I am finally relieved to read that there is a recognition that people losing their jobs have been linked to nearly half of those whose homes have foreclosed on or will foreclose in the near future. Already this year, we have nearly 2 million or more by year's end of people who have lost their jobs, and who will use their jobs. Many of these individuals and families are facing homelessness, have become homeless or experiencing foreclosures on their homes. Now, we have the domino effect of other industries such as the auto parts industries, car dealerships and other companies that rely on the major auto companies facing bankruptcy, decreases in their workforce, and economic potholes in their finances. The basis for trying to ensure that people get to keep their homes, long after they have searched for jobs unsuccessfully, exhausted their savings, used their credit cards and borrowed money from family and friends to make ends meet, it all still leaves people without the ability to pay their mortgage, whether they once could afford it or not.
Many of these people could afford the mortgages associated with their homes. However, loss of income and the changes in their job status will change the ability to take care of oneself, one's family and one's financial obligation. Thus, we find the current state of middle class households losing their footing and becoming homeless. Many of these people were responsible and reliable people with steady income, comfortable lifestyles, good investments, and a hope to retire and enjoy the fruits of their labor. Now, many of them are faced with circumstances that could not be foreseen, in companies that people found decades of stability, mobility, financial security, and retirements that encouraged their children and neighbors to seek employment with. However, with the state of the economy and financial problems facing this country, each industry faces layoffs that change trickle down into every entity and organization that relies on the American dollar for stability and prosperity. We all now face these challenges with uncertainty as to how it may affect us directly or indirectly.
There is truth to the idea that massive layoffs have contributed to at least half of the foreclosures. People should not feel ashamed that they could no longer afford to pay for their homes. The economy is not as it use to be – you could lose one job and get another one the next day. That is not the state of our economy any more. Consequently, people do not get the ability to bounce back and recover from a job loss as they may have so many years ago. A large portion of people seem so quick to blame the homeowner and less willing to evaluate the other entities that may have caused so many millions of homes to get foreclosed on and lost. People need the assistance we once had. When food pantries, the Salvation Army, Toys for Tots, and so many other organizations do not have the resources to assist people in need, then what do you tell people who have fallen on hard times?
