Getting into a new mortgage after losing a home may be difficult, but not impossible. Find out what you'll need to buy your next house and make it last.
The housing crisis, and its consequent credit crisis, has affected virtually every family in this country; Hispanics have particularly taken a substantial financial hit. According to the Pew Research Center, the average equity on a Hispanic-owned home dropped to $49,145 in 2009 from nearly $100,000 four years prior. The burst of the housing bubble added to massive job layoffs led to a nationwide financial disaster. By 2009, the average wealth of Hispanics dropped 66% compared to the 16% drop suffered by whites and 53% by blacks.
(The American Dream/iStockphoto)So, how do you recover if you were caught in the downward spiral? How do you start again?
With these questions in mind we approached CNN financial commentator and Yahoo! Finanzas columnist Xavier Serbia to find out how to deal with a foreclosure and what steps you can take to restore your creditRead More »from How to Bounce Back from Foreclosure