The Faces of Foreclosure
Each day many homeowners receive a foreclosure notice all across the United States, effecting not just neighborhood but from the inner city to middle class, and even the quite wealthy areas.
Many of the foreclosures have hit young families, first time homebuyers and middle age couples.
So, who’s to blame? Everyone is pointing fingers at each other from the homeowners who got a mortgage that was too big for them, the mortgage brokers who made big money selling adjustable rate mortgages, then there is the banks that seemed to be very quick with approving loans and some blame the government for not providing enough regulation to keep harm away from borrowers.
Unfortunately, blaming someone at this time will not resolve anything, at least not tomorrow. The foreclosure crisis has changed America. Currently the banks are finding it easier to hand over a package to foreclosure attorneys to get the banks moving forward. Many of the loans have PMI insurance which protect the lender so the lender is not afraid of taking a loss at foreclosure sales.
When a foreclosure runs its course, the family must leave the property and move on. Many times they have nowhere to go and the number of homeless families is on the rise shifting the housing burden to American taxpayers. The foreclosure properties become empty homes in nice neighborhoods, unfortunately increasing vandalism.
