Mortage

The legal name for the process of a mortgage lender reclaiming the home of someone who fails to pay the mortgage is foreclosure. Today people need really good credit scores to apply for a loan on a house and get the best rate on that loan. From the pools of the lending industry, in May of 2006, a borrower needed a credit score of 620 or above to qualify for the best interest rates on a mortgage. Two years later, after the housing crisis and all of its fallout, borrowers would need a score of 760 or above to qualify for the best rates. Some are calling it the worst housing crisis since the great depression. I think that the government should be helping people on this. Some of them really need help and it's almost impossible to get a loan on a house with bad credit. I would be really mad if the government was going to take my house away. I would probally turn to my relatives for help. I'm not sure i know anyone who was effected by this, but if i did i would try to help them as much as i could. It's not fair for people to get there homes taken away if they do not deserve it.