Foreclosure ResolutionAfter hearing about the foreclosure crisis and my parents almost becoming victims of said crisis, I feel inclined to address the issue and support a resolution. Unfortunately, foreclosures have become widespread in the United States. Families of varying incomes found themselves homeless overnight. Although it was primarily less affluent families who were affected by foreclosure, a significant number of middle-class families were also forced to face the realities of foreclosure. The government has debated many options and tried a few options to reduce the number of foreclosures. One test, the Administration's Home Affordable Modification Program, also known as HAMP, failed. Despite modifying loans for fifty thousand, more than 300,000 properties were still in foreclosure after HAMP took effect in early 2009. [i] The most recent plan, Making Home Affordable (MHA), has left many Americans confused and worried because they don't qualify, otherwise the plan's "new" mortgages would put families even closer to foreclosure than their current mortgage. [ii] So far nothing is working. So what should Uncle Sam do about the foreclosure crisis? Taking into account past attempts and failures, I propose that we implement a plan in which homeowners would be allowed to pay only the interest on their loans or the interest plus a portion of the expected monthly principal while they endure hardship . These hardships can be defined as job loss, salary reduction, loss of spouse or divorce, and unexpected medical expenses. Once an individual or family faces a difficulty, they can contact the bank from which they borrowed their mortgage, file the necessary documents...... middle of paper...... homes in this class will be better maintained. My proposal for the foreclosure crisis is to help homeowners facing hardship by allowing them to pay the interest or interest and part of the principle on their mortgage. This simple solution will allow a large proportion of Americans to qualify. Ultimately, investors will recoup their loans in full, home values ​​will stabilize or increase, the economy will stabilize due to continued improvement in the housing market, and the foreclosure crisis will move closer to rehabilitation. Quoted[i] http://www.huffingtonpost.com/john-taylor/wheres-the-plan-on-forecl_b_401935.html[ii] http://www.nbcdfw.com/around-town/real-estate/ Federal Program to Prevent Foreclosure Creates Confusion-70326242.html[iii] http://www.consumeraffairs.com/news04/2009/03/reducing_foreclosures.html