Solving The Foreclosure Crisis Essay

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For many people the “American Dream” is to own a house, one that they can start a family in and get married. In order to own a house there are many obstacles that one has to go through in order to come up with the funds to support their purchase. Most people cannot outright purchase a house without taking out a mortgage. Unfortunately a certain percentage have been affected by the downturn in the economy and lost employment, making it difficult to keep up on the loan payments from month to month which leads them to get foreclosed on. Once their house becomes foreclosed on, they lose their house and become homeless if they do not find another house or apartment in time. With the economy in a recession this problem is becoming worse with …show more content…
The majority of this money is paid for by the federal government through the Medicare Program. Which is having a difficult time itself dealing with spiraling costs. Let’s say that the caretaker/family who is going to take in this elder had a yearly mortgage bill of $20,000, which would be $1,666.67 a month (70-80% of monthly mortgages are lower than this.) If the caregivers were given just this amount of money a year to care for the elder that would cover their house mortgage completely. This does not only help the caregivers to stay in their house but it would also help the government save a lot of Medicare money. For most people in nursing homes, the government helps pay for it, and in most cases pays the whole thing. To house the elders in other people’s homes would help the government save 2/3 or even more for nursing home costs! This would also help others save money who need to put their elders in a nursing home but cannot afford it themselves or qualify for Medicare. They would be saving thousands of dollars by putting their elders in a caretaker’s house than in the nursing home. This will not only open up more spots in nursing homes, which are very difficult to get in, but it will provide the elderly to live in a better “family” environment instead of them being warehoused with all old people. I work in the kitchen at a nursing home and many of the residence there say that it is a very sad environment to see their peers and

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