Filipinos in US struggle to keep their homes
abs-cbnNEWS.com
Biscocho family, one of the struggling homeowners in the US
Many Filipino homeowners in America are hoping that President Barack Obama’s $75-billion housing bailout plan will be of great help as more of them stand to lose their homes.
The Biscocho family will lose their four-bedroom home to foreclosure on March 9 unless their loan is modified.
On March 9, the Biscocho family in Antioch, California will lose their four-bedroom home to foreclosure unless their loan is modified.
“Kaya nanghingi kami ng tulong, kung sinong puwedeng makatulong sa amin sa sitwasyon namin… para ma-keep namin itong bahay na ito para sa pamilya ko,” said Beethoven Biscocho said.
Biscocho has been behind payments for about a year now. He told ABS-CBN News that he has been trying to talk to his lender but his pleas fell on deaf ears.
The family from Antioch, California has set their hopes with President Obama’s US$75-billion housing bailout.
Obama’s homeowners’ stability initiative provides a set of incentives to mortgage lenders to encourage them to help up to four million homeowners facing foreclosure.
The Biscochos are now relying on Filipino non-profit organization Mabuhay Alliance to help them save their home.
Faith Bautista, president of Mabuhay Alliance, said, “That’s why it is so important to really talk to the councilor and figure out itong income mo, itong expenses mo. What can we chop down?”
The goal is to make mortgage payments affordable to no more than 31% of a homeowner’s income.
Borrowers could also lower the principle or refinance their loan. Funds will come from the $700-billion bank bailouts passed by Congress last fall.
Bailout homeowners, too
Virgilio and Nancy Santos are also struggling to maintain their five-bedroom home in California. In better times, their house was worth $850,000. Now it is only worth $350,000.
“Pag na-bailout yung lender, eh sila naman yata palagay ko ang nagkamali. Dapat ang i-bailout talaga yung consumer, yung homeowner,” said Mr. Santos.
Although they are not behind on their payments, they could still get help under Obama’s housing plan.
“Lahat naman tayo sa Amerika, lahat ng family may hardship. Kahit na nag-iisa ang bahay mo, may hardship ka pa rin kahit, kasi kung responsible ka nga, kinakaya mo nalang na hulugan yung bahay," Mrs. Santos said.
The housing bailout would also help people like the Santoses who owe more in their home that it’s now worth.
But loan modifications will be available to loans up to $417,000 that can be guaranteed by Freddie Mac or Fannie Mae.
In costly housing markets like California, not many homes could qualify.
“I don’t want to give high hopes. Ten to 20% of homeowners will be saved from the Obama stimulus plan,” added Bautista.
Because of this limitation, California Rep. Jackie Speier drafted an amendment to the bailout plan which raises the limit up to $729,000 in high cost areas so that more struggling homeowners can get their loans modified.
Millions of struggling homeowners can only hope that the aggressive housing bailout plan of the Obama administration can truly get them out of trouble. Henni Espinosa, ABS-CBN North America News Bureau
Biscocho family, one of the struggling homeowners in the US
Many Filipino homeowners in America are hoping that President Barack Obama’s $75-billion housing bailout plan will be of great help as more of them stand to lose their homes.
The Biscocho family will lose their four-bedroom home to foreclosure on March 9 unless their loan is modified.
On March 9, the Biscocho family in Antioch, California will lose their four-bedroom home to foreclosure unless their loan is modified.
“Kaya nanghingi kami ng tulong, kung sinong puwedeng makatulong sa amin sa sitwasyon namin… para ma-keep namin itong bahay na ito para sa pamilya ko,” said Beethoven Biscocho said.
Biscocho has been behind payments for about a year now. He told ABS-CBN News that he has been trying to talk to his lender but his pleas fell on deaf ears.
The family from Antioch, California has set their hopes with President Obama’s US$75-billion housing bailout.
Obama’s homeowners’ stability initiative provides a set of incentives to mortgage lenders to encourage them to help up to four million homeowners facing foreclosure.
The Biscochos are now relying on Filipino non-profit organization Mabuhay Alliance to help them save their home.
Faith Bautista, president of Mabuhay Alliance, said, “That’s why it is so important to really talk to the councilor and figure out itong income mo, itong expenses mo. What can we chop down?”
The goal is to make mortgage payments affordable to no more than 31% of a homeowner’s income.
Borrowers could also lower the principle or refinance their loan. Funds will come from the $700-billion bank bailouts passed by Congress last fall.
Bailout homeowners, too
Virgilio and Nancy Santos are also struggling to maintain their five-bedroom home in California. In better times, their house was worth $850,000. Now it is only worth $350,000.
“Pag na-bailout yung lender, eh sila naman yata palagay ko ang nagkamali. Dapat ang i-bailout talaga yung consumer, yung homeowner,” said Mr. Santos.
Although they are not behind on their payments, they could still get help under Obama’s housing plan.
“Lahat naman tayo sa Amerika, lahat ng family may hardship. Kahit na nag-iisa ang bahay mo, may hardship ka pa rin kahit, kasi kung responsible ka nga, kinakaya mo nalang na hulugan yung bahay," Mrs. Santos said.
The housing bailout would also help people like the Santoses who owe more in their home that it’s now worth.
But loan modifications will be available to loans up to $417,000 that can be guaranteed by Freddie Mac or Fannie Mae.
In costly housing markets like California, not many homes could qualify.
“I don’t want to give high hopes. Ten to 20% of homeowners will be saved from the Obama stimulus plan,” added Bautista.
Because of this limitation, California Rep. Jackie Speier drafted an amendment to the bailout plan which raises the limit up to $729,000 in high cost areas so that more struggling homeowners can get their loans modified.
Millions of struggling homeowners can only hope that the aggressive housing bailout plan of the Obama administration can truly get them out of trouble. Henni Espinosa, ABS-CBN North America News Bureau
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