Wednesday, September 29, 2010
The Aftermath of Foreclosure
In life, we should accept the fact that if there are struggles that is coming along the way, there's a corresponding cost to that. It cannot be something we should be feared of if we know it will not affect our life and the lives of the people around us. If circumstances happened in our life, expect that it will affect an area of our life and our love ones.
For foreclosure, it could be an unfortunate event for every homeowners. This is something we should avoid and we should prevent from happening because it may either directly or indirectly affect not only your life and your family but also that of the society.
Both the lender and the borrower should carry their own burden. At times like this, everybody must need to be educated and have full awareness about this. You might be sleeping sound at the comfort of your home without knowing that you will lose it the following day. All people that is involve in the process of foreclosure must be aware and should be given an opportunity to know the situation.
If you let foreclosure to happen, it will create chaos in the society. That is why the government is involve on this. The government must also share an effort to help both the lenders and the borrowers to work out on foreclosure threat and prevent it as much as possible.
If there is foreclosure, the following may happen in the society:
1. Crime rate will increase
If everybody seems to be losing home, they may come into a desperate move in order to get the attention of the people involve in the foreclosure process. This will make the neighborhoods not organized, thus there is a greater possibility of crime.
2. General Crisis
Foreclosure may be happening to a single family, but if you are going to sum it up in one location, you may find it as a general problem. Everybody is suffering regardless of the status you have in life. Whether you are rich or poor, young or old, everybody can become a victim and this can be a crisis in general.
3. Emotional Damage
We may be able to quantify the damage by looking at the monetary side. But the emotional damage that this crisis has brought in to every family is something irreversible. This cannot be undone and will cause trauma to the affected families.
We may not be able to see the bigger picture now. But if we just let this happen,we cannot be able to bring back the society that we are aspiring for. That is why the government, the lender and the borrower must work hand in hand to put barricade against foreclosure, because once this will penetrate a single family, it may directly or indirectly affect the whole society in general. This is the real cost of the foreclosure. It is not only damaging you financially, but most of all, it will damage the society and your family's whole being.