Saving The Nation’s Families From Foreclosure

997 words - 4 pages

People across the nation have been seeing the word “foreclosure” posted up in front of houses more often lately. This particular problem of people losing their homes is because of a recession that the nation is experiencing. Many solutions to solving this problem have been thought of but turned down. A possible answer for fixing this foreclosure issue is as follows: in order for people to keep there homes during this time of recession, it may be ideal to provide the home owners with extended contracts on their homes with lower payments each month, so that the contractor still receives all their necessary payments and the client can still afford to keep their house. This solution will help solve many of the problems such as people buying houses they can’t afford and contractors offering high sales rates. It will also help families like may aunt who move several times just to get a place they can afford. It will also help many people save their homes and keep them from being homeless.
The majority of the nation’s problem in this foreclosure crisis is that people are buying houses that they cannot afford. Everyone knows that when it comes to buying a house for the first time that it’s a major accomplishment for him or her, but some people in the nation do not seem to consider their salary when it comes to buying a home. Many people may say they’ve found the perfect home for them but is it really in their budget? During this recession, it’s most likely that the house is out of their price range, but they still purchase the house anyways. With the house being too expensive, the new client may struggle to pay the rent each month. They may have to cut back on some of their leisure expenses just to pay the bills. People may look for find another job to help pay the bills, but, in the recession, jobs are hard to come across making it still more difficult to make the house payments. To loosen up some of the stress of paying the bills, a possible solution that can not only help pay for the bills but provide more leisure time for him or her is to start a new contract with the contractor, a contract that is extended. He or she will end up having to pay for the house longer but finances would be more affordable, less tension to pay the bills, and more leisure time.
A second problem that may be occurring is that contractors are raising rates too high during the recession. Times are tough during a recession. People are trying to make money so they can have the things they need to survive. Both the contractor and client are happy in the beginning when they are signing the contract because the contractor sold a house and the client bought a new home, but soon the client will find they are struggling make payments while the contractor is still...

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