Foreclosures are Forcing Better Education of the House-Buying Public
Jeff Adams takes a look at the foreclosure crisis and the lessons we have learnt from it. The moment the Lake County Foreclosure Prevention Task Force decided to make public education the group's first major goal to help curb the rise of foreclosures within the county it highlighted the fact that a crisis of any kind is always a party of two parts.
The foreclosure crisis threatening the stability of the U.S. real estate system and the stability of our economy has been brought on by predatory mortgage lending practices, to a certain degree. But that is not the whole story. At the very heart of our American Dream lies home ownership and the drive to attain the great American Dream often blinds those who chase it to the potential pitfalls of their inability to meet their future financial commitments.
This is exactly what lies at the heart of the Lake County Foreclosure Prevention Task Force’s decision to engage in a bout of public education as a means of combating foreclosure.
In a perfect world we would get not just perfect mortgage lenders willing to promote their different financial products in an ethical and just way but also perfect mortgage borrowers, engaging in borrowing activities with a clear-cut understanding of their responsibilities as borrowers and a definite plan on how to best meet them.
At the moment we are engaged in a two-pronged effort to legislate and regulate mortgage lending practices and the behaviour of mortgage lenders when borrowers fall onto hard times and to educate borrowers on the need for probity regarding their financial commitments and responsibilities.
Should we, as a nation, become successful at doing this we will achieve what few modern nations have yet to achieve: a perfect meeting of need and solution, supply and demand, which will close the mortgage sales loop for many millions of Americans who dream of owning their own home.
It will hugely benefit the U.S. real estate market. It will put value back in mortgage investment for financial institutions and it will begin the cycle of gain and growth we have all come to associate with real estate in the U.S...
Education and legislature will also ensure that the crisis we have faced so far in terms of mortgage issues and predatory lending practices and unprecedented numbers of defaulting mortgage holders will not be repeated any time soon.
This will not guarantee that we will not find new ways to make mistakes and create a new crisis but that is way off into the future and, as they say, it is the natural way of evolution in any system and it is no different in ours.
Jeff Adams
This article was written by Jeff Adams, a national author, speaker and trainer who has done over 350 deals over the past 12 years. Get your FREE 7 Day E-Course and DVD "The Foreclosure Profits System" NOW at http://www.FreeForeclosureCourse.com
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