Essay on Solving the Foreclosure Crisis

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Solving the foreclosure crisis will not be an easy task. I believe there is no quick fix or sure solution to fix this far-reaching crisis. There are however, steps that every individual involved in the foreclosure crisis can take towards improving the situation. People that the foreclosure crisis does not directly affect should still rethink their lifestyles as well, so that the crisis does not continue to grow.
The bail outs given to the banks were a candid approach to preventing the banks from failing, but there were still thousands of Americans failing as well. I believe the banks failing is a projection of the state of the American people. I think that if anymore stimulus or “bail out” money is given that it should be given to
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Budgets require a lot of self discipline but with the thought of keeping the roof over your head it should be easier. Stick to putting things on the budget based on needs, not wants. We as a whole nation are over indulging in anything that we desire and if even one individual can remember that living simpler will ensure a brighter future. Then we have begun to climb out of our old bad habits.
Another step all Americans involved in buying houses should take is to get as much knowledge as they can about all that it in tales. Knowledge about how mortgages and the housing market operate will give you an advantage. Mortgages vary and knowing how they work will help you make the decision that suits you. Knowledge about real estate and finances is one of the best steps that an individual can take. For instance variable rate mortgages seem like a good idea with its initial rate, but as it begins to vary it can be costly. Fixed rates may be more expensive in the beginning, but may actually be cheaper in the long run. Doing the research to determine which mortgage type is best for you is a must. Keep in mind the long run, because buying a house is usually a commitment of several years. Even though something seems good for now, how will it end up in the long run? Making a decision should involve knowing everything you need to before you commit to anything.
Another good step that may help the foreclosure crisis loosen its grip is to plan for financial crises.

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