What will happen to American families who lose their homes?

Question

"55% increase in foreclosures...

That means one in every 464 U.S. households received a foreclosure filing in July, the firm said. Bank repossessions (REOs) rose 184 percent year-over-year. Default notices were up 53 percent, and auction notices rose 11 percent."

Answer 1

Back to apartments.

Answer 2

Uncle Sam will bail them out with Democrats controlling everything. I am thinking of buying a $460,000 home with and ARM so I can pay little down, have a lower rate, and default on my payments. It worked for them.

Meanwhile, the Teachers Union in NY State is going to court to fight a Property tax cap. I guess their generous salaries, huge pensions, Health care, and no state tax are not the problem. 67% of the entire State budget goes to pensions, but we need more tax dollars despite the highest taxes in the country. I just wrote insurance for a professor at a state school. Her house and 3 rental properties are some of the most expensive real estate in the city. No wonder they support Liberal policies.

Idiot with the thumbs down....please read the facts. I am so tired of Liberals and their taxes...

http://money.cnn.com/2006/10/03/pf/prope...

Did you even read the links?

http://www.cbs6albany.com/news/html_1254...

The Democrats are nailing taxpayers in NY State, handing the money to the Teachers Union, and then they brainwash our kids into believing that they need more. Unbelievable what is happening in this country. Someday there will be a revolution because of these thieves.

Answer 3

?

Answer 4

They will have to live in an apartment, like they probably should have been doing in the first place.

Answer 5

Hopefully they can start over and find a mortgage they can afford and this time factor in the ridiculous frigging fuel prices that tripled and brought all goods up with them.

Answer 6

They move in with their family, or just get an apartment where the rent is cheaper than the mortgage payments that they were unable to pay.

Answer 7

Good question.  

Some of course, like Ed McMann will have rich friends to turn to.

Others will have to return to their parents, or other relatives to live until they find another, smaller home, or apartment.

I myself, after a divorce, moved into a mobile home.  It's very comfortable, and "cheap" rent too, low utilities, very functional for those on a low budget, which allows more savings too.

People have been losing homes for centuries, some in war, many millions of refugees around the world.

But, unfortunately, in the USA, we are seeing this misery come home, to the "Land of the free, home of the brave."

Fortunately, if we ever elect a national government, Congress and Executive that cares about the "little people" as much as the fat cats, then perhaps some of that corporate welfare can trickle down to those who are in danger of being homeless.

The homeless problem used to be considered something for the "other person", now it can be any person, especially the many who are losing their job to foreign competition, or jobs drying up, because of higher oil prices.

We need new leadership to change the old ways that have failed, we need inspiring leaders again, like FDR, JFK, and even Bill Clinton, who at least "felt our pain."  

Not another G. W. Bush, who said "there is nothing wrong with America".  That's what's wrong, leaders who put their heads in the sand, instead of seeing the dangers.

But, in Bush's case, he's bogged us down in saving "Iraq" and their sand or oil, rather than saving the green grass of American homes.

Just my rant, sorry.

Answer 8

as

Answer 9

Hopefully other family members and friends would lend a helpful hand and offer them a place to stay until they get back up on their feet.  If one of my family members were to go through this, that is what I would do.  If it happened to me, I would hope my family and friends would also lend a helping hand.

Answer 10

hopefully they'll learn to live within their means

Answer 11

They will have to try to rent unless they have relatives who can put them up for a while but we all know, as a long term solution, that is usually a bad idea.

If they're smart; they will All vote for Barrack Obama! I bought my house in 1998 and never re-financed it. A couple of years ago, a friend asked me what my interest rate was. I told him 7%. He said; "That's a little high isn't it." I just smiled. Some of us know not to believe anything when a Bush is in the White House.    

Answer 12

I hope that they learn to buy what they can afford next time and don't be stupid taking an ARM mortgage.

Answer 13

They will have to go buy a different home that they can actually afford the payments on and not be suckered into a bad mortgage, or rent an apartment/house where they can afford the monthly rent.  Or live under the bridge.

Answer 14

they will probably be forced to take up residence under an overpass and freeze to death this winter

Answer 15

Then that sucks for them.

Answer 16

If they're smart and conservative, they'll put their rear in gear and start finding ways to make more money.

If they're liberal and lazy, they'll ask for another handout from Uncle Sucker.

Answer 17

they will have to go rent a place after they mess up there credit. most people who take advantage of buying foreclosed homes will rent it out anyway. so they may possibly be able to go back and rent it.