The general trend for home values in the United States, in the wake of the recession and the dramatic dip in value that it created, has been a notable increase. While there are exceptions, many homeowners have seen the values of their homes rise.
When you get that foreclosure notice in the mail, it feels like the lender wants to take your home away from you. You imagine someone sitting in an office, grinning at the fact that they get to take the house, even though you made payments on it for years.
That Craftsman house with the flower boxes in the window and the white fence around it was your Ohio dream home.
When we face something unpleasant, our first thought is sometimes, "I'll think about it tomorrow."
Holders of mortgages on their homes have had a rough 10 years, especially in Ohio. Thousands of families have seen their homes foreclosed since the beginning of the Great Recession, which also damaged the financial infrastructure of the region and many of its cities.
For decades, home ownership has been an essential part of the American Dream. People can experience happiness and success without owning their own home, but being responsible for one's own property is still one of the widest avenues to the middle class.
Home ownership is a great responsibility, and financial institutions are there to help people attain that goal without trading financial independence. This is why struggling to keep a home is difficult to deal with and sometimes hard to accept. People facing this challenge do not need to do it alone.
Debts are often a part of life in America for all classes, and there are many tools to recover from the problem. One of the worst forms of debt is foreclosure, which often takes away a family's most valuable asset as well as their home at the same time.
Owning a home is a big part of the American Dream, and there are many financial services designed to make this more doable for working people and families. Unfortunately, there are still high rates of failure to maintain mortgages and home loans that let people keep their homes.
It is difficult to consider becoming a renter - or worse - once a person or family has bought a home. It is undeniable that owning one's own property is part of the American Dream, and foreclosure or other loss of property due to financial distress is one of life's greatest nightmares.