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As if rebuilding after a hurricane isn’t challenging enough, homeowners in Louisiana and other areas hard-hit by the hurricanes of 2005 are facing exorbitant mortgage rate increases that threaten to rob them of the homes they have worked so hard to rebuild.
The ability to buy a home is a great source of pride for many hardworking people, and those who were forced out during the worst of the storm were thankful to return and receive aid to rebuild. Lenders allowed hurricane victims to forgo mortgage payments for two years, but are now asking for their money at a much higher rate—some payments have increased as much as 35%.
If residents of New Orleans and other hard-hit cities are forced into foreclosure, will the areas affected by Katrina ever be rebuilt? [USA Today]