Foreclosure is a topic that is very near and dear to my heart. I must admit that it happened to me and the experience was life shattering. Like many first-time home buyers, I was ecstatic to have a home to raise my children in and to hobble up the stairs in once I reached a more mature age. However, I that dream fell apart after I lost my job as a manager and my husband left me. I was now stuck with a mortgage that I could not afford and I was paralyzed with fear. After failed attempts of finding a renter that would live full-time in my coastal town, I lost everything. I was overcome with shame. I moved as far away as I could from my beautiful home and resigned myself to a life of grief as my credit score plummeted into a seemingly bottomless pit. It have been five years since the foreclosure, and yet I still feel the absence in my heart of my family home. Though the experience has been traumatic, it has also been enlightening. I still yearn to own a home that I may one day grow old in, and hopefully pass down to my son. I know that millions of other Americans have experienced a similar hardship and are undergoing the same emptiness and grief that comes from losing a home. The light at the end of all this is that home ownership is possible again. I personally have been given a myriad of messages as to when I can buy a home again. Some have told me that I can buy a home again in as little as two years through a VA loan, others have said I must wait seven for another loan.
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
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.
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.
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
The foreclosure crisis that took over the United States a few years ago left many people facing economic hardships. This crisis happened because there was a huge housing bubble that was unsupported by actual home values. The bubble began bursting in spring of 2008 and the crisis culminated in mid-2009. Many lenders went out of business and many home owners began losing their homes. When the government became aware of this problem and began to implement new programs, it was already too late for many homeowners. Those homeowners are not at a point where they might be considering buying a new home. The housing crisis has created new rules, regulations governing the mortgage industry, and has also created a new agency dedicated to consumer protection. This consumer protection agency is called the Consumer Finance Protection Bureau. These dramatic changes have helped to create more responsible lending. The improving market conditions such as low housing costs and competitive interest rates are allowing those affected by a foreclosure to become homeowners again. Prospective buyers have a multitude of programs available to them, so even those with less than clean slate have several options.
For the last several years, the one issue that has been bringing the United States into a state of trouble that it has not been seen since the great depression has been the monstrous Foreclosure problem. Thousands of people have lost their houses. Thousands of people have faced the dangers of debt and chaos. Thousands of people lives have been ruined because of the mistakes that Americans have done in this nation. In order to solve the problem, one must take a look at how it started and how this depression began. Around eight-nine years ago, the market in housing caused many people to chase after it. This caused a mistake of creating a domino affect that has hurt banks from lending out the high amount of money to people and finding out
The desire for home ownership is something embedded in our DNA. Claiming property and owning a house is a critical part of the “American Dream.” Home ownership represents more than just a place to rest your head at night. Your home is the environment that serves as a setting for your journey through life. It’s the place of your children’s first steps, family birthdays, barbeques, amongst many other significant events. Your home is the backdrop that describes you and your family. Although many American’s were financially hurt by the trillions lost in the home equity market during the housing bubble, there is and will always be a desire to own a home. The most vital part is that American’s who lost their homes during the crash, learn from their past, so that they do not repeat a foreclosure.
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.
potential homeowners to purchase their own homes. Loans that had at one point been impossible
Foreclosure has hit so many people in the U.S. that now people feel like giving up. America is known for pushing forward and fighting for a better tomorrow, but now it seems like that tomorrow is only going to get worse. Fighting foreclosure starts in the home with the family. The parents are the ones needing to be a light in the children’s eyes and showing them a good way of saving could help them also in the future by not making any mistakes with their credit. Jobs are scares but getting any job period could allow some of the debt to slowly fall off. Even if it comes to having to sell your house, doing it the best way can only helps your credit which will help you in the long run when you are in need of buying another house. Letting go
The foreclosure crisis in America has impacted everyone- even those who don’t own homes. Our nation is currently struggling with high unemployment, a relatively illiquid credit market, and a deficit that raises serious concerns about the value of the US Dollar in the not too distant future. With interest rates already at historic lows and the government pursuing an unprecedented policy of quantitative monetary easing, options for government intervention are limited. While there is no simple solution to this problem, I think that we must look at the reasons the housing market went into crisis, and based on that develop a regulatory system that will allow us to avoid another situation like this in the future. If Americans believe
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
Brooklyn, NY – December 30, 2009 Foreclosures continue to rise drastically across the United States due to the recession, and have effected, and continue to affect thousands of families and individuals every day. One aspect we must take into consideration is that most people are not informed of what foreclosure means, or the process, even those who are homeowners. I believe that one step to preventing foreclosure is to educate first-time homebuyers. In addition, first-time homebuyer programs should not only assist potential buyers with financially preparing them to buy a home, but to keep the home once
The foreclosure hit bad on many people’s homes and one of the victims was me and my family. We had already lived in the house for about seven years and we still got kicked out. There was an amount of pressure on my parents looking for another house for rent. It was hard to leave our home because my parents had already spent a large amount of money fixing the house and making it pretty, and knowing that the money will now be lost all because they didn’t have enough money to catch up to the house price. The hardest thing was thinking that my two year old nephew would not have a warm place to live in. After the time came to leave the house we went on to rent and I hated it because the rent was too high and it wasn’t our home. Moving all our stuff from one place to another was hard. The rent-to-own option for me and my family was never mentioned in other words we didn’t know what that was so we never had that option in mind.
In 2006, my family was struck with the eighteen wheeler carrying foreclosure. We were a small family of three, with a new boxer puppy just starting out- not even eighteen months after purchasing our first home. This was a home that we rented and I grew up in, in the down stairs apartment. I knew the land it sat on and the neighborhood it was in. When our landlord said he was selling, my father and step mother took the great opportunity to buy a home, with great value as a two family. However, because of my father having to have a spinal fusion, losing his job because his employer went bankrupt, becoming addicted to painkillers, and renting to family: we lost our home, dignity and security.