Foreclosed Properties

Foreclosed properties, just the sound of that will cause a shiver to run the length of the spine of any persona that currently holds a mortgage. When I was growing up people got a job out of high school and held that job until they retired. About halfway to retirement they managed to pay off the mortgage to the house they live in and they are able to retire semi comfortably on retirement investment accounts and social security. Like I said, that’s how it used to work and should still today if things were equal.

Unfortunately now days it seems that people change jobs about every three to five years and re-mortgage or obtain an additional mortgage on the house about every five to ten years so there is very little chance of them reaching retirement with a paid off home, money in the bank and a social security payment. In fact, a lot of people these days retire because they are forced to and then the end up having to take a part or full time job to make ends meet and then end up working at that position until they die or become too sick to work. In the interim the rate of foreclosed properties is on the rise and a good portion of the homes on the market with middle income or middle class people will end up as casualties that add to that number.

A lot of this can be traced back to the lending institutions who for a long time made it entirely too easy to get a mortgage. First mortgages were given out for a while to pretty much any one that had a verifiable source of income and little or no money down was required and the banks were not ever terribly concerned that the people had a debt to income ratio that absolutely doomed them to fail. Second and third mortgages were even more of a joke during that time. Some times a second mortgage could be done in small town America where the banker actually knew the people and had known them for many years, with nothing more than a telephone call. Not even having to stop by the bank. Paperwork could be sent via the mail and signed and returned and a check cut and the lender and person getting the money never even saw each other.

These are the same folks who are today complaining as they watch the home fall into the list of foreclosed properties being held by the lending institution. There is no easy answer as to how this fiasco happened and there is no way to blame one person or group of people. It is a countrywide issue that has been building for a long time and it is now here to stay for an even longer time and it is going to have far reaching effects on the citizens of the United States for generations to come but is its something we can overcome if we get our heads out of the sand and work towards a solution.

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