Although there are mortgage counseling companies that are approved to help homeowners navigate the foreclosure process, the trust that Latino immigrants have in their compatriots – who speak the same language and are sensitive to cultural nuances – sometimes leads to unwise decisions.Iconoculture calls this a "cruel irony", but it was Hispanic real estate agents and mortgage brokers who got these people into their overpriced, overfinanced homes in the first place. See Spanish Language Radio Stations Hit Hard By Drying Up Of Zero Down Mortgages and Hispanic Real Estate Agents, The Housing Bubble, And Beans For Breakfast.e
Here's a classic from the Housing Bubble Hall of ShameÂ®:
Chris Nunez, CPS Real Estate Chris is a super realtor in Santa Rosa, CA. He is renowned for pushing interest-only loans on people that CANNOT afford them. Once these loans reset, he's going to have some disappointed customers, such the Carnes family that took out a $700K, interest only loan to purchase a home they "had to have"—household income: $100K. And as he tells his clients, "I eat beans like you in the morning." Watch the video and enjoy! Video: Past Due & Pay Day (video at YouTube) Transcript: Past Due & Pay DayMy view is that if you are a recent Mexican immigrant, and you decide to trust some guy over a real estate deal because he is a Mexican too, then you have forgotten why you left Mexico.