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How To Stop Foreclosure Essay

1216 words - 5 pages

The best way to stop foreclosure is, to start treating people in foreclosure with respect, dignity and showing compassion to them, by reaching out with a more stream lined approach, based on a personal, financial, and attention to detail of the true crux of their given needs. The true reality is never addressed at the individual’s basic needs. It seems everyone is just lumped into this big vicious circle of a treadmill that keeps running in a gigantic depression of reality. The banks now hold a lot of the assets that are in foreclosure. If they would take a more humanitarian approach and create loan programs tailored to each home owner’s current incomes and economic status a large portion of these foreclosures could be manipulated where the homeowners would be allowed to stay in their homes. For example the customer service departments could be geared to provide training to their employees on solving the problem instead of putting fuel to the fire. The training they should be giving the employees is how to show empathy and giving them latitude to solve the problem. They should be coming up with innovative ways to re-finance, and restructure the loans and bending over backwards to allow the failing loans to be corrected. If they would institute a plan of say, five new ways to refinance based on current income, family size, marital status, interest rates and a realistic approach that we want you to keep your homes, the general public would be much calmer. The sad state of affairs is that there is no empathy left. No one has personalized the process with regards to helping folks save face and telling them it is ok and it is not there fault. We are here to work with you to reach a resolution that is good for you and for us. There always has to be a give and take situation. From my standpoint I do not see this transpiring.
This all basically started when someone started telling people they could afford more they earned. The real estate agents, the brokers, the mortgage companies, and the loan officers are putting people into homes that they knew where over their budget. Instead of looking at a home buyer as solely a commission check and not as providing a service to someone who needed a truthful representative during their home purchases. The people in real estate are not honest, caring individuals as they should be. As we know, most people do not have a clue, about how the real estate industry transactions work. The potential buyers all come with big eyes and belief the real estate people that are leading them around in their $6000.00 tax write off cars are looking out for their best interest. When they are really frustrated with the buyers and cannot stand to take the time to educate the buyers as they go through the process. It should be part of the moral code where the real estate industry must educate the buyer on certain parameters before they can engage in the selling process. It would be similar to buying a HUD home where you must...

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