Monday, March 2, 2009
Give Texas homeowners foreclosure safeguards
The author of the editorial, Give Texas homeowners foreclosure safeguards, talks about one of the biggest problems in Texas. The intended audience for this editorial is towards Americans that are trying to balance their budget between mortgages and everyday necessities. The state has one of the shortest notice periods of 20 days before they foreclose on property. The author is in favor of the Senate Bill 472 and how it would extend the notice period to 45 days. The bill also gives homeowners 31 days to vacate the property after it is sold in a foreclosure procedure. The author claims that there are “unscrupulous lenders who take advantage of buyers and bottom feeders who target people who fall behind on their mortgages.” The bill won’t stop foreclosures completely, but it will give homeowners who fall behind in their mortgage payments a fighting chance. I agree with the author, because it gives more time for homeowners to try and save their homes.
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Foreclosures are a thing that affects a family in an intense way. Yet, it also tends to affect most of the people around them. When someone realizes that someone well paid goes into foreclosure, and you are a well paid person as well, than it puts you in panic mode thinking that you might be next in line. And this is why the economy becomes bad because its kind of like a domino affect, one person does bad then others begin to hold back on spending and from their the idea of an economic crisis grows and everyone's spending cuts down. Affecting one company than the other, and the other. So yes i completely agree with you the state should increase their foreclosure notice period to 45 days because it will give the owners a longer period to try and earn up the money to pay for their homes and become more organized with their spending habits.
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