Jianna Henegar (FGCU): Foreclosure

A big social problem that is occuring every day is many families homes are being forclosed.  Due to the economic downturn, many families are unable to pay their mortgage.  According to the Reality Trac, Florida has ranked fourth in the nation in the number of homes that were foreclosed.  The big question is why is Florida in this huge mess?  The answer is because of the overbuilding and excessive speculations (www.dailyfinance.com).  Many financial institutions have been unwilling to work with the homeowners to try to keep them in their homes.  Since President Obama has been in the office, the government has tried to implement plans to rectify these types of situations.  One of President Obama’s plans that is on the table includes the mortgage companies lowering interest rates and put all the payments that are in the rears to be tacked on to the end of the mortgage.  Many families are in high hope that this plan works and that it helps these families that are in distress.  This is a social problem that has one of the biggest impacts on a family and could very well lead to other social problems such as poverty and homelessness.  This is the bottom of the food chain that will just increase many other social problem issues. 

This entry was posted on 28. April 2009 at 22:13 and is filed under Social Problems. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.