We all know that foreclosure rates are skyrocketing all across the country, due mainly to declining property values and the increase of interest for adjustable rate mortgages. But just what kinds of families are prone to gain caught in this mess? Although this is a recent and ongoing problem for lower-class families, multiple studies have advance to the same conclusion: Minorities are more at risk than their Caucasian counterparts. The incidence, prevalence, and types of households affected all unfavorably lean toward not unbiased lower-class families, but lower-class minority families. Most of these families will not savor the holidays from inside their own homes. Even worse, lenders have been taking advantage of these people for years.
A itsy-bitsy background is critical to fully u...Read More