The Economic Crash Of The Late 1960s Severely Affected My Family

857 Words Aug 22nd, 2014 4 Pages
The economic crash of the late 2000s severely affected my family. We moved to Spanish Fort, Alabama while the market was up in 2005; when the market crashed, we could no longer afford our mortgage and the house wasn’t worth nearly what we owed. My parents were forced to file bankruptcy after foreclosure notices, and we were forced to move- a huge financial lesson learned. As a result of my experiences, I rarely loan any money, avoid all credit cards, and am currently only in debt with my college education. Even with income cut in half by my mother’s recent disability, my family has bounced back, and it wasn’t nearly as hard as most people would expect. It just takes a little management. The market for “boomerang buyers” is astronomical, and the real estate business is a huge market to buy into. If done properly, depressions are the best times to buy real estate, and it’s an idea time for those who can’t purchase property to rent until they’re capable of excelling.
Renting to own is a viable option for many financially-stricken Americans by eliminating the high costs of down-payments. Renting to own allows the seller to lock in a sale price while renting to another party, usually a small amount higher than a mortgage, but it allows the buyer to rent the house under contract until ready to purchase. The process keeps the seller from paying multiple mortgages without income, and it benefits the buyer by giving a viable alternative for home ownership instead of traditional…
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