Minority Homeowners Hit Hardest by Fraudulent Mortgage and Foreclosure Practices

New studies show the foreclosure crisis has hit minority communities the hardest, and predatory lending aimed at racially segregated minority neighborhoods led to the mass foreclosures that fueled the U.S. housing crisis.

Although the data in the recent studies breaks down mainly for African American and Hispanic groups, many other minority groups are affected by the foreclosure crisis. Consider these statistics:

• Stockton, which once had the largest population of Filipino Americans in the U.S., reportedly has the highest foreclosure rate in the country;
• Vallejo, which has the highest number of Filipino elected officials in California, also has the highest foreclosure rate in the San Francisco Bay Area;
• Daly City, which boasts of a 35% Filipino population, has the highest foreclosure rate in San Mateo County;    Las Vegas, which has the fastest growing Filipino community in the US, continues to have one of the highest rates of foreclosures in the country.

When you consider that the top three cities and counties in California with the highest percentage of foreclosures are also the top three cities and counties with the highest population of Asian and Filipino Americans, then you can easily assume that a disproportionate number of Asians and Filipinos have lost or will lose their homes to foreclosure because of predatory lenders and illegal foreclosure procedures.

We launched our firm’s aggressive foreclosure litigation approach earlier this year challenging the banks’ and mortgage servicers’ alleged ownership of a homeowner’s mortgage, and the bank’s alleged rights to foreclose on the property.

The tide is finally turning in favor of homeowners facing or in the process of foreclosure. It’s all crashing down on the entire servicing industry which participated in filing fraudulent documents in order to steal real homes belonging to real people, including Asian and Filipino Americans!

Reyes Law Group, APLC Offers Multi-Language, Multi-Cultural Services to Educate Minority Homeowners Hit Hardest by Fraudulent Mortgage and Foreclosure Practices