My Family Is Not A Huge Deal

This has put a major impact amongst many individuals that are currently living in the United States. As I look and view the news about foreclosure and I sit and watch those who are suffering from it, I am deeply hurt and thankful simultaneously.

Too many Americans have fallen victim to the crisis that has become the norm for our citizens these days. Lenders no longer want to work with individuals who have gone through the foreclosure process and for many it is not only their homes they lose. Some have lost their jobs and/or families, others fall into a deep depression and worst of all some have taken their own lives.

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 March 2014 my father opened SD Cars and Trucks, a used car lot in El Cajon. He and his business partner put a total of 250K into the lot and the inventory. This depleted our family’s savings and has forced my mother, father, and myself to find supplementary jobs. Hardly ever home I rarely see my family anymore, due to us all trying to bring in income. Unable to afford the rent on our house, we had to move for the third time during my time in high school. In addition to this, my grandparents also moved in with us.

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 several ways to work around these struggles. The first and most obvious method is to rebuild their credit report. This will make future loan request simpler; and they will have a higher chance of being approved for new credit cards. The second method is to pursue a rent-to-own contract. This pathway is easier for approval due to the fact that most of these types of contracts are done by the owner of the home. The third method is by seeking assistance from the federal government through the HUD program.

Foreclosure in the last couple years has become a well-known word to a lot of young people, and has become more frequent in the last couple of years. My family has gone through the process and it was a very emotional time for us all. The only home my family was able to get into was one that could be rented with the option to buy. Having more homes in the market that have that option makes it not only more convenient, but more affordable for families like mine who have gone through foreclosure.

Renting to own can be a valuable solution to the boomerang buyer with tainted credit. The benefits far outweigh the other options for these buyers. During a 3 to 5 year period of renting a home, an individual’s credit can improve and open up possibilities of homeownership. This allows the potential homeowner time to prove they are reliable. Since a foreclosure stays on your credit report for 7 years the person is going to need a place to stay. With a “foreclosure” attached to their name they will not be able to hop into another house right away. This is the perfect window for someone to get his or her feet back under themselves while chipping away at owning another home.

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

The foreclosure/housing market crash several years ago affected a vast amount of families across the country. Unfortunately, my family was also affected. Thankfully, my parents have not gone through foreclosure yet, but we are all stuck in a house because we are “underwater” (owe more than it is worth). This crisis directly and indirectly affected so many, but thankfully we are all starting to bounce back.

More middle class and minority families than ever are now underwater in their mortgages, and have zero to negative wealth after the Great Recession that followed the 2000 housing boom (Potts 7). Even those who kept their homes saw their values drop due to the declined neighborhood worth. My childhood home’s peak value was over $200,000, but my parents listed it on the market with the hope of selling for just $175,000 when they wanted to move to lower their mortgage. There were never any foreclosures in our neighborhood, the house is in one of the best school systems in the state, and it had a great location, yet the value dropped more significantly than it had in twenty years. This was a situation many homeowners didn’t know was possible

As bad as the foreclosure was, to add insult to injury, the apartment we were moving into had gotten robbed. They stole our xbox 360, our computer, my mother and sister’s tennis bracelets, and three TVs: two small and one plasma. However, the robbers were idiotic; they broke into a window which left trails of blood. The apartment was really messy in the aftermath. We had no idea who the robbers were, so the uncertainty

I returned from my deployment to Afghanistan tan, lean, and anxious about the impending nuptials a few weeks away. During the intervening time, I looked for a house that my wife and I could call home, our own expression of the American dream. I found a brick ranch in a neighborhood that had been built right after World War II—probably to house a family in a very similar situation to my own. I was able to purchase the house thanks to a zero down loan from a local bank, guaranteed by the Veterans Administration. My situation was not a unusual one, but rather an echo of the development of suburbia. The United States was suffering from a severe housing shortage in the 1930’s and despite their best construction efforts, faced a worsening crisis

Participants of the program must be a kinship caregiver (e.g., informal, private, court appointed), homeowner, have proof of payment difficulties (by way of gross monthly income and expenses), willing to participate in homeownership counseling and must work full-time or part-time. In Ms. Reagan’s case, her appointed family’s team is responsible for securing a credit to the mortgage lenders that covers a fixed amount of the invoice. One form of benefit that would be used under this policy is the credit approach. When evaluating the credit approach in terms of substitutability, the approach is effective in that a family is unable to use the credit for anything other than mortgage payments. This approach ensures that for the allotted 6-month time, government funds restricted to its intended purpose in regard to the policy and that the family is able to focus on other issues. Under this policy, eligibility rules would be based on private contract as the state/government would collaborate with various mortgage lenders in order to settle payments. When evaluating the eligibility rule in terms of stigmatization, there is a slim possibility that recipients of the benefit will be judged on the bases of receiving assistance to pay their mortgage, however the positive consequence of being a homeowner outweighs the stigma of needing

Corrine held several jobs, took some classes in community college, and constantly applied for apartment leases. But, she said, she was always rejected because her credit wasn’t good.