Posted on: February 25th, 2008
Filed Under: [ Hispanic News ] [ Tomás' Picks ] [ Real Estate ] [ Blogante Business ] [ Massachusetts ]
Tags: foreclosure, Mexico
When Ramon Gallo bought a $300,000 home in Westborough in late 2006, he thought he had achieved his dream. Sixteen months later, Gallo, who signed for an adjustable-rate mortgage, has fallen behind on his payments and fears he may soon live a foreclosure nightmare.
Gallo, 38, who came from Mexico five years ago, is part of a wave of immigrant homeowners who have been hit hard by the national foreclosure epidemic. Reports say new immigrants, along with minorities and low-income Americans, were the targets of sub-prime loans, which played a key role in the foreclosure epidemic.
Many immigrants bought homes during the boom market five years ago, taking advantage of adjustable-rate mortgages, which made it easy at first glance to buy properties.”*
*From: http://www.dailynewstribune.com
Traducido: usando Google o Altavista/Babel Fish
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