This website uses cookies to ensure you have the best experience. Learn more

Questions About Foreclosure Essay

1144 words - 5 pages

What is foreclosure? How does foreclosure happen? What is the legal process of foreclosure? Is it inevitable? These are questions that I am sure everyone is asking themselves with this foreclosure crisis at hand. But there is a bigger question on the horizon; can we stop the foreclosure crisis, and who and what holds the key to this problem?
In today’s economy foreclosure seems inevitable. But I heard something yesterday that shocked me, “The recession is over”! And as one with hope and faith for change, I believe it is true. Recent statistics state that due to job downsizing home foreclosures are up to forty-seven percent from March 2007, and up another seven percent from last month alone. At this growing rate home foreclosure will be at approximately eighty-four percent by 2010. These staggering statistics are alarming for homeowners as well as potential home buyers. Now that we know what the problem is, are there any possible solutions? Can foreclosure be stopped or at least halted?
The questions we are trying to solve are how to stop foreclosure and what is the solution; these questions have been rolling around in my mind for a whole week. I puzzled my head, and brainstormed with some of the most intellectual thinkers I know to come up with a feasible answer. Then I realized to solve an almost inevitable event you need a reliable and efficient answer. Now that I know what I need, another problem arises, how do I obtain a solution to it?
The answer did not come easy; to find it I had to find out how the problem began so that when I search my mind over for the solution to the problem it will not reoccur. So, I began my search with the word foreclosure to define what it really is, and what does it mean for the home owner and everyone that is evolved. Foreclosure is defined as a situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.
To accompany the definition of foreclosure there are certain actions or steps that must take place. These are the steps of foreclosure listed by Vision Credit Education Incorporated. Step one of foreclosure is the notice of default, this letter will let you know how much you are behind on your mortgage and how you can catch up on your payment. If you receive a notice of delinquency, this is the same letter and should be treated with a high level of importance just as you would the notice of default. Step two of foreclosure is the notice of acceleration, which means that it is the official notice that your lender wants to terminate your mortgage loan.
The third and fourth steps are sale notice and public auction. Sale notice basically means that your lender has given you a sale date and you have several options you can choose from before they put your home in a public auction. When public auction...

Find Another Essay On Questions About Foreclosure

What is a short sale Essay

2455 words - 10 pages normally occurs when a home owner is about to go into foreclosure. They may be desperate to sell their homes and are doing everything that they can do to get rid of the home. They actually owe more money on the house than the house is worth and are anticipating having to bring a check to the closing. This is not something that they want to do, but nor do they want to go through the trauma of foreclosure. A foreclosure occurs when a mortgage

Solution To The Foreclosure Crisis Essay

1131 words - 5 pages My family has been severely hit by the foreclosure crisis. My mother lost her home in 2005 and my father is having problems paying his monthly mortgage and almost went into foreclosure last month. The foreclosure crisis is not just something you see on T.V.; it has invaded our private lives. What I find most disturbing is the massive amount of bailout funds that were given to big companies that were about to go bankrupt. Billions of

Steps to Solving the Foreclosure Crisis

1276 words - 5 pages Foreclosure is based on two key components: ignorance and greed. Lack of education, living beyond our means, and sheer greed for more money are rampant problems in our country. We have seen it throughout history in war, our churches, our education system, our entertainment industry, our commodities and stock market, and now our real estate. Since I am an investment property owner and have a sibling who lost everything, including his home to

Solving the Foreclosure Crisis for Hispanic Speakers

1097 words - 4 pages it go down or we just sit there and not take action. What kind of action should we take, the government help. “Last September’s TARP giveaway of $350 billion to both healthy and troubled banks did nothing to stop the dual downward spiral of foreclosure”. As we can see the government helps banks and big corporation such as Chrysler car dealer. Let’s do something about it now and tell the government that we need money for the American homeowner

How To Solve The Foreclosure Crisis

1572 words - 6 pages displaced by foreclosure to once again become homeowners. What are the numbers? As an architect who practices and is committed to green building, and an MBA student focusing on sustainability, I have looked into this problem as part of a school project. Research showed that the average price paid for a foreclosed home was about $150,000. Fixing up the house using principles of green design would cost, on average, about $100,000. And finally

Solving the Foreclosure Crisis

2281 words - 9 pages children about spending habits has largely been left to the parents. From recent events, this has now been shown to be very risky as some of the parents themselves are poor planners when it comes to financial matters. The government should institute a compulsory curriculum that deals with spending and investment matters. The curriculum should be set in such a way as to adequately answer the questions that children at different ages may have on the

Exploring the Foreclosure Crisis, and How it Could Have Happened to Me

1288 words - 5 pages reason that I am very passionate about the foreclosure crisis is because it could have been me. In December 2006 my parents and I sat in front of a Loan Officer that prequalified me for a new condo that was $289,000 and my income was only $40,000 at the time. They based the qualification off of undocumented income from my parents .The man was very convincing and told me that I could refinance the next year because the price I was receiving was pre

How To Resolve The Foreclosure Crisis

1287 words - 5 pages and ease of mind for borrowers and lenders alike. Finally, less default will lessen both foreclosure rates for the borrower and financial loss for the lender. When I first signed a Master Promissory Note to take out Federal Stafford Loans to pay for my college education, I was required to go through an on-line counseling session which taught me what loans were all about and what was expected of the borrower when it came time to repay them

Economics and the Foreclosure Crisis

2060 words - 8 pages continually repossess the homes of failed loan recipients. This is an ongoing process, and it shows little hope of significant improvement. As a result, one of the biggest questions facing the nation today is: How do we fix the foreclosure crisis? The truth is, it is impossible to wave a finger and "fix" the problem. This method has been tried in the past; the government grants funding, provides income, and spends non-existent money in an effort to

Solving the Foreclosure Crisis

1104 words - 4 pages What is happening to the “American Dream”? Why are low and middle income people loosing their homes? All of us must ask ourselves these questions and look for a solution of this problem. Americans are loosing their homes at rapid rates. According to the Highest State Foreclosure Rates slideshow, the highest state foreclosure rates recorded in 2009 were in Nevada at the rate of one in every 119 households. Florida’s foreclosure rate was

Solving the Foreclosure Crisis

2520 words - 10 pages about. Making sure Americans can continue to live the American Dream now and for generations to come. Sure, capitalism can be messy sometimes. And, of course, there are still a lot of questions about the NHME that still need answering. But as long as we think like gophers, we should be okay.

Similar Essays

How To Solve The Foreclosure Crisis

1359 words - 5 pages . Troy also asked that I contact him if I had any further questions or problems. I continued to make my payments on the Modification. Now, nine months later, I have an attorney with Idaho Legal Aid and the issue is still unresolved and Troy Forest can no longer be reached. The process of working with a bank to save a home from foreclosure is exhausting for a person. I can now understand why homeowners walk away from their homes. My attorney

History Can Repeat Itself: Solving The Foreclosure Crisis

1683 words - 7 pages about to close because municiple funds cannot afford to keep it open. If these New Deal programs were put into place, the jobs from the state funded programs and parks could be provided for the out of work looking for employment. These programs will help create jobs and help American citizens to earn more money so they can pay off their debts and avoid foreclosure. The second prong of the “New, New Deal” would be to create new programs and

The Foreclosure Crisis Essay

1379 words - 6 pages The foreclosure crisis has become a wave, afflicting neighborhoods of every type. This problem must be addressed before it ruins more families, neighborhoods, and bank accounts. There are several things the United States government can do without notably adding to the ever-increasing budget deficit. In the first section of this essay, I will propose following New York’s Governor David Paterson’s method of dealing with the foreclosure crisis

Foreclosure Crisis: A Lack Of Knowledge

1129 words - 5 pages population, it will definitely have the highest level of risk for most people in the population. Risk will be inherent in any investment as no one can be certain about the future; however risk is maximized by ignorance and minimized by knowledge. It is ignorance that has led to ill-advised home investment during the foreclosure crisis, and it is only by alleviating ignorance and education the population on real estate, along with other facets