The Pros And Cons Of Foreclosure

Just a few years ago this great nation took a devastating hit to its economy that crippled many homeowners. These citizens had everything ripped out from underneath them and were forced to foreclose. Why were so many thousands of people forced to resort to this you ask? When the economy bottomed out, they lost everything and could no longer even afford to support their families or live in their homes. Today, many thousands of those victims of foreclosures have since turned into potential homebuyers. Today, just 5 or 6 years after the economy took such a large hit, it has reached record heights. The real estate market is still difficult to buy for many, but it has definitely come back from where it was. How did real estate turn around so well you ask? When homes are …show more content…
Some of these renovated homes are rented out for a profit or rented to own, which also allows people of lower income to buy and live in a home. The once victims of economic disaster have made a comeback to be home renters and some even full owners again. The process of being able to rent to own allows people with a lower income to be able to afford a home easier over time similar to a payment plan on a large purchase. Renters can pay a landlord to live in a home in smaller amounts over a period of time such as five or ten years rather than try to afford a larger mortgage. Renting can definitely provide an alternative means to pay off a home all while living in it. Mortgages are often times too large for many people to afford and if payments can be made over a period of 10 years to a private party instead of a bank that charges interest, then it is definitely going to be more beneficial for someone who is struggling with money. The world is by no means perfect and nothing is guaranteed to work out perfectly every time, but when it comes down to it, it makes a lot more sense for families with lower incomes to try to rent to own rather than go to a bank and try to afford a mortgage all