Foreclosure: A Heartbreaking Process

Seeing other people reactions towards foreclosure helps me to develop a meaningful value of life and how to appreciate it everyday of my life. As I see what is going on around me I came up with three plans that can be executed to help all people who are dealing with foreclosure issues. This can become a major factor for the economy. One is called Own A Home , Financially Fit, and Bills To Kill. These are guaranteed plans that will help any individual that feels that they are not financially secured to become a homeowner. The Own A Home program is designed for aspiring homeowner in which they

As for myself I was shocked to find how many uniformed people took out mortgages which were almost certain to doom them to failure and also the lenders who took this long road with them. It has devastated this country and has given all of us an opportunity to learn some very important values that somehow has gotten lost along the way. Somehow to learn from these misfortunes has to make us stronger. We have to educate buyers and lenders and stick to values that can make homebuyers successful.

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 rates will help, but I believe we should find out why Americans are in this situation in the first place. We are being too stereotypical when we think the only reason someone is foreclosing is because of irresponsible payments or buying a home

In the gleeful times of 2005, my parents decided, like so many others, that it was time to “upgrade.” They sold our smaller home on the other side of town, which had appreciated nicely, and bought a 3700 square foot behemoth in a town with already exorbitant property taxes. My younger brother and I were thrilled to finally have a basement, our own rooms, and even a concrete basketball court in our backyard! All eight-year-old me knew was that things were going to be a whole lot more comfortable from there, and my optimistic parents seemed to think the same.

was August, and I was seven months behind on the mortgage. The house had now gone into foreclosure, and on the twenty-eighth, it was going to be auctioned. Despite what that letter said, I still trusted God to perform a miracle. That letter did not faze me a bit. My faith was solid, and nothing or any person was going to shake it. After all, I was following the direction of the Lord.

mortgage was due, and I had not paid anything since they sent the check back to me in March. I received a letter stating that I had to send them both payments, or they would not accept it. I had believed that if I was sending them a payment, everything would be okay until I was able to catch up. When I sent February’s payment in March, the mortgage company sent the check back. I explained to them that I wasn’t two months behind because I had until the 15th of March to pay them. They would not work with me, and now I had a problem of needing at least another one thousand dollars to catch up with my mortgage payments.

The insolvency seen in the Housing Market manifested in the large number of stagnant foreclosures caused a dramatic decline in housing prices, which resulted in many homeowners owing more money on their houses than they are worth. Market-level insolvency is caused by capital flight in a specific market in response to a scare during a decrease in solvency. During the scope of this recession, the initial, progressive decrease in solvency was caused by a negative Net Capital Outflow in conjunction with the cash-vacuum produced by the US Budget Deficit, and the scare was caused primarily by the failure of several significantly-sized corporations and a rapid increase in foreclosures caused by the loss of a large number of jobs.

I often used to watch a show called “Extreme Makeover” where a team of builders would come to a neighborhood, build a need worthy family a beautiful new home, and then just give it to them. “Wow! What a lucky family,” I would say. “How fortunate.” However, as time went by, that same family would be in the news again. Why? The house was in foreclosure. The people had gone to the bank and taken out a mortgage against the home, then spent all the money they got for it on other things.

There are many ways of helping yourself get out of foreclosure, you just have to really want to get out of the bad situation your in and do the work. It’s almost as if you’re bumping your head right now and as soon as you feel that pain grow beyond bearing you’re going to move and get some ice to help deal with the pain. People suffer because they have the lack of knowledge, if you ask questions and talk to people who have the power to help you and not have to charge you anything could be just the beginning of you getting out the worse state your in. Not knowing what tomorrow will bring just shows you that you need to work on the current time. America is set on dreams that come true and if you truly believe you can get through this

I have a unique perspective in that I have gone through the foreclosure process twice since 2009. I have experienced firsthand what it is like to seemingly lose everything, to feel as low as I have ever felt, to be embarrassed and mortified beyond belief

When the real estate value began to drop in 2007, hundreds of thousands of Americans were evicted from their homes through foreclosure or short sales; giving way to one of the deepest economic collapses in more than half a century. Now a large amount of borrowers are starting to bounce back. Like a boomerang, these battered borrowers are re-entering the home market after years of renting, nursing their credit and saving enough to buy again; but in a economy like this that we could say now is sort of “stable” is it smart going all in on another mortgage or better going with the “rent-to-own”.

In 2005 I became a widow with four young children and no home. I took my husband’s modest life insurance policy and put $12,000 down on what I thought would be our home until my children graduated and went on to live their own lives. After a year of paying a modest mortgage payment in the state of New York, my mortgage suddenly went up over $400 a month and I could no longer afford the payments. For three months I called every refinancing company, every home loan company and any other resource I knew of at the time, in an effort to save our home. Because I was on a fixed income and had gotten behind in my mortgage payments no company would touch a refinance unless I could bring it up to date. I put my house on the market for a much lower price than I was paying for it and after another three months when it didn’t sell I was forced out of my home.

During the great depression many families had to move off their land forcefully because of foreclosure and due to this many families had to find work to support their families. The work primarily was in California and people going to California were mainly from the southwestern states. The people coming from these states were called Okies by the residents of the midwest because most of the people were from Oklahoma. The journey that these families would go through would take place on highway 66. This highway was the main path and it had obstacles and hazards to deal with. Hazardous conditions were formed by giant dust storms that blocked out the sun during the day making day turn night in an instant,”When the night came again it was black night, for the stars could not pierce the dust to get down, and the window lights

The foreclosure crisis is a family affair. Usually it is well intentioned parents trying to buy homes that are out of their price range and affordability, so that their kids can go to good schools and be proud of where they live. The source of the problem may lie in the psychology of the way we as Americans think. We cannot allow ourselves to try to keep up with the Jones’, because if we do we will ultimately outlive our financial resources and get into trouble, as so many families are doing. There needs to be family counseling, strict guidelines on what families can borrow, and an all out public relations campaign designed to show what is at the root of the problem, the attitude that I can have it all, instead of “I have what I need

That is a conversation that has happened many thousands of times in the past 10 years. That is normal for me because this conversation is one I had about 7 years ago.