Immigrants hit hard by U.S. slowdown and subprime crisis

Hatuey · 01-30-08, 02:50 PM

Immigrants hit hard by U.S. slowdown and subprime crisis - Yahoo! News

Quote:

Nelson, a 29-year-old legal immigrant and construction worker from El Salvador, had a miserable run of luck in November, when he lost his job and his subprime mortgage bills jumped $650 to about $2,650.

He says he now has to sell the home he bought in Maryland in 2005. If he is unable to sell in the next four months, he will have to foreclose, meaning an even bigger financial loss and a damaging black mark on his credit record.

"I have to practically give it away," he said.

Like many caught up in the crisis, the father of three said he had no idea his monthly payments would soar two years into the mortgage when he closed the adjustable-rate subprime deal.

"You have to sign a lot of things when you buy a house, so I didn't read, I just signed. I think it was the anxiety, the happiness of buying my house," he said. "I feel a bit betrayed."

This is the reason I let my wife pay our bills and do all the reading just so that somebody like myself who most of the time only sees the eye candy doesn't get distracted and screw up our lives. It's a ****ty situation and it's happened to us on a much smaller scale. I saw some Scholastic Disney books for our daughter and signed up for a trial not having read the fine print. Turns out they send you the entire set after 3 weeks at price of like $280 whether your call them back or not. Goes to show why people like us shouldn't be allowed to sign stuff without somebody who pays attention to written details sitting right next to them.

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