Homelessness Solution: Shelters

Terms

Refinance
To add additional funds or credit , to financially support again

http://www.babylon.com/define/35/Economics-Dictionary.html

Disbanded
To break up, to dissolve

http://www.babylon.com/define/35/Economics-Dictionary.html

Delinquency
failure to perform a duty like a bill, violation of the law; felony

http://www.babylon.com/define/35/Economics-Dictionary.html

Foreclosure
To take away the right to redeem his property, hindering, shutting out, closing or settling beforehand

http://www.babylon.com/define/35/Economics-Dictionary.html

The number of homeless people who are homeless because of foreclosures increased. Everything was looking great for Ms.West. She bought a new home and opened the home up to homeless people. She took care of them provided food and took them where they needed to go. The government would pay her $750 a month for each resident. But the money started to decrease because of the recession so the government gave her less money which made it difficult for her and her husband to sustain of they wages. They were spending more money than they were earning which had a negative conclusion in the end. They had to maintain their bills and expenses of a lower amount of money. So things proceed to go downhill. She called to mortgage company to see if she could get her mortgage payments reduced but with her bad credit and not having a full time job they denied her request. She let her cousin buy the house from her and her cousin disbanded the housing for the homeless people. So the mortgage company made a deal with her to move out and give them the keys and they would give her $2,500. She accepted the offer with no place to o so she stayed in her car and prayed. Then her went to stay with a friend and then with her cousin but neither were where she wanted to be and very uncomfortable. One day a lady helped her make a recovery plan and then she got a room at a homeless shelter because she needed her own space. Now she is trying to get her life together and get a house again.

This happened indirectly. The recession affect many people in many different ways. Since the government decreased Ms.West’s payments for the people who were staying in her home it made it very difficult to keep everything afloat. She could not continue to pays her bills with less money.

Ms.West’s home went into foreclosure just like many other people who faced this problem. Money got low and she didn’t have any other place to go expect to stay from people to person which get extremely uncomfortable.

I think that if people had back up plans then this would have been easier to go through rather than becoming homeless. If people having savings when things like this happen they will be able to recuperate.

http://www.nytimes.com/2009/10/19/business/economy/19foreclosed.html?_r=1&sq=homeless%20shelters&st=Search&adxnnl=1&scp=1&pagewanted=all&adxnnlx=1267426827-kfjLDkqQJHaGq8RghS7ddA