Roberto Santos is a Guatemalan immigrant who bought his house at the height of the real estate market, in 2005. It didn't matter that he was illegal. He easily qualified for a bank loan, and made payments of $2,800 a month. "It was my dream come true," he said. Until he lost his job. The value of his house tumbled, and he couldn't keep up with the payments. Like many people in Phoenix, he lost all he had invested, his life savings. But that hasn't stopped him from trying again. Relying on private investors who are willing to give loans to immigrants, he recently bought a $250,000 house by putting 30 percent down and paying high interest rates, 10 percent or more.
watch the video.
TV PRODUCER ARIZONA