Posted on 10/08/2007 8:54:00 AM PDT by LNewman
Soledad Aviles dreamed for years of owning a home, with a plot of land where he could grow corn and chiles as he did in his native Mexico. So he felt blessed last year when he learned he could buy a three-bedroom, single-story stucco house on West La Verne Avenue in Santa Ana.
Referred to a local loan broker by a trusted friend, he borrowed the entire purchase price of $615,000 from Washington Mutual at a high interest rate typical of sub-prime loans. The monthly payment, as he says he understood it, would be $3,600 -- steep for a glass cutter who made $9 an hour -- but Aviles counted on his wife and three of his six daughters, who also worked low-paying jobs, to contribute.
"We took out our pencils, figured out our take-home pay and figured out that if we all pitched in, it would work," said Aviles, 54, a stoop-shouldered, soft-spoken man with a sixth-grade education from Mexico.
Relying on the broker's word, he signed loan documents written in English, a language he neither speaks nor reads, Aviles said. He was shocked to learn afterward that the monthly payment would not be $3,600, but $4,800 -- a price that forced him to rent out bedrooms, the garage and an enclosed porch while he and his wife slept on the couch. He fed his family with food from friends and corn he grew.
... The state Department of Real Estate, nonprofits and the Mexican consulate also have reported a rise in mortgage complaints, many of them from homeowners saying they signed documents they didn't understand.
(Excerpt) Read more at latimes.com ...
IMO, it’s an intentional misdirection when you title an article “American Dream” and go on to talk about “first generation” immigrants ... uh ... complaining to the Mexican consulate about real estate transactions.
My sister sold her basic 4 bedroom, 2 1/2 bath corner lot with pool for $75,0000 to Hispanic immigrants. The house is now being sold by the bank and no taxes have been paid since she sold it.
My own neighborhood has a couple of houses now owned by Hispanics. While I don't have a problem with them living here, the problem is that they are obviously taking in renters to try and make the payments. The number of cars in front of each house is the give away. And these are new cars. I guess they are just living the American dream until they go bankrupt.
Not one nickle to bail out this illiterate or Washington Mutual. I’ll bet the property is in lousy shape after he was renting it out, probably to other illegals. How many payments did he make? That important information wasn’t given, but if it wasn’t too many, he can go back to being a renter in Mexifornia without too much damage, and WM can sell the property to another pigeon.
I guess his Good Faith Estimate wasn’t all that great.
I didn’t think of that, either. It should be “Mexican Dream,” or “Mexican Dream in America,” at best.
Heck, I do that every April 14th...
From my experience, if I wanted to falsify my income for the purpose of a mortgage, I would need the support of others to pull this off.
I know my broker very well and still am required to provide all the proper documentation because he follows the rules.
There may be some sort of fraud going on here but it is against the lenders.
Home-buying program has cash, controversy Undocumented residents being recruited for loans
ACORN. Citibank. Quelle suprise, eh?
“When illegals are buying $600,000 houses making $9/hour - we are in the biggest housing bubble in the history of the world...”
In other words: Just who the Hell were the banks turning away???
On another note: Illegal aliens living many families to a single home stress our infrastructure resources. Multiple familes pay one property tax but use the sewers and streets and schools.
>> Will the Democrats bail him out?
Heck no! Not personally.
But you and I will.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Maybe he thought, 620,000 Mexican pesos... a little over $57,000 U.S. I’ll bet if I purchased property in Mexico, the contract would probably be in Spanish.
Don't worry, I'm sure the dims will bail out all of those who wanted to live beyond their means. Especially if they are "first generation imigrants"!
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Then he's an absolute idiot. Besides, payments and other dollar amounts are listed in LATIN numbers so he should have seen some of this coming.
They all tried to pull a scam. Last home we bought, two years ago, we were still required to produce income tax statements, proof of employment and list all our debts and assets.
OTOH, there are two sets of laws in our land. One for US Citizens and another for Illegals..It's disgusting.
sw
I really get ticked at writers who think we should believe this kind of crap. Wasn't aware of his income figures on the loan? Of course he was aware, he lied about his income to get the loan, period. He should be charged with fraud.
Sounds like good news - could you please share your county/State so we may use it as an example?
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
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