Steps to Solving the Foreclosure Problem in America Essay

1214 Words 5 Pages
Foreclosure is a rising problem, and quite frankly solutions to this problem seem bleak and nonexistent. This is a problem that is affecting more and more families day to day. This is a problem that can no longer be ignored. American families should not be living day to day wondering when their home will be foreclosed, or worry about how they will pay their next mortgage payment. Nonetheless, this is what is happening, and little and behold it seems as if nothing is being done to help families in this time of crisis. Why is nothing being done? Why is the government, the president and even our own representatives not helping the common American? How much longer do Americans need to struggle without receiving any type of assistance? Within …show more content…
The next step would involve a full credit examination of the person or persons applying for the loan. This information is vital to the process. A person with a good credit score, that’s a score of at least seven hundred or more, would automatically qualify for the loan of which they are applying for. A person with a credit score lower than seven hundred but higher than five hundred would most likely pass the submission of their application, but stricter guidelines would be implemented. These guidelines may include a stricter payment plan with better clean cut rules and guidelines. For those who have credit scores less than five hundred should not be allocated a mortgage loan. Their loan application can be in stand-by for up to five years until their credit score is high enough to be considered for a loan. If this were to occur the applicant would receive a notice explaining those circumstances. The following step will include a meeting with the lender and the expected home buyers. This meeting will entail how much money is going to be loaned. This is all determined by, the property cost, cost of living in the city/state and their financial standing and lastly what they are willing to pay as a down payment on the home. All of these factors are taken into account and help to determine the amount that will be given in comparison to the mortgage; this can range from eighty to eighty-nine percent

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