Dozen of homeowners get advice on avoiding foreclosure in The Mercury News. The adjustable rate mortgage has affected the Latino community tremendously. It has a great impact on Latino families due to language barriers. Many of the families who purchased a home in recent years “probably never knew what kind of loan they were getting” said one of the presenters. I think families should really inform themselves about interest rates and how it’s going to change in the future. Families should also take into consideration on what they can afford and not on what they want.
“I think everyone was feeling like they were living the American dream,” he said,
adding that many homeowners who actually understood loan terms thought they could
refinance or sell within the first couple years to avoid skyrocketing payments.
Many times as Latinos we come to believe that owning property makes us successful. I don’t believe this to be true, because many of us work only to make these home payments and not able to afford anything but the Mortgage. We are not even able to enjoy our home because most of the time we spend working to pay for it.
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