Foreclosure Essay : The Foreclosure Crisis Essay

Decent Essays
FORECLOSURE. What? Wait? Foreclosure? I knew we were behind but lose our home? What are we going to do?

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. You get married and you both have great jobs, owning a home is of course the next step. Right? Not always. We started a family and looked at home ownership as a dream that could be our reality. Owning your own home is the American dream, right? We can get a mortgage for 30 years and then when we are older and ready to retire we will have a paid off house. That is a GREAT idea and what everyone does. We weren’t sure of the process, and we had bad credit, so we contacted a home mortgage company to see what we should do to get started. After taking down our income, savings, and needs, they proceeded to put all the numbers in their handy, dandy calculator. The man looked up and told us we could quality for a loan of $200,000. We looked at each other and thought…oh, yeah we are going to get a massive home. Our dreams had come true! We were uneducated on the process or the specifics of the loan or anything involved in the transaction. He just told us we could get this house and we said great! We didn’t have any down payment because we could never save for one and I thought that might be a problem. Guess what? No down payment…no problem! Great! What are the payments? After loan interest,
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