Implementing A Short Term Project And A Long Term Plan To Solve The Foreclosure Crisis

1256 words - 5 pages

For hundreds of thousands of homeowners across the United States it is increasingly difficult to believe in the guarantees of life, liberty and the pursuit of happiness as the American Dream of homeownership evaporates along with jobs, retirement savings, college funds, and home equity. It is time to take action so that many Americans can save their homes and would not face the dreadful reality of being kick out of a house they had own for years. The most probable way to solve this crisis is by having a short term project and a long term plan.
The immediate plan shall be used to help the homes that are already foreclosed or on the brink of foreclosure. The long term plan should be focused on future homeowners so that such a crisis never occurs in the future. It would indeed be unjust to throw out families that have been living in the house for 10-20 years. Hence, the property that has been foreclosed should not be auctioned but rather rented to the same family. Most of the time this rent is cheaper than the mortgage payment thus leaving a family safe without the risk of becoming homeless. However, this leasing of the property should not be concurred if there is a possibility of loan modification. Hence, every family that fears that there might be a chance of them falling out of payment or would not be able to make payment for next month; they should immediately contact their banks/lenders. Most of the times lenders will be able to help out a new and convenient plan for the borrower without the risk of losing his/her home. If the lender is unable to be of assistance and if the borrower feels that there could have been a better loan modification then the best option is to go to a home counselor, who is available in every state. Home counselors help those families who feel that they would not be able to make the mortgage and would be falling behind. One thing the borrowers need to know is that there is nothing to be ashamed of but rather fight for their homes. The economic downfall has affected everyone and the government cannot give relief to each person like it gave to the banks. Thus, it is necessary the borrowers stay focused and get help from anywhere possible. Moreover, there is a lot of non-profit housing counseling available and the government has started a hot line HOPE that can help out borrowers in all ways possible. Usually through housing counselors and with the lender’s help a new mortgage plan can be set out and the home can be saved. The problem comes when people fail to act and ignore the calls from the banks. It is highly against a borrower to do such an action as the borrowers gets into more trouble and it becomes harder for the counselor and lender to work out a more flexible plan. Thus it is necessary to promote such non-profit counseling. This can be done by the lender/bank as well. The lender should tell the borrower to consult them if he/she fears to fall back on payments. The lender should try to work out a solution for the...

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