According to the news article in California the number of foreclosed houses rose a total of 71 percent in the United States this year, and more than 4 million homes are in the process of foreclosure. People like you and I plan on having “The American Dream” when we decided to buy our family home, but now that the economy is nearly in recession we find it hardly possible to keep that Dream. Right now most homeowners are paying more than their house is worth due to The Subprime Mortgage, job loss, and economic instability. So why is foreclosure hard to fix? Reasons for this crisis are varied. Some experts say that foreclosure is expected to stabilize in the mid-s of 2010. In the meantime foreclosure will keep rising. I just hope that I don’t get stuck in this situation myself…
Foreclosure is the process by which lenders have the legal right to recover their loan by repossessing the property that the loan was for and reselling it. The process begins when borrowers miss their loan or mortgage payment. If someone is unable to make payments on their mortgage, the government will auction off the house to recover the amount of money still owed. Foreclosure happens nationwide and usually takes up to six months for a house to foreclose but may very from state to state. The number of United States mortgages entering foreclosure in the first months of the year was the highest in more than 50 years. More than a million people have lost their home in the past two years and the numbers continue rising. Some homeowners are out of options and can’t find a solution so they won’t lose their home. I know one thing, and it’s that I don’t want to lose my home. Right now the percentage of homeowners that are paying more than their house is worth is expected to increase by a 28 percent by this time next year and honestly my opinion is that some people are going to walk away and lose their home. That means that they are going to lose Their American Dream. Without the job that I have...