Eviction – The Issue Spotter

March 5, 2021 0

Evictions Are Coming: An In-Depth Look at the COVID-19 Eviction Crisis

(Source) In the United States, nearly 1.4 million people per year spend time in a shelter, and there are more homeless people than the population of some rural states. For those living in city centers, it is an unignorable issue. A home is a foundation on which people build their lives—losing the place you call home can have serious impacts on one’s ability to obtain financial stability and can have impacts on one’s mental health. When the COVID-19 (“COVID”) pandemic hit American shores, it not only devastated the health of communities but also their financial stability, specifically impacting communities of color more severely. During the hardest hit months of the pandemic, over fourteen million Americans filed for unemployment. This spike in unemployment meant families lost the ability to financially provide for themselves, and for many of them, the debt of every day expenses, such as rent, began to accumulate. The looming threat of eviction hangs over many of these families who worry that they will be just another homeless statistic. This piece explores the eviction moratoriums the federal government and the New York state government put in place and analyzes the protections they provide to tenants. It is important to [read more]

March 1, 2018 0

Contract for Deed Sales Killing the American Dream

Contract for deed sales, also known as installment land contracts, is an alternative way to purchase a home. Like the traditional home loan, buyers make a down payment and promise to pay the purchase price in installments; they are also responsible for making (and paying for) any necessary repairs and insurance. The buyer takes possession of the home, but under this method of purchase, the seller keeps the title to the property until all payments are made. This contract almost always includes a provision allowing the seller to evict the buyer immediately if even one payment is missed. Meaning that the buyer immediately loses all the money they paid into the house. Currently, there are no federal protections to prevent these types of sales. The Consumer Financial Protection Bureau (CFPB) must enact federal protections to prevent deceptive buyers from making themselves rich at the expense of the American Dream. A New York Times article estimates that a lot of these homes were purchased by investment firms at prices under $10,000 and then sold to buyers for four times the original purchase price with interest rates sometimes double the rate of a standard federally-backed home loan. Additionally, the properties usually always [read more]