Today's Foreclosures are Tomorrow's Problems

It was always "The American Dream" to be able to own your own home. However, it is now becoming an American nightmare and not only for those who are forced to foreclose. Many homeowners who can maintain their homes are still financially upside down, between what they owe and what their property is worth.

Property values change for many reasons. One is that neighborhoods change. In relatively low crime areas, crime is increasing. Houses become vacant and vandalism rises. Budget cuts are all over, so at a time when we need more protection and a larger police force, we get just the opposite.

Unfortunately, foreclosure does not only affect homeowners, but renters as well. Landlords find themselves financially in trouble and are forced into foreclosure. Some of these landlords own single family homes, where people find themselves being evicted with only 30 days to move out. Other landlords own apartment buildings and upon their foreclosure, basic utilities like water, gas and electric, garbage disposal or repairs are turned off. The building becomes unsafe and tenants are forced to move, some with no place to go.

Foreclosure is not discriminatory; it has far reaching hands and it affects every social class. Due to the loose lending practices such as adjustable rate mortgages, no income check (credit scores only) and no 20 percent down deposit, people overextend themselves financially. No matter what you already owned, your dream was bigger and the time was right.

Well, times have changed. They, whoever "they are," always say you just need to survive the tough times. The tough times are prevalent and members of society are trying to keep their heads above water.