VOA常速英语2008年-Troubled US Homeowners Face Emotional, Financia

By Brian Wagner
Miami
24 April 2008

As the U.S. housing market continues a decline, home foreclosures across America have reached a three-decade high. For many Americans, the crisis is causing emotional as well as financial strain. VOA's Brian Wagner reports on how the mortgage crisis is affecting residents in the Miami area. 

As home prices soared in recent years, many in the Miami area used cheap so-called sub-prime mortgages to buy investment properties they could rent out to generate additional income.  But when the housing bubble burst, many were left with mortgages with ballooning interest rates and properties with plunging¹ values. Many have not been able to make the monthly mortgage payments and are faced with the loss of their homes, or foreclosure.

Real estate experts say home prices across the U.S. are expected to continue falling, and credit has dried up, making it difficult for many homeowners to sell off troubled properties.

In Miami, the excitement of investing in real estate faded quickly for Sonya, who did not give her last name, because she is embarrassed by her financial troubles.

The Jamaican immigrant says she invested $40,000 in two homes in West Palm Beach when the real estate market was expanding. The properties were supposed to help pay for her upcoming retirement². But she ran into problems when the units failed to attract renters or buyers as the market turned sour.

After taking a $25,000 loan against her own home to make mortgage payments on the investment properties, she was still unable to prevent the bank from foreclosing on them.

"Now I am facing foreclosure on the house I am living in," she said.  "So on top of taking those two [rental³ properties], I am trying to see how I can keep the house that is over my head for over 14 years."

Sonya was one of scores of worried homeowners seeking advice at a recent clinic on foreclosure prevention at Miami-Dade College. She took some comfort in knowing she is not alone.

"Nobody has control over their job situation or the markets," she added.  "So when things like that happen, we just have to know what is the next step."

In Miami, foreclosure clinics and classes are multiplying as the crisis continues.  

The Miami-Dade clinic provided a chance for homeowners to meet with bank representatives and aid groups.

The non-profit Neighborhood Housing Services was one of the groups at the clinic.  It helps delinquent⁴ borrowers navigate⁵ complex legal and financial procedures to avoid foreclosure.

The group's Jacquie Madera says many large banks are willing to negotiate with borrowers to help them stay in their homes, but she says some smaller banks are slower to respond.

"Instead of doing a loan modification⁶ and giving the client a fixed-rate mortgage, they put them on a repayment⁷ plan," she explained.  "That repayment plan is only for three months, and then what happens again? They are back in the same situation."

Madera says some clients suffer emotionally from the ordeal⁸ and from the fear of declaring bankruptcy⁹.

"We try to encourage them, because they have lost everything they had," she added.

Laborer¹⁰ Fernando Montenegro says he has little hope of saving his home and the house he bought for his daughter. The Nicaraguan immigrant says he had to stop making payments on the properties six months ago, because his wife and his daughter lost their jobs and his own income dropped.

He says has talked with the bank, but not to request an easier payment plan.

Montenegro says he asked the bank to repossess the houses, because he does not believe his family can overcome its financial troubles.

When all else fails, the last stop for properties in default is foreclosure court. The number of auctions¹¹ at the Miami-Dade county court has soared in recent months.

Investor¹² Julian Dominguez has been tracking foreclosures at the courthouse for more than 20 years, and says he has seen it all before. Dominguez says he sympathizes with homeowners facing foreclosure, but says many will land on their feet.

"The news [media] goes to [report] 'oh, they are losing their home.' They are losing the property.' When they go from that to a rental, they still have a home," he noted¹³.  "They are not on the street."

Ben Bernanke, the chairman of the Federal Reserve, the country's central bank, has pledged his agency will do everything it can to help American homeowners who have been hurt by the mortgage meltdown. 

The Bush administration has reached an agreement with some banks to get them to renegotiate loans with some at risk borrowers. But the administration and congress have so far not agreed on a broader program to alleviate¹⁴ the crisis.

1 plunging   

adj.跳进的，突进的v.颠簸( plunge的现在分词 )；暴跌；骤降；突降

参考例句：

• War broke out again, plunging the people into misery and suffering. 战祸复发，生灵涂炭。 来自《现代汉英综合大词典》
• He is plunging into an abyss of despair. 他陷入了绝望的深渊。 来自《简明英汉词典》

2 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

3 rental   

n.租赁，出租，出租业

参考例句：

• The yearly rental of her house is 2400 yuan.她这房子年租金是2400元。
• We can organise car rental from Chicago O'Hare Airport.我们可以安排提供从芝加哥奥黑尔机场出发的租车服务。

4 delinquent   

adj.犯法的，有过失的；n.违法者

参考例句：

• Most delinquent children have deprived backgrounds.多数少年犯都有未受教育的背景。
• He is delinquent in paying his rent.他拖欠房租。

5 navigate   

v.航行，飞行；导航，领航

参考例句：

• He was the first man to navigate the Atlantic by air.他是第一个飞越大西洋的人。
• Such boats can navigate on the Nile.这种船可以在尼罗河上航行。

6 modification   

n.修改，改进，缓和，减轻

参考例句：

• The law,in its present form,is unjust;it needs modification.现行的法律是不公正的，它需要修改。
• The design requires considerable modification.这个设计需要作大的修改。

7 repayment   

n.偿还，偿还款；报酬

参考例句：

• I am entitled to a repayment for the damaged goods.我有权利索取货物损坏赔偿金。
• The tax authorities have been harrying her for repayment.税务局一直在催她补交税款。

8 ordeal   

n.苦难经历，（尤指对品格、耐力的）严峻考验

参考例句：

• She managed to keep her sanity throughout the ordeal.在那场磨难中她始终保持神志正常。
• Being lost in the wilderness for a week was an ordeal for me.在荒野里迷路一星期对我来说真是一场磨难。

9 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

10 laborer   

n.劳动者，劳工

参考例句：

• Her husband had been a farm laborer.她丈夫以前是个农场雇工。
• He worked as a casual laborer and did not earn much.他当临时工，没有赚多少钱。

11 auctions   

n.拍卖，拍卖方式( auction的名词复数 )

参考例句：

• They picked up most of the furniture at auctions in country towns. 他们大部分的家具都是在乡村镇上的拍卖处买的。 来自辞典例句
• Our dealers didn't want these cars, so we had to dump them at auctions. 我们的承销商都不要这些车子，因此我们只好贱价拍卖。 来自辞典例句

12 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

13 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

14 alleviate   

v.减轻，缓和，缓解(痛苦等)

参考例句：

• The doctor gave her an injection to alleviate the pain.医生给她注射以减轻疼痛。
• Nothing could alleviate his distress.什么都不能减轻他的痛苦。