What happens to all these families who lose their homes because of the sub prime mortgage crisis?

After they lose their houses in forclosure and the bank says get the f**k out then they rent for a while and hopefully find their bearing again. Losing a house for some is very tramatic, but it can be dealt with... Just need to realize its not the end of the world.. As long as u have family and ur health u can always rebuild from that foundation...What happens to all these families who lose their homes because of the sub prime mortgage crisis?
The vast majority of foreclosures do not involve families loosing homes. They are investors (landlords) loosing homes. The renters just go rent from somewhere else.





The rest go back to being renters. This does not happen to people as you state. Foreclosure only occurs when someone refuses to repay money they were given. Foreclosure is a choice that they made, they are choosing to screw other people (banks investors), this crisis is their own making.What happens to all these families who lose their homes because of the sub prime mortgage crisis?
I think most probably have to find a place to rent.





While it is still a bad situation to be in (I don't doubt that at all) I do think it is going to lose some of the stigma it has had lately due to the sheer volume of foreclosures.





Previously, it wasn't that high a rate of people -- now it is a very large % (relatively) that have been foreclosed on. I think this is going to cause alot of renters to become more forgiving in who they rent to.
They will likely have to rent for at least 3 years %26amp; then will be able to purchase a home as long as the rest of the credit is in good standings.
Renting something they can afford I guess.....