Not since the Great Depression of 1929 has America experienced such economic chaos, such loss of jobs and housing. Perhaps housing loss was not as widespread back then since there were fewer homeowners. The government has reportedly taken steps to prevent people on Wall Street from causing the same thing to happen again. Yet here we are eighty years later in the same situation. It seems like history keeps repeating itself. The question is why? The answer is greed. Unfortunately, the question “how can we prevent this from happening again?” cannot be answered in a single definitive statement. Of course, the solution to preventing foreclosures is “prevention,” which itself has many variables. seizure, 486,323 are in pre-seizure and 465,490 have already been seized. More than seven hundred thousand have tax liens against them and 87,389 were sold at sheriff's sales. Along with homeowners, mortgage companies and banks suffered huge financial losses. However, the owners lost much more; They not only lost their homes, but also their memories, their self-esteem and their part of the American dream. Causes and Disastrous Circumstances Sometimes banks and mortgage companies allow people with good credit to purchase a property for more than its appraised value. For example, a single woman with a good job and good credit was allowed to pay more than forty thousand dollars more than the appraised value of the house she purchased. Two years later, she lost her job and immediately refinanced her mortgage with a lower interest rate and payment. A yes... middle of paper... those who are barely getting by. The problem is that once the rich get back on their feet, they quickly forget about those they left behind and instead of helping them, they take advantage of them by making them pay more because they are poor. Forgiving overdue payments will give the owner a real feeling of starting fresh without a huge debt hanging over their heads; they will be able to see the light at the end of the tunnel. The banks/mortgage companies have already written off the debt as a loss and foreclosing on the homeowner will not make them any more money. The Bible says: “What does it mean for a man to gain the whole world and lose his own soul? » In biblical times, everyone's debt was forgiven in the seventh year. Today, bankruptcy courts have removed that by stipulating that it will be ten years before the debt can be erased from the records of those who requested relief..