Solving the foreclosure crisis is not an easy quest. In order to solve the crisis, it will take everyone getting involved. The banks and other lenders need to be willing to work with people who have been in their homes and need to have their loans restructured or refinanced. There should not be any more QUICK FIXES. Too many of the lending institutions are trying to put a bandage on an open wound. Instead of working with the homeowners, they are willing to put the residents out of the homes and think
In order to solve the foreclosure crisis, first we must identify and examine the reasons why people are going into foreclosure. The unstable economy which has led to the loss of thousands of jobs is the most obvious reason that people are foreclosing their homes. Without a stable and sufficient source of income, it is virtually impossible to pay back mortgage lenders. The first step we should take to solve the foreclosure crises is to create more jobs so that people can pay their mortgages on time
The foreclosure crisis has hit America exceptionally hard these past few years especially in California where the housing market is at its worst. California is also the worst because it is home to a lot of the most expensive properties. People are walking away from their homes because they cannot afford the mortgages or loans that they took out on their homes. The lenders are also to blame for this because they did not thoroughly look at them borrower’s credit and income to ensure that they would
Some measures that have already been taken in the foreclosure dilemma include a tax credit for first time buyers. This tax credit creates an incentive for younger people to purchase properties. In order to help this crisis, incentives need to be created to allow people to purchase and maintain payments on their property. Lenders also need to be given an incentive to take a loss and sell some properties. Creating incentives will allow the housing market to recover. If the current tax credit
It is a well know fact that the world is in a financial crisis which has resulted in the foreclosure crisis. This is a problem that can not be resolved by the government alone. If the government continues to hand out bail out money to businesses trying to help them avoid bankruptcy or from going out of business the national debt will continue to increase. The national debt will have to someday be paid off and if the government continues to borrow money the result will be higher income taxes paid
The foreclosure crisis, which tragically happened several years ago, stole away the homes from countless Americans and left them high and dry. These Americans were not even neglecting to pay for their mortgage on purpose; the economy took a drastic downfall and took all of those unshielded Americans with it. Now, these Americans are left with many questions that are unanswered – until now. They still have the chance to improve their credit, test out their dream home, and thrive in the current reasonable
The current foreclosure crisis that our nation is experiencing has become a great hardship on many people in America. People that have lost their jobs due to cut backs, people with families for whom they need to provide shelter, people who are otherwise very responsible but have been put in a position from which they cannot escape, these are the people that are suffering. Normally if one could not afford to make payments on their mortgage, there would be ways for them to refinance their mortgage
“Foreclosure filings were reported on 336,173 U.S. properties in June, the fourth straight monthly total exceeding 300,000…” 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.
The current foreclosure crisis is affecting everyone in this nation. If people are not experiencing the crisis firsthand, they hear about it through family, friends, and their other social networks. Nonetheless, it is impossible to escape because the media is constantly showing coverage about it. People are becoming more aware and seeing how expansive the impact is through television, internet, print, and radio. Americans are quickly realizing the impact the foreclosure crisis is having on the
One way to solve the foreclosure crisis is to actually foreclose on every homeowner’s home loan, including the homeowners in bankruptcy, pre-foreclosure and post-foreclosure. The credit report of these homeowners should read as a recession in 2009 and it should not lower their credit scores. The banks should then match the previous interest rates to the interest rates of today and appraise each home and property at the value that it was assigned by its local tax assessor. By doing this it will