Options for obtaining controversial mortgages drying up
By Daniel Connolly
Su Casa Realty, one of the biggest real estate agencies catering to Hispanic immigrants in http://www.wvwnews.net/story.php?id=4105 to people without Social Security numbers, often a sign that they are here illegally.
Juan Romo, part owner of the Century 21 franchise, said mortgage programs for people who lack Social Security numbers aren’t likely to come back as http://www.wvwnews.net/story.php?id=3854 clamp down on credit in response to the subprime housing crisis.
It’s against the law to enter the country without inspection or overstay a visa, but http://www.wvwnews.net/story.php?id=1325 have been successful in lobbying for lax enforcement.
Many people here illegally use fake documents to get jobs, and some earn enough to buy homes.But the economic slowdown, particularly in construction labor, may mean fewer illegal immigrants can afford them. And there’s anecdotal evidence that many employers are checking documents more carefully and turning illegal immigrants away.
Federal law still allows banks to offer mortgages to illegal immigrants. Banks have typically required these immigrants to present an individual tax identification number, or ITIN.
http://www.commercialappeal.com/news/2008/apr/05/alien-workers-losing-loan-access/