Solving the Foreclosure Crisis

Solving the Foreclosure Crisis - Alireza Ghoorchian...

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Alireza Ghoorchian Professor: Anna Wheatley Week3 Solving the Foreclosure Crisis Our nation today has become spoiled with instant gratification. Loans and the borrowing system have given the idea that patience is no longer a virtue and that saving is no longer necessary. Material wealth is increased, but so is the idea of false wealth. People have become so bloated with it; therefore they take on more than they can afford. That is what has happened with our nation’s recent wave of foreclosures. Loans have led everyone to believe that they can own a home and it has omitted the practice of saving. That is where the beginning of the solution lies. Our nation’s people need to relearn the value of patience, therefore we need to learn how to start saving again because although loans may pave a way toward homeownership, it is not valued as much compared to someone who has saved for a home. Foreclosure is defined as “The legal process by which an owner's right to a property is terminated, usually due to default” and it “typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.” (Foreclosure 1). Ultimately, it begins when the owner of a home is unable to make the required mortgage payments every month; therefore the
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homeowner falls in to default. The borrower receives a notice of default, which warns that legal action will be taken soon. In most cases, one may not know what to do, and the only “solution” available may be to walk away, or let the bank take the home. Foreclosure was at it’s highest during the summer, with “one in every 355 U.S. Housing units” receiving a foreclosure filing in July. Also in July, “For
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Solving the Foreclosure Crisis - Alireza Ghoorchian...

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