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Solving The Foreclosure Crisis Essay

1026 words - 5 pages

This essay will clearly state a solution to the foreclosure struggle from which this nation is currently suffering. This plan to impede the extremely rapid rise of foreclosure rates in this beautiful country requires not only the work of businesses, but the work of the people as well. Since this problem is affecting the country as a whole, we must join together and act as one country if we are to have any hope of winning this battle against rising foreclosure rates. The first step of this plan to decrease rising foreclosure rates involves the people. The people must be aware of and take into account their financial limitations. The second step in decreasing foreclosure rates involves the ...view middle of the document...

For instance, a house that costs 500,000.00 dollars in a state such as California may only cost you 85,000.00 dollars in a state such as Louisiana. Location is a great factor once you have made the decision to become a homeowner. If you only have a budget of 150,000.00 dollars, you should not be looking for a home in a location where the average price range is 450,000.00 dollars. All of these factors must be considered when you are looking for a home.
The second step in this plan involves interest rates. Since interest rates are how most businesses that lend out loans make the majority of their money they will have to be set, but they should not be so high that they put a strain on the person to which the loan is being made. Excessive interest rates are probably the main reason as to why the foreclosure rates in this country are so high. Ludicrous interest rates will lead to the homeowner not being able to pay his or her bills, which will possibly lead to the towing of his or her car, which will eventually lead to the removal of him or her from his or her house. With such information being known, there should be more control over how much interest a business can charge a single client. After such an action comes to pass, we should see an incredible decline of foreclosure rates in this country.
If such things such as monstrous interest rates are in existence, we the people must be able to recognize them immediately. The mere immediate recognition of these works of con artists is only the first step in moving past them. Once we have come to recognize them, we must then act upon that recognition. We must allow the lender to know that we know that such interest rates are highly unacceptable and will not be dealt with. Once we have made our point clear,...

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