The drama that is present in real estate foreclosures has two sides of the story: the individuals who stand firm in the principle of bail out and the individuals who have the opposite perspective. If you were able to buy a property at a time when the real estate business was doing well and now, you have to face a rate mortgage that is adjustable and some lowering prices for real estate, then you would most likely be in the bail out side. However, there are some individuals who blame the buyer more than the lenders for the drama that is unfolding now in the industry of real estate foreclosures. These people believe that if only borrowers didn?t stretch their limits and bought a lot of houses without considering their financial status in the future, then they might have avoided a foreclosure. Like all debates, the two sides might both be the truth.
Blaming the Lenders in This Scenario
Real estate foreclosures most probably occur because of the simple credit standards and those unconcerned lenders who don?t care whether the borrower would be able to pay back the full amount in the future or not. Most of them still offer high loans to their customers knowing their poor financial situation because of the upfront payment that awaits them at the end of the transaction. Money?s everything. Following this story, most borrowers were given a fairy tale faade that didn?t include the horror of adjustable rate mortgages in the introduction. In places where prices seem to be in an increasing contest regularly, most borrowers don?t question anymore the terms of the loan. They only realize the effects of that mistake once the prices start to drop because of huge real estate foreclosure conflicts.
Sign and Take Fully Responsibility
A borrower is required to sign a contract by hook or by crook. Thus, one is expected to hold responsibility since his/her name can be found in that agreement. However, most borrowers are resistant to real estate foreclosure loans since one way or another, they know that it won?t do them any good in the coming years. All you need to have is common sense for you to be able to have this conclusion but those people who don?t want to face the results of their wrong choices would most probably take mortgages and their jobs for granted. Lastly, for individuals who were not able to experience foreclosure, the loan would be given to them in dollar tax. That?s the reason why these people think that it?s unfair for them to receive the punishment which should be intended for other people. They want to see equality in the eyes of the law.
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Source: http://articles-maniac.tk/the-story-behind-real-estate-foreclosure/finance/real-estate/
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