Personal Narrative Essay: Solving The Foreclosure Crisis

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 these days of economic upheaval, rising unemployment, increasing bankruptcies, and car and credit card loan defaults, perhaps nothing is more frightening than the rising rates of home foreclosures. Owning a home has long been considered the cornerstone of the Great American Dream, and now for many that dream has turned into a nightmare, from which there seems no escape. The combination of predatory lending practices and consumers who have for to long lived beyond their means has created an escalating problem. Unfortunately, there are no easy answers.

Generally, I had a positive outlook toward life in junior high and high school. I had great friends, teachers, parents, and teammates that supported my life goals and decisions. I thoroughly enjoyed my hobbies and practice to get my mind off of school. When it comes to Marcia’s identity statuses, I would say that I was in between identity foreclosure and moratorium. In junior high school, I basically participated in the activities and life choices that my parents and family thought were best, so I would consider my status to be foreclosure. If my parents wanted me to contribute to specific organizations, then I would because I did not want to upset their thoughts and opinions. In high school, I began to research and look into my own career choices, so I feel that I was in the very beginning stage of

From what I can understand about the foreclosure issue in this country, it is partly due to the fact that many people get trapped in these adjustable rate mortgages (ARM) and when their rates increase, their mortgages will go up, and they are no longer able to afford their homes. Another reason is because of the mere fact that so many people have lost their jobs. Although this crisis may not be solved over night, I do have some ideas as to how this country can cut down the number of foreclosures that occur.

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.

Due to the recession that is currently taking place in the global arena today, the United States has concurrently become affected by a foreclosure crisis. In order to fix the economy and prevent future recessions, the United States must develop a plan to regulate foreclosures. To decrease the amount of foreclosures the United States has by providing financial support to homeowners. The Obama administration must persuade banks to provide assistance to families that are unable to fully meet their mortgage expectations. This may sound simple enough but foreclosure rates have gone up significantly in 2009. The government must also provide assistance to homeowners. Families have to leave their homes

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.

Foreclosure, the process of claiming the defaulted property to cover the cost of an unpaid debt, has hit America like a tidal wave. Considered to be a crisis and a major factor in the poor economic situation of today, there is no doubt that the current state of the housing market and the influx in foreclosures across the nation has had a dire impact on the American economy since the beginning of 2007. Strategies, policies, action plans, and all other means of organizing a recovery have been attempted, but to no avail. Not even Congressional legislation was able to revive the stalwart economy (although the legislation was not specifically targeted toward foreclosure practices or policies). The plain and simple truth is that no matter

Crash! I stand a couple of feet away inspecting the damage in shock. I can’t believe this is happening! I look over at Mark who shares my same expression. The tree had fallen straight through the roof. Even though the tree wasn’t that large, it still managed to crash right into the living room. I stand waiting for what fate has in store for me. I have made a huge mistake, and it all goes back to this morning.

Imagine a young couple was married and bought a house together. They were happy they made an investment together that they would never regret. A few years later, the company the husband worked for suffered critically by the recession and he was one of the hundreds of people who got their job cut. They now have two babies to feed and have to choose between food and the mortgage. They soon began to miss their monthly payments. They waited until things became unbearable to negotiate the loan or an extension to repay the bank but their efforts failed. Another family had a home, they had an adjustable rate mortgage, the two year introductory rate is almost expired and the payments are nearly impossible

The current issue of home foreclosure is based off of a long series of bad loans to people who were not able pay those debts off. Based on nightly news reports over the past year, it appears that the majority of these foreclosures are on very modest homes. My solution to this problem is to invest in those homes using green technology.

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.

In order to solve the foreclosure crisis it is necessary to understand what caused it and how it developed. After September 11th the government was worried that the already present recession would amplify due to American fear and economic instability. The Bush administration and the Federal Reserve established sharp cuts on interest rates to propel the faltering economy. As a result we saw the lowest interest rates in decades. These low interest rates made it easier and more affordable for people to become homeowners. The demand for houses increased and housing prices skyrocketed faster than people’s income. Thousands of new mortgages were packaged as mortgaged backed securities and CDO’s, which sold to Wall Street for hungry investors

It does not take much attention focused at the media to see that our great nation is struggling economically. One of the major contributors to this current economic meltdown is the rapid increase in foreclosures across the country. The country’s immense housing crisis can be addressed by referring to not only the accumulating irresponsibility of the individual American loan borrower, but also the growth of greed at the corporate level which led to the financial market’s negligence. To stop the spread of this issue we should look at closer government watch of the market and specifically focus on consumer education.