THE MORTGAGE MESS HITTING THE HISPANIC COMMUNITY!

BEHIND ON THOSE MONTHLY PAYMENTS!

Nearly one in 10 Latino homeowners fell behind in mortgage payments last year.
That’s the finding of a Pew Hispanic Center survey. The Hispanic research group also reports about 3 percent say they had received a foreclosure notice.

The survey found that nearly half of respondents, 47 percent, indicated they were homeowners. That’s consistent with census data that shows 49.5 percent of Hispanics owned their homes in the third quarter of 2008.

Among Hispanic renters, 5 percent said they had lived in a home that went into foreclosure in the past year. The strain felt by Hispanic homeowners seemed consistent with that of all U.S. homeowners. The Mortgage Bankers Association reported last month that a record one in 10 American homeowners with a mortgage was at least one month behind on payments or in
foreclosure at the end of September 2008.

The study also found strong worry among Hispanics about their finances. About 75 percent of Latinos said their personal finances were in fair or poor shape, but 67 percent said they expect their financial condition to improve.