Housing Foreclosures Close in on Hispanic Community

Many Hispanics were urged to buy homes during the real estate boom to achieve a new found independence. They wanted a taste of the American dream. Today, due to creative financing, second mortgages and rising interest rates, many Hispanics are close to having their homes taken away. The quest for the American dream has forced many Hispanics into debt due to loans that they were not fit to have. Many were given loans they were not qualified to receive due to a lack of credit history and/or inadequate monthly income. Many were sold adjustable rate mortgages with initial low interest ‘teaser’ rates which simply delayed the day of reckoning until the mortgage reset and full interest and principle payments were due. “*

Stumble it! | |