Impact of Foreclosures on Latino Immigrants

<h1>Impact of Foreclosures on Latino Immigrants</h1>Author: <a title="James" href="http://www.articlesbase.com/authors/james/284036.htm">James</a> The crisis of <a href="http://www.bankforeclosurelistings.org/foreclosure-homes.php">foreclosure</a> has brought upon certain sets of issues among Latino immigrants within the area of Kansas City. Due to language barriers, as well as a lack in credit history, a lot of immigrants find themselves vulnerable to lenders that are predatory. They have not come across more foreclosures compared to other groups. However, when they come across problems of housing, there are several places that they could run to for help. Luis and Carmen Amiel arrived at <a href="http://www.bankforeclosurelistings.org/listings/OKLAHOMA/DELAWARE/KANSAS.html">Kansas City</a> around three years back to purchase a home. Since Luis lived in <a href="http://www.bankforeclosurelistings.org/listings/CALIFORNIA.html">California</a> for sixteen years, he could never purchase a home since it cost far too much. Originally, Luis Amiel comes from Peru, while Carmen Amiel comes from Mexico; she studied architecture there. They got to know each other in Los Angeles, got married and ended up having three children. However, Carmen then heard from several relatives regarding a great market of housing within Kansas City. They were very excited regarding the chance of a home, with more space for the kids, better schools, and quiet neighborhoods. Her family had recommended an agent of real estate for them who sold them a home of $60,000 with a lot of structural problems. They were given the promise that they would get fixed, but this promise was never followed through. Since they had no knowledge, they had no idea what they should do or how they should go about it. They had no idea where to go and simply could not get things done. Earlier in 2009, Amiels went to Harvest America searching for help. This is when Luis ended up losing one out of two jobs, which made them fall behind on their payments of mortgage. Within last year, the office of Licha Ybarra’s ha received hundreds of phone calls for loan modification help, mostly from families of Latino immigrants. Somebody just recently discovered Harvest America, so they started getting these phone calls. Therefore, their foreclosure cases sadly reached a high volume. It has been an amazing turn of events for Ybarra. Around fifteen years back, she helped start up a local program for homebuyers geared to Spanish speakers. A boom occurred. Within their countries, there was a need to have a lot of money in order to purchase homes and they realized that they merely needed between three and five percent for down payments here, so the word spread. Within the later 1990s, some banks viewed this market as under-served. They started translating applications of mortgage into the Spanish language, and even accepted taxpayer IDs for people who had no numbers of social security. The majority of Latinos are actually prepared. They have saved up money; they have savings; their work history is great; their rent history is great. If they do not have any traditional credit, Ybarra and the banks are going to work along with homebuyers to think up new alternatives. However, without this aid, immigrants end up at the mercy of several unscrupulous lenders.About the Author: Find <a href="http://www.bankforeclosurelistings.org/">Bank Foreclosure Listings</a> now! Search over 2 million bank <a href="http://www.bankforeclosurelistings.org/foreclosures-for-sale.php">foreclosures for sale</a> and bank owned homes in our database.Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/real-estate-articles/impact-of-foreclosures-on-latino-immigrants-1450879.html" title="Impact of Foreclosures on Latino Immigrants">Impact of Foreclosures on Latino Immigrants</a>

The crisis of foreclosure has brought upon certain sets of issues among Latino immigrants within the area of Kansas City. Due to language barriers, as well as a lack in credit history, a lot of immigrants find themselves vulnerable to lenders that are predatory. They have not come across more foreclosures compared to other groups. However, when they come across problems of housing, there are several places that they could run to for help.

Luis and Carmen Amiel arrived at Kansas City around three years back to purchase a home. Since Luis lived in California for sixteen years, he could never purchase a home since it cost far too much. Originally, Luis Amiel comes from Peru, while Carmen Amiel comes from Mexico; she studied architecture there. They got to know each other in Los Angeles, got married and ended up having three children. However, Carmen then heard from several relatives regarding a great market of housing within Kansas City.

They were very excited regarding the chance of a home, with more space for the kids, better schools, and quiet neighborhoods. Her family had recommended an agent of real estate for them who sold them a home of $60,000 with a lot of structural problems. They were given the promise that they would get fixed, but this promise was never followed through. Since they had no knowledge, they had no idea what they should do or how they should go about it. They had no idea where to go and simply could not get things done.

Earlier in 2009, Amiels went to Harvest America searching for help. This is when Luis ended up losing one out of two jobs, which made them fall behind on their payments of mortgage. Within last year, the office of Licha Ybarra’s ha received hundreds of phone calls for loan modification help, mostly from families of Latino immigrants.

Somebody just recently discovered Harvest America, so they started getting these phone calls. Therefore, their foreclosure cases sadly reached a high volume.
It has been an amazing turn of events for Ybarra. Around fifteen years back, she helped start up a local program for homebuyers geared to Spanish speakers. A boom occurred. Within their countries, there was a need to have a lot of money in order to purchase homes and they realized that they merely needed between three and five percent for down payments here, so the word spread.

Within the later 1990s, some banks viewed this market as under-served. They started translating applications of mortgage into the Spanish language, and even accepted taxpayer IDs for people who had no numbers of social security. The majority of Latinos are actually prepared. They have saved up money; they have savings; their work history is great; their rent history is great. If they do not have any traditional credit, Ybarra and the banks are going to work along with homebuyers to think up new alternatives. However, without this aid, immigrants end up at the mercy of several unscrupulous lenders.

Find Bank Foreclosure Listings now! Search over 2 million bank foreclosures for sale and bank owned homes in our database.

Rate this Article:

0 / 5 stars - 0 vote(s)

Re-Publish

Article Source: http://www.articlesbase.com/real-estate-articles/impact-of-foreclosures-on-latino-immigrants-1450879.html

Article Tags: Foreclosure, Immigrants, Buy A House

Related Videos
Related Articles
Ask / Related Q&A

Play

Immigration and the New Governance

Play

How to Get American Citizenship - Common Mistakes

Play

Ted Kennedy on Immigration

Play

How to Stop Illegal Immigration

Play

How to Play Led Zeppelin's Immigrant Song

Latest Real Estate Articles
More from James

Points, Fees and Rates of Mortgages Explained

By: Roby Pagong | 21/11/2009
If it is your first time to apply for a mortgage loan, you might get confused with all the terms used. This is why it is essential that you familiarize them first. If you have not done your research prior to the application, do not hesitate to ask your mortgage broker, lender or real estate agent about the things that you do not understand.

The Right Way of Reviewing Offers for Homes for Sale

By: Mark Ferrer | 21/11/2009
Probably one of the surreal moments of putting up homes for sale for homeowners is when buyers put up their own offers. This is especially true for owners who have been waiting a long time for their homes to sell and are starting to be at risk of being stale. But even though this part of the process is particularly elating to some, it can also be difficult to others. Knowing that one is about to part with the home is extremely hard. If you're having a hard time dealing with this stage of home sa

Financing Your Miami Foreclosures Purchase

By: Mark Ferrer | 21/11/2009
There are three stages of foreclosures, including Miami foreclosures, which are pre-foreclosures, auctions and REO homes. During pre-foreclosures, homeowners are naturally selling a property about to be foreclosed that still has little to no home value; auctions are where you’ll find officially foreclosed homes; and REO homes are properties sold by the bank. Regardless of the foreclosure stage you enter, it is important to get the financing beforehand. Don’t forget that sellers are only interest

Timing is Everything When Selling Miami Luxury Condos

By: Mark Ferrer | 20/11/2009
Nowadays, the intense competition in the selling market hasn’t hindered any homeowner from selling their own property. While this holds some truth, the shallow veneer is not enough to hide what lies underneath: staling properties. When you’re trying to sell your Miami luxury condo, there is not greater sin than missing the right time. Before you make the mistake of selling your home untimely, take your real estate thermometer and measure the market’s temperature. Here are some tips to help you p

Buy DFW Real Estate Using First-Time Home Buyers Tax Credit -$8,000

By: Omni Chaparala | 20/11/2009
The federal tax credit for first-time home buyers is to ensure that home buyers will become home owners utilizing the $8000. Not only will the tax credit help the real estate industry, it will more importantly help increase home ownership.

Deed in lieu of foreclosure can stop foreclosure process

By: Realjeff | 20/11/2009
When foreclosure problem arises homeowners cannot afford to keep their property. They may not have enough equity or not able to sell the house or lender may not accept short sale.

How to Choose a Mover

By: Lori Lovely | 20/11/2009
You’ve sold your house and are ready to move on to a new life in your next home. But if years’ worth of living won’t fit into the back of your pickup truck, it’s time to consider hiring professional movers. Your friends will thank you for it. They may even recommend a few.

Note Holders Will not tell You All There is to Know About Short Sales

By: marco | 20/11/2009
If you are in the middle of foreclosure proceedings and you do not want that on your credit report, then an option to consider would be a short sale of the property. You note holder is not required to tell you that you do not actually have to ask for permission to begin a short sale. Even if you turn in everything to the bank, follow up on things and let the bank know that you are really interested in following through on the short sale, the note holder has the last word on whether it happens.

Family: A big help in the mortgage loan process

By: James | 16/11/2009 | Real Estate
When you are stepping into a mortgage loan, it is important that you take the proper precautions to have an expert guide you in the process, but just as important, you need to be able to rely on someone of your confidence for help when you do not have the time.

Where to find Valuable information on Foreclosure

By: James | 11/11/2009 | Real Estate
Knowledge is power and the more you know makes you valuable not only to yourself but to other people. It can get you out of a lot of stressful situations. The internet is full of knowledgeable information that will give you guidance to what you need to do about foreclosures.