Foreclosure is a Devastating Event for Families and Communities Alike
With communities reeling from the economic pressures of a collapse in the real estate market in 2008 protracted into a long recession come to be known as the Great American Recession. Because of this, many family homes have been foreclosed, yet others remain in what is considered a “zombie foreclosure.”
Brilliant solutions are sometimes born in the midst of adversity. If you train your mind to be creative, positive, and attentive to details and the big picture, you can keep your head in tough situations with the goal of turning lemons into lemonade. Certainly in the world of foreclosures, there is often a silver lining for someone when a transaction goes bad. The key is distinguishing what type of lemonade you can make out of a particular sour situation. For example, in one situation, it could mean helping a “lemon” mortgage which is in serious delinquency, which can be preserved into saving a home and keeping a community from being further blighted. On the other hand, if a home is so far gone that it is unlikely that a homeowner will be able to get it current again, the community benefits in this particular situation from a quick turnover into foreclosure sale to move the process forward and get that home into the hands of an investor or other interested party who will rehab the home if necessary and move the community into the right direction one house or property at a time.
Herein lies the problem, however, because there will be many folks who hold the opinion that government should get involved in these type of situations. On the contrary, it is the humble opinion of the framers of this website that the free market should be allowed to correct from situations that will put the best interests of the public into place. If there are developers, scam mortgage modification companies, or others, then in these situations, the government has a duty to stop these people and protect the citizens, but unless there is illegal activity, the forces at work will often self correct.
Certainly this is akin to a mother wanting to always protect her children from the dangers and the misfortune and pain of wrong decisions. A life of learning and progression does not come without the opportunity to fail and make incorrect choices. Educating homeowners about the risks of certain activities and educating them about the benefits of meaningful and principle-based activities will lead to greater wealth, prosperity, stable families and economies, and charitable giving.