What Can Homeowners And Business Owners Do?

There are so many failing houses and commercial buildings simply ready to be auctioned. Many residential and commercial premises have been left unattended for lengthy periods of time, resulting in repairs costing a large amount of money and damage. All of these properties are not paying property taxes, which would bring in revenue for the counties.

Many individuals want to help for homeowners repairs and have stable employment, but they are deemed a credit risk, making it difficult for them to qualify for a loan that would save their houses and bring cash back into the economy. If we were given the option to qualify for a home owner's loan by fulfilling specific income and down payment requirements while getting a break on credit score requirements, the banks would be making mortgage profits rather than losing money on these repossessed houses each month. In the worst-case scenario, the high-risk homeowner defaults on the mortgage; however, if the homes are repossessed, they will no longer generate payments or taxes. I don't see the danger. If entrepreneurs with good business concepts but bad credit could get a reprieve from lending institutions, unemployment rates would fall and revenue would rise, strengthening the economy.

If a little more thought and consideration were given to these situations and the circumstances surrounding the problem, there could be hope and aid for many Americans who have been missed up to this point. It is not always necessary to make black-and-white business judgments.