Former Owners of Foreclosed Homes: Where Are They Now? »
Posted By altnrg 7 months, 1 week ago in NewsWhere are the former occupants of foreclosed homes now? According to Douglas Robinson of nonprofit Neighborworks America, many of them have been going to various homeless shelters or living in cars, parks, tents in out-of-the-way areas or on the streets.
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Goppy7 months ago
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Yes - the 'Tent City' population has been growing.
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Now - I realize it's popular to condemn these people and sneer at them as if they are getting their 'just deserts'.
I'd like to reinforce what we all know ... that many of these people are victims of mortgage lending tactics that are similar to what is commonly known as 'Grifting'.
The fact that Banks and Mortgage Lending Institutions became enamored with 'Grifting' is the source of ALL of America's economic problems ... NOT these people ... who only wanted what so many Americans see as the American dream ... to own their own home for their families.
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ADAGUY7 months ago
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Too often, first time buyers, who don't understand how a mortgage works, and at the same time are unaware of the seriousness of the pitfalls of things like the ARM mortgage, fall victim to times like these.
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But there is more to it that rising interest rates. As the article mentions, unemployment plays a big role, not to mention those two hidden expenses, insurance costs and property taxes.
In most mortgages, the taxes and insurance are covered in the house payment. The overpayment goes into an escrow fund that is used to pay these expenses. But when there is an increase in property taxes, or when your insurance rates go up, as they so often do, your house payment will show an increase also. Now, combine this with an increase in the interest rate from 6% to say 9%, and the mortgage quickly may become unaffordable.-
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GehlLady7 months ago
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adaguy,
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"insurance costs and property taxes."
Those 2 expenses have had a huge impact here in Florida, especially after the 2004 hurricane season. Add the unemployment, and many homeowners were already in trouble here, before the economy tanked.
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Ciera-Marie7 months ago
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I agree with you mmrhe.
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We've seen that in the Twin Cities.
Starter homes in 2000 were at 149,000 without a garage. Or if it had a garage at least 10000-50000 or more in repair costs and remodeling to make a kitchen a little bit bigger than a broom closet. Some homes that were 120000 were zoned for distruction. Why? because the city and neighborhoods wanted their property values kept at a certain level. Also most of the kitchens that I saw at all or portal stainless steel gourmet appliances. You also were in a bidding war at the same time and were encouraged to not go for the 30 yr mortgage. The realtor I was working with didn't like me very much at the end. I didn't want nor could afford to go over 100,000 for a mortgage. There was nothing including town homes, that I could get in that bracket. If I could I had to scarifice safety of myself and family.
What does that have to do with this mess? Plenty because the first people who experienced home foreclosures in the Twin Cities were, the mortgage brokers, lenders, real estate agents and contractors. Everyone in that bracket were calling their county and city representatives to get emergency assistance.
They may be able to stay with friends or family. Though in the case of real estate agents some of them were advising you take out a second mortgage to pay off the first one, for a home you couldn't afford, and then rent out a room to a friend/s. So their friends may be in the same boat. They may also be able to still afford to stay a hotel or motel. That's on the rise. So too are people living in storage lockers. If you can rent one that has heat in winter and AC in the summer, still keep your Y membership and get a po box you're good to go. Don't forget campgrounds. Also roving RV'S too.
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TheRealizer7 months ago
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Does anyone remember when this country actually produced products for export? Your elected officials voted to give tax breaks to companies to move their manufacturing (polluting) businesses out of our back yards. "We still have the pollution but it where we can't see it".
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Folks who had spent a lifetime converting raw material into saleable products were not trained to fit into a SERVICE ECONOMY. This is a nation with NO VISIBLE means of support. NO entity, be it a family a company a state or a country can continue to be sucessful on Borrowed Money. -
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tehranchik7 months ago
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fta:
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"The National Center on Family Homelessness reported that an estimated 1.5 million children became homeless between the years 2005 and 2006. Surely, the number has already risen, as more and more families are forced out of foreclosed homes.
Robinson said 6 million families are estimated to be forced out of foreclosed houses in the next 3 years. Where will they go?"
Another side to the dismal bush legacy. -
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tigergil7 months ago
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it was the responsibility of the lawyer to ensure real estate contract....they abandoned that field for the most part and left it in the hands of bankers and realtors....after a generation without overseeing the banks and realtors plummeted into the abyss of neglect of the client and allowed contracts to be written which were invalid and unsustainable....and they knew it ...and had no concern for the outcome....believe me the lawyers have a legal responsibility (and personal interest) in these matters and their absence led to this whole disaster...it is not the governments fault, it is the neglect of the legal element.
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tigergil -
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CHAM7 months ago
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Goppy was right. Less than 2% of foreclosures have anything to do with conscientiously buying more than they knew they could handle.
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Read it here:
http://www.boom2bust.com/2007/12/06/a-detailed-loo...
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