Faces of Foreclosure— Carl Lee

http://www.defendyourdollars.org/video.html

Carl Lee of Westchester, Illinois is 42 years old and lost his home to foreclosure in 2006. He now lives in a home he rents with his wife and young daughter. When Mr. Lee purchased his first home in 2002 it was the fulfillment of a life-long dream to finally become a homeowner. Mr. Lee thought that the loan he was sold was a fixed rate mortgage and that his monthly payments would be the same for the life of the loan. He was surprised when he realized he had received an adjustable rate loan and that his initial payment would go up, and continue to rise in the future.
To take action and learn more about Carl Lee and the Faces of Foreclosure go to www.defendyourdollars.org

Category:

Nonprofits & Activism

Tags:

• Consumers Union
• Faces of Foreclosure
• mortgage
• bailout
• refinancing
• home loan
• remodification
• cramdown
• Obama
• reform
• advocacy
• banks
• money
• financial crisis
• predatory lending
• Chicago
• Illinois