The Foreclosure Crisis Of Foreclosure

1391 Words6 Pages
There are many reasons a person can end up in foreclosure. Many people were victims of predatory lenders, whom they trusted to have their best interests at heart. These lenders misled homebuyers and helped them achieve loans for purchases that were beyond their budget. While there are some who may put blame on the individual for buying out of their budget, they should realize most people did not purchase mansions, they simply sought out a home in a good school district; a home that allowed their family to live above perceived poverty levels. Before the economic downturn, it was commonly accepted knowledge that home prices would continue to rise at near exponential rates. If you did not buy a home at the ridiculous price of today, you would end up with a smaller home at a higher price tomorrow. Many felt they had no choice. There are also other reasons a person can end up in foreclosure. Many people have chosen foreclosure, even though they were able to pay their bills with ease. There are 2 primary reasons people have chosen foreclosure over continuing to pay their debt. 1. Emotional: Many people found themselves angry that the value of their homes plummeted and reacted in an emotional way. They decided the banks were at fault and deserved to not be paid. 2. Financially motivated: Many people believed they would never recoup the value of their. They felt paying their current mortgage was unreasonable based on the value of their home. They also felt, should they

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