First of all, it never was their home, but removing a human from their shelter must be a grievous assignment. Being in loss mitigation for seven years gives me the insight that most people who are foreclosed upon do not have the savvy or tact or resources to understand their financial situation past any type of simple understanding and thus never should have been given a massive loan to pay back or should have signed up for it in the first place.
Most people who are foreclosed upon (but not all) are uneducated, lower socioeconomic types from a long lineage of lower class, uneducated ancestry. The ethnicity of this group of people is even, except for Asians, who are very much more responsible about their financial obligations.
Since the people affected by the financial college pipeline sharks who work for the lenders or as brokers are mostly underclass, they were defenseless to stand up for themselves or just did not know how to. The jobs going overseas which helped most people pay for their mortgages which cost up to 50 percent of their monthly income, didn't just go overseas; they disappeared completely. But that is not the lender’s fault. It is an unfortunate situation that must be taken on and handled by the borrowers themselves. Today’s society does not believe in self reliance and needs always to point the finger of blame at someone or something else. It sickens me to think that my tax dollars go to help these irresponsible borrowers or the irresponsible, greedy lenders with modification programs.
A 2011 survey on FNMA borrowers showed that the average education level of a FNMA borrower was 14 years old (pre high school). The default rate on loans converted to modifications of existing mortgages was 70 percent for the first mod or trial payment in 2011.