Latinos and the Foreclosure Crisis Can we save “ El Sueño Americano ?”
If you haven ’ t somehow felt the effect of America ’ s foreclosure crisis , I am sure it ’ s not for lack of seeing the homes being foreclosed on in your very own neighborhood ! All areas of Tampa Bay have been touched by this crisis , but none more than that of the Latino community . I recently had the opportunity to meet with several local Hispanic families that were in various stages of the foreclosure crisis . This includes people who were not yet late on a payment , but were beginning to feel the economic pinch . They knew that somewhere down the line , they would be in trouble with their mortgage payment . I can honestly tell you that it is heartbreaking what is happening in America . The thought alone of mass amounts of people struggling to keep their homes breaks my heart , and it has also made me very angry because although this entire mess affects every single American ….. it has actually had an affect on many other countries as well ! It ’ s what I call the “ Domino Effect ”, and it has affected everything from real estate , to business ,
money , trade , jobs , and has even impacted crime ... crime is on an up-rise .
Armed with a collection of negative tales that local and national media have effectively communicated about loan modification organizations , the government tells homeowners that they should be dealing directly with their lender / servicing bank , ( which , by the way , is actually a debt collector ). This , in essence , puts these frightened and emotional people right into the lion ’ s den , without a single weapon , and with no knowledge of how to best deal with the situation . The government communicates their message very clearly : you should be dealing with your lender , cautioning homeowners against working with loan modification organizations . It ’ s really quite simple . There are several reputable organizations out there , and lenders know that many organizations will defend your interests more effectively than the average homeowner can do on their own .