Proposed Solution to the Foreclosure Crisis Essay

1045 Words 5 Pages
The economic crisis has become pervasive and no one is immune from its effects. Families are finding themselves in situations that they had only heard of others experiencing and are finding their circumstances spinning out of control and fast. There is an obvious need to assist families with real solutions now and fast. Mortgage companies are not quick to be compassionate or offer practical solutions to those who find themselves living paycheck to paycheck and then not having a paycheck and/or nothing in savings. Or maybe there is an accident, injury, or illness and medical insurance has been exhausted or none at all. Perhaps there is a separation, divorce, or death and no one to care for the children while the other is working. Maybe …show more content…
This is a start to solving the problem to the foreclosure crisis because for one, it will empower the family with options rather than shame them by reminding them of what they are unable to do right now. People who are struggling, know that they are struggling. To have someone walk beside them through this process and offer solutions will have ripple effect on how they feel about themselves, offering hope, and allowing children to experience a more peaceful home rather than a stressful one. And most importantly, show them how to be more responsible with their money and resources by paying bills on time.
My solution to the foreclosure crisis starts with a wide array of services and resources available to families that are in crisis and/or need help with managing money.
The mortgage companies would provide these services at little or no cost to the mortgagee. This will be determined by how much help is needed, how much debt there is, and how quickly the family can recover. The assessment will be provided free of charge. An additional incentive to the mortgagee needing help and seeking services is that the cost that is incurred from these services can be discounted or eliminated if all future payments are made on time as a result of using the services provided.
The primary resource offered would be budget counseling. The mortgage company would provide a trained financial advisor to the mortgagee to complete a comprehensive

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