The “ Mortgage Professionals ” ( and I am going to use the word professional very loosely here ) sponsored local events , advertised in our media outlets , and they coldly set-up our communities for the big fall ! ( Please don ’ t misunderstand me , there are plenty of reputable and good Mortgage Professionals around today , as many of the unscrupulous ones are now in hiding !) They spun dreams of cook-outs , picket fences , family , home ….” el Sueño Americano ” and in many circumstances , they mislead our community . Often verbally translating information incorrectly to Spanish-only clients , just to get them to sign on the “ dotted line ”, many times pressuring their clients to come up with yet another salary to be added to the household income so that they could qualify for the loan , and promising home buyers that their payment would be a certain amount , and that in a year they could refinance . As well as failing to properly educate or inform the home buyer about adjustable rates , and that their monthly payment may start off by being a certain amount but that it would climb steadily or suddenly , and in many cases having that original payment multiply by two or three times ! It should be criminal what these people did , because these companies knew the homeowner would at some point down the road , run into a problem making their payments , and yet they had them sign these contracts anyway .
Meanwhile , the lenders accepted a lot more “ Stated Loans ”, not because they suddenly wanted to help millions of Latinos become “ new homeowners ” but rather because at the end of the day it all came down to simple greed . Why did all this happen …? Because greed ruled these industries and , it still does . If you don ’ t think this is the biggest threat facing America today then you need to study the facts …. This effects everyone ; everyone has been touched by the tragedy in one way or another . What ’ s Ahead for us ??? The national unemployment rate reached a 25-year high of almost 9 percent , a dismal fact that faces people that are out there trying to find a job . Today , millions of people find themselves “ upside down ” on their home loans , with many of those same homeowners also being unable to pay their monthly mortgage payment , because they earn LESS than what their monthly payment is . So far , the federal programs to reduce foreclosures have largely failed in their goal , particularly the Hope for Homeowners program which was approved by Congress . Under that program , less than a hand full of mortgages were actually modified under that particular program , which lawmakers had hoped would help as many as 400,000 homeowners . The U . S . government has lent banks $ 392 billion to stem the losses through its Troubled Asset Relief Program and another $ 12.4 trillion was spent , lent or guaranteed by the government and the Federal Reserve to stop the longest recession since the 1930s . President Obama ’ s plan to keep struggling Americans in their homes now relies on lenders to voluntarily re-work bad loans . The plan provides incentives for the lenders to do this , including payments to servicing banks that successfully modify loans and , in some cases , payments to mortgage investors who agree to the modifications . The administration estimates that its plan will prevent three to four million foreclosures , but it will take several months before there is enough data to evaluate . In the past , however , voluntary modifications have failed to curb the rise in foreclosures , because at the end of the day , even if lenders do agree to modify loans , many Americans will still be in trouble . Why ? Because nearly 14 million homeowners are “ upside down ” which means they owe more on their mortgages than their homes are worth . To make matters complete , those values are still going down , and relief is said to be “ no where in sight ”. There is always hope …. Walk in faith ! I am here to let you know that I have done my research on this subject , and this has become a BIG passion for me . Don ’ t lose faith , there is always some hope . I have seen first hand what having a professional on your side can do in these circumstances , it means having someone on your side that can offer real assistance to families that are living with this crisis . If you are interested in receiving information on foreclosure prevention , loan modification , refinancing , purchasing a home , appraising a home , bankruptcy or other similar , I can point you in the right direction . And I am committed to help .
For more information or assistance , please email us at : StopForeclosure @ Latin-Times . com
God Bless America !