The Obama Administration And The Foreclosure Crisis That Is Hitting Homeowners In Three Ways

September 18. 2012

Barack Obama

In my experiences with trying to help friends save their homes from foreclosure and or foreclosure auctions, I have witnessed banks pull just about every stunt in the book against homeowners. The Obama Administration has not done enough to rein in certain banks, who are not acting in the best interest of homeowners.

There are three main issues to consider in attempting to save a home, mainly via mortgage modifications. The three issues are the mortgage/payment, back taxes and insurance. Cities in America are demanding yearly property taxes that are due and banks are refusing to grant modifications without back taxes and or missed insurance payments being paid and brought current.

City tax collectors are even foreclosing on homes whose mortgages are current, but taxes are delinquent. Some of the amounts owed are relatively small, yet properties are being seized and auctioned to satisfy the amount, as the homeowner placed their limited resources into making mortgage payments.

It seems homeowners in America can't win and it is up to the government to make laws to help people in this regard or millions more foreclosures are on the way. If the federal government (FBI, DOJ and SEC) had done their jobs in properly regulating and investigating the practices of banks and the corporate sector on the whole, the sub-prime crisis would not have happened and millions of people in America would still be in their homes. Therefore, it is the government's duty to fix a problem that is raging out of control and damaging millions of people. However, the past four years have indicated the Obama Administration is unable to fix the problem that can be fixed.