Trip to Cancun = $999, 2bd condo rent =$1200, People screwed by realtors = priceless

As much as I hate to see people cry about losing their homes, they should have thought more about buying a home.  But, you can’t blame people for trying to live the American dream, especially Hispanics that always have the dream.

What I really hate is Latino Realtors screwing their own Latino people, just to get the commissions. I read and read about how Latinos got tricked into buying a home with risky loans. These Hispanic people were pushed in to a loan by their community Latino Realtors.

“Hernandez’s mother bought the house for $488,000 in 2005. She put $100,000 as a down payment, part of the profit from the sale of the small townhouse where she lived with her family for more than a decade.

But Hernandez said his mother was steered into a negative amortizing loan, in which they were allowed to make less than a standard principal and interest payment every month, so the total principal slowly increased. Today they owe more than $500,000 for their home, while at the same time, the value of their house has plummeted. In December, after the terms on their lease changed, their monthly payment shot up to $3,900 from$2,300 the month before. Since then they haven’t been able to make the payments”

I can almost hear the realtor say something like this “ It’s ok Mrs. Hernandez you can refinance in 12 months, blah, blah”, ( just sign the papers so that I can get my commission” and I could bet money on the fact that it was a Latino realtor, which this family trusted because he/she spoke their language.

That is so wrong, but everybody cares about their own live, it’s not the first nor the last time!

Trip to Cancun = $999, 2bd condo rent = $1200, Latinos screwed by Latino realtors = priceless