Latinos homeowners should look carefully at this new agreement as it could mean saving their home on foreclosure.
If players in the mortgage industry freezes interest rate for certain sub-prime mortgage loans for five years Latinos across the country could have the time they need to get their finances in place and refinance to a more "friendly mortgage product".
Another benefit could be the possibility to stay longer in their home till market value improves and are able to sale and buy a more affordable home.
Either way I think this is just another tool that Latino homeowners will have to prevent foreclosures but at the end of the day, it is up to then to be responsible and get informed before getting into a risky loan program.
There are non-bias websites and local non-profits willing to take some of their time to educate them.
Real Estate Latino.com, the nation's premier Latino real estate community online
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