15 million families owe more on their mortgage than their home is worth. Take Manuel de Paz, for instance, who has owned his Oakland home for ten years. He is not in the grips of foreclosure but is typical of a lot of people struggling to pay on an inflated mortgage. He works 12 hours a day just to meet his mortgage payment based on a $325,000 home that is worth only about $150,000.
"More than 70 percent of my personal income goes to the mortgage. I’m struggling to make my payments because I want to negotiate with the Bank of America. I called the bank and spent hours being passed from department to department. They aren’t helping me. They are taking advantage.”
Since 2007, 2.5 million foreclosures have taken place across the nation. 6.9 million have started and a projected 5.7 million borrowers are at risk.
Photo by Josh Warren-White
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