Foreclosure Crisis Essay

In the United States we face many issues such as poverty, death, health, and many others. But the issue that is currently effecting society the most is foreclosure. What is foreclosure? How has it effected society?. The definition of foreclosure is a legal or professional proceeding held by a lien holder which is a court order termination of equitable right of redemption amongst housing properties. Foreclosure has not just effected us financially, but has effected society physically.

On Monday, I went to the local Crossroads Baptist Church, located at 850 Edwards Ferry Rd NE, Leesburg, VA. This was my first time experience as I am Hindu and my parents never exposed me to any churches. Dr. Kenneth K. Baldwin was the pastor at the time I went. Luckily, I got the chance to speak with him after the service. After our brief conclusion, I realized that he had a great vision for his church and is leading it to success through his passion. I sensed his passion for preaching and religious beliefs as they were evident during the service. Despite this being my first visit to a church, I learned a lot of valuable things about churches and Christianity.

It is evident that the housing deficit is just a layer of the many problems we are suffering from during the hard times in our economy. Foreclosure is indeed a horrific word that is haunting homeowners across the US. Because of the situation in the current economy, millions of Americans have been plagued by foreclosing on their homes and are left to find new location for themselves and their families to live.

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.

The foreclosure crisis that devastated our economy several years ago not only impacted the middle class wealth but also the upper class wealth. The upper class families who were not prepared for this crisishad to downsize their primary homes or utilize their investments and savings to keep their properties. The middle class families were hit the hardest during this crisis with losing there homes, depleting their life savings and investments. The middle class families who were forced to foreclose on their homes due to their loss of income and financial security moved into rental apartments or moved to a family members home to regroup from this crisis. Areas that may have added to foreclosures or short sales were the lost of many jobs due to a corporation downsizing of their employees, or the over appraising of a property if the property was appraised higher than the true value or what a buyer was willing to pay for the property. Homeowners were forced to sale their property at a lower price if the homeowner was in the process of a divorce, relocating for a job or foreclosing because they had fallen behind on their mortgage payments.I have seen circumstances where certain peoplelived above their means by spending more for a home or nonessential items like luxury vehicles they couldnot actually afford to pay.

The pastor, Mitch Maloney, is the long time senior pastor at North Cleveland and has a very distinct style of preaching. It’s classic preaching that is heavily rooted in scripture, is pentecostal to the core, and features the occasional conservative political opinion. It appeals strongly to the older generation; however, Maloney has the ability to draw in attenders of all ages. This can be seen by the large number of Lee students in attendance every Sunday morning. Sunday morning evangelism is very “churchy”, but that should not carry a negative connotation due to the fact that North Cleveland is indeed a

and helping with holiday meals like Thanksgiving dinner. My Mother was on disability, so I had

The Lord has called Brother Edward Wright to be your Pastor and Teacher here at Cedar Grove Baptist Church. He has been called by God and recognized by you, the congregation, to be your under-shepherd. He has a high calling from God to lead you and to love you and has an even greater accountability for his service here to our Savior in the Day he stands before Christ.

Record high unemployment, declining home values, and a recessionary climate have plunged the housing industry into a downward spiral. It started with lenient mortgage guidelines that allowed millions of people to achieve the American Dream of owning their own home. Eventually they ended up living beyond their means. Adjustable rate mortgages came due and realizing that they could not afford the jump in mortgage payment, homeowners began to put their homes up for sale. There weren’t enough buyers to keep up with the supply, and mortgages began to go into default. Families across America were faced with the reality that they could no longer afford to keep their homes, and foreclosures began to flood the market, leading the nation into a

As the saying goes, history repeats itself. The Great Depression is a time in American history that will always be remembered as a time of hardship in Americans’ lives. The goal: to never have such great oppression exist in the United States again. With the way the economy is headed today, many people are skeptical as to whether history will really repeat itself and create a new Depression. One of the biggest problems in the country today is the foreclosure crisis. Many Americans are living outside of their means or have lost their jobs and are unable to make their mortgage payments. When people can’t make their mortgage payments, they will lose their home and their family will be out on the streets. There are definite changes that need to

The foreclosure crisis is a problem disguised as many smaller problems: political, social, and economical issues to name a few. Just like there are several conditions that need to be present in order for a hurricane to form, several things need to come into play in order for foreclosures to persist. The economy’s generous desire to supply every family a home through zero down payment mortgages, the aspiration of a social classes’ need for status as being homeowners, and a city’s political structure’s greed for their cities to grow; are all in good intentions. But to sustain people in a city with a home and a healthy loan will require us to break down our old ways and construct a better method that will still allow families to own their own

One of the major issues in our economy is the issue of foreclosure. With our rapidly dropping economy keeping a home is a difficult task for many home owners. Also with the increasing unemployment rates, many people are losing their jobs, and no house payment can be kept up with only an unemployment check. There are many existing ways to decrease the occurrence of foreclosure but also many ideas that have not been heard.

Everyone has heard the news on the current deteriorating state of the economy, the severe credit crisis and the declining housing market. Fox, CNN, MSNBC, other news outlets and even the President remind us of our pain daily. The people's fears and perception have now become reality. Home foreclosures are at an all time high even in my neighborhood in Jersey City with many more foreclosures likely to come. The unemployment rate in Hudson County, New Jersey is growing daily and is the highest it has been in many years. Housing resale values are at all time lows with no end in sight. Even the banks are going bankrupt as are many Americans who no longer qualify for credit.Because of the recent credit crisis, many people don't qualify for a new loan to buy a house right now, despite the incredibly low housing prices.

The United States economy has been in trouble for the past couple of years. The foreclosure crisis is a condition that began due to the inability of homeowners to pay their mortgages. Foreclosure is a legal proceeding whereby a lender obtains a legal termination of a debtor’s right to redemption. The foreclosure rates have been increasing for a considerable period and certain steps have been put into place to solve the problem. While the government, financial institutions and the general public are highly aware of the crisis, the steps taken to combat the problem are still not sufficient as the foreclosure rates are still increasing.

Out of the nowhere, a few days before Christmas, my husband was jobless. While nostalgic holiday music bombarded the airwaves and frenzied shoppers and travelers jostled to check off their lists, my family watched in longing and dismay. We were told our last paycheck was due mid-January, then we were on our own. Our collective angst intensified since soon after that paycheck hit the bank, our car crashed, taking it off the road for months to come. As a result, we were stranded in the suburbs with no transportation and without a job to alleviate the situation. Fortunately, we were rescued by kindhearted friends who stuck with us throughout the crisis.