MOM...why can't we go home?
So lets think hypothetically…you are 10 years old. You live in a nice home, in a nice neighborhood with your family. Or at least you did yesterday. Today you don’t have a home to call your own. Your house was taken away. You might ask how this could happen. How could a family with children just be kicked out of their own home? Sadly it is happening more and more across the U.S. today. And lately it has become a big problem in Minneapolis.
Now you are probably still wondering why…the answer is FORECLOSURE.
Sadly, right now someone is signing for a mortgage loan they don’t understand. We have been taught to look for low rates and small payments. The banks know this and take advantage of it. People are so busy chasing these low rates and payments that they don’t read any further on the loan documents. Just a few inches down the page it is explained that the payments will continue to go up and your interest rate is likely to follow. Even if they do read further down the page they just say it is okay because they can just refinance. This is exactly what the bank wants. The longer the loan is active the longer they get paid.
Look how many foreclosures there were in Minneapolis in 2007.
What would it take to prevent this? It’s simple really…EDUCATION.
If people really knew that they would one day lose their home, the only source of shelter for their children, do you really think they would sign?
Is there anyone trying to prevent or help? YES!
A good place to look would be www.ci.minneapolis.mn.us/foreclosure
Here you will find 5 strategies:
1) Prevent Foreclosures
2) Prevent Properties from Becoming Boarded and Vacant
3) Rehabilitate or Remove Boarded and Vacant Buildings
4) Promote Reinvestment and Environmental Sustainability
5) Attract and Retain a Healthy Mix of Stable Residents
REMEMBER WE ARE BECOMING “GROWN UPS�...SOON WE WILL BE BUYING HOUSES…LET'S TAKE THE TIME TO GET IT RIGHT