I read an article about America's foreclosure problem. About 6 million families could be facing foreclosure in the next three years. Recently, we've heard a lot about trying to help people stay in their homes with President Obama's $275 billion foreclosure-prevention package, but like the article said, it hasn't came through yet. NeighborWorks, an organization that helps out in community development said they were having a hard time tracking those that have already been foreclosed because in the past they had just focused on prevention.
A representative for that company says there are two types of people-those who lost their homes because they were unable to keep up with payments on poor mortgages, often with interest rates that were too high or those who are unable to make mortgage payments because they've lost their jobs. This crisis has increased the number of homeless people and those who must live paycheck to paycheck.There is some financial aid coming to those victims but NeighborWorks says it may be too late.
I couldn't imagine losing my house and we have been lucky not to, but it seems like my family has been living from paycheck to paycheck for years. I don't live in a house with a mortgage, because we couldn't afford it in the first place, but I'm scared that the job market is so bad that we are in danger of losing what little we do have.
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I think this was a great article. I agree that this is a serious problem, there is alot of families that live paycheck to paycheck. This makes the "American Dream" out of reach.
ReplyDeleteFrom the way I understand the bail out is if we had bought a $400,000 home in the past year we would be ok because we would be in the bail out package. It seems its the people who lived sensibly that are getting the heat of all this. I agree with the prior comment...the "American Dream" seems to no longer exist and was just that...a dream. Good article.
ReplyDeleteThats very true. Its scary almost.
ReplyDeleteIt is so upsetting that people are loosing their homes. It is a major crisis and I think they need to focus on this crisis and get the plan moving. It is sad to see people lose all they have ever had and the poor children who are going to lose the memories they have in that house. It is time to take care of US for once.
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