Foreclosures lead to more homelessness

Foreclosure does not come out of nowhere. Homeowners facing foreclosure always know at least several months in advance that their time is up. When these individuals realize that their home will be foreclosed on, they should begin making other arrangements. They should be seeking out rentals that they can afford or trying to get friends or family to help. Again, if you’re unemployed and your benefits have run out and have no savings or relatives, that’s a different story. But this is a relatively small portion of Americans right now.

Some of these “homeless” individuals are temporarily homeless, because they didn’t plan ahead before foreclosure. They probably just hoped that by some miracle or bailout, they would be able to remain in their home. In many cases, banks are accentuating this problem by not foreclosing in a methodical enough manner. That might give these homeowners a false sense of hope, because they are not kicked out of there home for weeks or months after they should have been evicted.

Read more from the Atlantic

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One Response to “Foreclosures lead to more homelessness”

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