One in every 96 homes reported of at least one foreclosure filing in 2013. Now imagine the family that lives in that home having to leach on to their family members for survival which could cause their family member in turn get in dept. and their home getting foreclosed also or worse them living on the street with nothing. This is what foreclosure causes. Foreclosure is a necessary evil but a necessary evil is still an evil in the end.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan form the borrower who has stopped making payments to the lender by forcing the sale of the asset used as collateral for the loan. Many things can be used as collateral and it is usually something big like a house or car or business. There are also a few reasons that an individual would not be able to make their payment such as declining prices of certain life events that have left them financial unstable. This can have a heavily effect on both your mental and emotional life. Life is a very unpredictable thing so sometime you might find yourself not making enough income but there are some ways you can coup with this. One good idea is to have at least six months of rent saved up just in case which is isn’t easy but I know it helps. Foreclosure can basically be avoided by keeping up your payments, but this isn’t always easy. It is just your responsibility as an adult to keep up your payments.
Foreclosure can damage someone both mentally and emotionally. Imaging that you spent your child hood playing in your parents store, now your get older and the store is past down to you when they pass away, you try your best but due to some unforeseen circumstances u got behind on your payments and the store i...
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... return at night. Humans have social class which dictate your way of life, the way you live, and the way your children live.
Every foreclosure is a challenge that someone somewhere must overcome. Some may argue that this will make you a better person and I would generally agree but I would also say that it’s a necessary evil that is there to keep people in line. While a challenge can leave you stronger. Like when you play a really hard game in your favorite sport you get stronger but you also have a chance to blow out your knee taking the game winning shot. So in concussion foreclosure is something that is necessary but can damage you extensively if you aren’t on point with your payments. Forecloses is a way that lenders can have the faith in borrowers so they can lean them their assets. Foreclosure is a necessary evil but a necessary evil is still an evil in the end.
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