The Foreclosure Crisis Essay

1137 words - 5 pages

Everywhere you look you see homes being foreclosed. On TV you see shows displaying the way buyers are benefitting from “short sales” of foreclosed homes. Commercials on radio programs give an 800 number you can call to get listings of foreclosed homes in your area with payments as little as “$120 a month!” No one ever thinks of the owners of the house they are fantasizing about living in. The reality is that families are being put into the streets with nothing, and the government, banks and community are just waiting to pounce on the only thing they had. Many families were in these houses their whole life, and lose the memories of family holidays by the fireplace, family dinners in the dining room and being read bedtime stories by their parents when they were children. Unfortunately, there is no solution to help these families in their time of need. I have thought long and hard about a solution to this problem, and although I could not solve all the problems, I have figured out how to help these families get back into their homes.
In many large cities, I want to convert abandoned buildings into 150 family transitional housing units. These buildings would primarily be for the middle class because these people are the most affected by foreclosures. These buildings would be made into two and three bedroom apartments and would have mandatory classes twice a week on topics such as financial planning, counseling services, transitioning back into outside life and insurance. All the topics would be relevant to their housing issue and would also help them stay positive during a time when they may become depressed. The rent for the apartments would be minimal, and residents will be forced to match the amount of rent in a savings account each month. They will not be able to touch this savings account until they leave the housing unit, and the amount will be put towards money owed on their home and future mortgage payments. For those families who are unemployed, they will have to submit their resumes to at least 4 jobs a month. As long as they follow the requirement, they will not have rent due, but will still be forced to save a minimum amount based on any income they may have. Since many unemployed people no longer have insurance, their families will be put on medical assistance through the government, ending when they regain insurance, or three months after they leave the housing unit. There will be onsite daycare, laundry, 24 hour security/receptionist and a business center in each housing unit. Since some families have children who are school aged, there will be busses to take them to nearby schools, although their parents can opt to keep them in their home school, if the housing unit is outside of their district, as long as they provide their own transportation to the child. All residents who enter the program must stay for at least six months and must abide by the rules of the unit, and weekly classes and savings plans are mandatory.
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