Currently the foreclosure crisis is affecting everyone around us. Many families are being forced to live on the streets and try to make their everyday lives normal, but it is just impossible. We are going through some very rough times right now in our economy, and the emergency housing has increased drastically in this last year. Not only are people losing their homes but they are losing all of their dreams along with it. Many Americans are working hard every day just to pay their bills and keep their families in a house with heat and running water, some are even working two or three jobs to strive for the “American Dream.” Most Americans feel they need to live the “American Dream,” to feel they have reached their level of success, to
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Since less people are buying homes right now, we will have more people who want to rent a home until they are ready to buy. When renting, the home owner can find somewhere for themselves to rent that would be cheaper and they can charge what the mortgage payments are for the rent payment each month. The house may need some fixing up to get the required amount of payment for the mortgage but it will be worth it in the long run.
Another option in renting and saving money would be to turn your home into a duplex or triplex. When the home is turned into multiple living spaces the homeowner can still live in their home they are paying the mortgage on, but they will be having another family renting a different area of the house. Homeowners can find cheap ways to divide homes by remodeling only in necessary parts of the home and adding a small kitchen or bathroom. Depending on the area people are renting homes will depend on how much the duplex or triplex can be rented for. It can pay at least half of the mortgage, if not more than half for the homeowners.
Refinancing is an option home owners may go through to try to reduce their payments without losing their homes. First the home owner has to qualify; if it is too early in the loan term refinancing will not be an option. In many cases when home owners refinance their loans the payment amount can be reduced to help the borrowers when they need it. It will reduce their interest rates and make