Economics, we as a group have responsibilities to ensure there are checks and balances. The statistics are over whelming. Who should be foreclosed on, who are making an attempt to continue payment? Lenders whether they are a bank or mortgage company need more compassion not greed. Are the homeowner’s really bad people or people of misfortune? What are the available options, where can a homeowner go to receive them? Those who are irresponsible, non responsive should be held accountable to go forward with foreclosure and commend those who are responsive and responsible with compassion.
Becoming unemployed is humiliating enough, and knowing you need a roof over your head to receive the food, heat, water you need to make the impression it takes to be hired for those few and far job opportunities that 30 other people also applied for. Everybody is feeling the crunch. Companies are downsizing and not to even be sure they will be there in three months. This leads to layoffs, increases in unemployment and if we are lucky enough to have a retirement we take out the money to save what we worked hard for. Withdrawing a retirement does come with a price, but if you are homeless by the time retirement comes, it is very hard to come back. You take retirement to lower or pay off debt payments for the month. Yes!! Pay off that credit card, the line of credit, your auto loans any outstanding debt you may have knowing your retirement could not cover the entire mortgage, start eliminating other debts and fear when the money is gone where are you going to get more. So now you have taken out your retirement and due to this, you are no longer available for unemployment services, you appeal, could take 6 weeks, there is another month behind on your mortgage, water, gas, food. You really find out who your friends are when it gets to this point, even then you know they are as financially strapped as you are, unless they are fortunate enough to still be employed.
The occupation you have known for many years is minimal, very little opportunity available. Thinking back, way back….yes, I flipped burgers 37 years ago, I can do it again. I hope they don’t need speed, that 23 year old could beat me at cracking an egg. Paper route, yes!!, I can, I am use to rising early, oh wait we have internet who reads the paper anymore, less than 50% maybe and those paper routes are 35 miles away from home. Is the rate of pay enough to pay for my gas? I can’t bicycle in mud, would need a new bike, my three wheeler just might make it with the weight of the papers; I could follow my tracks out in bad weather. Can my health handle the peddling? Have no choice, need to keep my home so I can recover from my sickness.
Look at those who have continued to contribute to their mortgage, it may not be a payment in full, but at least IT IS a payment. So they are not consistent, but it does make it there,...