Children Facing Foreclosure And Homelessness Beg Your Understanding
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A Plea for Understanding: The Impact of Foreclosure on Children
Introduction
Foreclosure and homelessness are harsh realities for some families, and children are often the silent victims of these tragedies. This story sheds light on the struggles faced by Kim and Joe M. from Orlando, FL, whose lives were turned upside down by the housing market crash.
A Sudden Change
Kim and Joe both worked in financial services ?" Kim as an administrative assistant at Wells Fargo and Joe as a loan officer. They were diligent, saving money and planning for the future. However, the unexpected downturn in the housing market changed everything.
A Series of Misfortunes
In July 2005, Kim was laid off when Wells Fargo downsized due to a drop in mortgage applications. She quickly found another job, but it paid only 75% of her previous salary. Soon after, Joe was involved in a car accident that left him unable to work for six months, compounding their financial difficulties.
Their children, Kayle, 6, and Kyle, 8, sensed their parents’ stress as money became tight. Despite careful budgeting and no extravagant spending, Kim and Joe started falling behind on their mortgage payments.
Facing the Unthinkable
Eight years of perfect payment history didn’t protect them from the harsh reality of foreclosure. Their mortgage company refused to negotiate, leading to a Notice of Default. They risked losing their home, cars, and savings, a nightmare for any family.
The Ripple Effect
Many are trapped in similar situations. Data from the National Association of Mortgage Bankers (NAMB) shows that most foreclosures occur 3-5 years after a mortgage is issued. Children, like Kayle and Kyle, are caught in the middle, witnessing the distress without understanding why.
Kim and Joe's story echoes the struggles of countless families who opted for adjustable-rate mortgages, only to have these "teaser" rates lead to unaffordable payment increases. In 2006 alone, over $300 billion in mortgages faced rate adjustments, with even more to come the following year.
An Unforgiving System
As if losing their home wasn’t enough, Kim and Joe had to deal with the concept of a deficiency judgment. When their house sold for less than what they owed, they were left with a debt that the bank could claim as a tax write-off. The IRS could then demand taxes on this "unpaid income," adding to the family’s burdens.
A Cry for Compassion
Kim and Joe sought professional advice, hoping for assistance in saving their home, but their lender was unresponsive. Their story illustrates a need for systemic compassion and understanding, especially for those caught in unfortunate circumstances.
Conclusion
Foreclosure isn’t just about numbers; it affects real families with real children. It’s crucial to remember that not everyone facing foreclosure is irresponsible. Many, like Kim and Joe, are hardworking individuals ensnared by bad luck and an unforgiving market. Let's approach their plight with empathy and strive to create a system that supports families in crisis rather than penalizing them further.
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