Foreclosures are the seizure of ones property for non payment or some other legal matter that has not been satisfied. There is a disproportioned amount of foreclosures in minority communities; however foreclosures are not limited to minority’s communities. We must first understand certain terms; such as red lining and predatory lending. Banks and lending institutions have certain areas that they will not give loans to; this is called red lining. As a result lending institutions with less stringent requirements will make loans to communities that are less desirable then others and often place high demands on the person or persons obtaining the loans; this is called predatory lending. ...view middle of the document...
Closing cost and appraisal fees should be limited to a standard amount; as it stands now, we are hit with enormous closing fees at the sign and taking ownership of the houses in question. This is another provision that would help to eliminate foreclosures.
During my travels across this great country, I have observed much vacant property owned by the government. If these properties were given to indigent people, to build houses on; then many of our problems of foreclosure would be eliminated. The mortgage payments would be drastically reduced and jobs would be created; thus allowing for the expansion of our economy and the elimination of many foreclosures. Citizens would contribute to the development of new towns and villages. The growth and development of this country would definitely continue.
Additional rules and regulations that apply to lenders and real estate brokers, should be placed on the books and enforced, this would weed out unscrupulous individuals from obtaining a profit at any cost. The current rules and regulations that are on the books are not enforced and thus predatory lending goes unchecked.
All transactions requiring the buying, selling and foreclosure of homes should have a good competent lawyer participating in the transaction. This should be a mandatory requirement and thus many foreclosures would be eliminative.
Many folks have blamed the current American economy for the large number of foreclosures. If you exam all of the clothing that you are wearing, you will find out that most of our clothing is made in some foreign country. Bringing manufacturing jobs back to America would indeed stimulate the economy and reduce the foreclosure rate.
Many free legal services that offer legal help to our indigent population are funded in part by the government; government regulations prohibit them from instituting a class action suit; where entire communities have been wronged by unscrupulous lenders and banks. Elimination of these archaic rules is currently before...