were not so upstanding and as a result many unsuspecting homeowners were scammed out of thousands of dollars and just as many ended up in foreclosure. It became very clear early on that something was not right with many of the new home transactions involving a company called Rain Tree Homes, and so the Y-Rent scam slowly unfolded. Rain Tree Homes was a real estate construction company located
borrower would have knowledge on what was in their record. Mers is leaving borrowers clueless on who to talk to when they are having problems with their loan. Furthermore, Mers hurt many consumers financially because it was a major influence on the foreclosure crisis. Merscorp were allowing the original loan holders to pass their credit default risk to investors of securitized loans. Lenders were lending to risky borrowers, however, borrowers were being told that they can afford this loan when in reality
“One out of every two hundred homes will be foreclosed every month, making 205,000 new families enter into foreclosure,” Mortgage Bankers Association. The housing industry in the United States is undergoing an unfortunate crisis. There are way too many homes being foreclosed, which cause a ripple of problems. President Obama has been brave to take office in a time of need. Creating plans like the Recovery Act is a wonderful start in fixing this problem. Unfortunately much more needs to be done in
When it comes to real estate, the topic of the day is the downturn in the market, the number of people losing their homes, and how much this is going to hurt the economy. In the seventeen years I have been in the real estate business, I have witnessed every fluctuation the market has to offer. While it is true that many property owners are enduring trying times, rarely does the same happen to knowledgeable real estate investors. There are those individuals who remain emotionally unattached and invest
Buying Versus Renting: Part I When we become adults — no jokes please, wink, wink — one of the universal passage rites is deciding whether to buy a home or rent one. Adulthood conveys stability and security. The financial means to make such a large purchase and keep it long enough to establish valuable equity (equity is like magic financial pixie dust, but more on that much later). It’s also the American Dream, so lots of emotional and psychological thingies work on us too, when we contemplate
In 1858 New York City laid down the first cornerstone of Saint Patrick’s Cathedral on 5th Avenue. Opening its doors after only a short 21 years in 1879 Saint Patrick’s Cathedral drew visitors from all over. Paid for by poor immigrants in the city, this cathedral stands towering, proud, and beautiful nearly 158 years later. The foremost theme of this basilica is of the Gothic style. Attention to this specific place of worship is due to the majesty of the building. Choosing this church was not challenging
The Great Recession forced people to look at house ownership differently. People began to worry that their house value could drop, resulting in a loss of money. This concern was especially prevalent in Millennials who have currently been very slow to buy a house of their own. The fear of buying a house has held them back from living the American Dream, however they have some valid concerns for why they refuse to invest in a house. The pros of homeownership for Millennials is the fact that they are