For thousands of Latinos in the United States, the American dream of owning their own home has become a nightmare, and they still haven't woken up, warned Adolfo Carrión, director of the Department of Housing and Urban Development (HUD) for New York and New Jersey.

The loss of homes due to mortgage foreclosure continues to be a crisis, said Carrión. He has been the director of HUD since May 2010, after finishing a year-long stint as the director of the Office of Urban Affairs at the White House.

"Many people have not been able to consistently pay their mortgages, and this is linked to unemployment. The crisis previously centered on the economy and the housing market; now it revolves around unemployment," he explained.

"We were losing 700,000 jobs a month when Obama became president," he said.

According to data from HUD, 773 Latino families in New York live with the stress and fear of mortgage foreclosure, while in New Jersey, that number is 1,326.

The Department of Housing and Urban Development offers direct assistance to unemployed homeowners that have fallen behind on their mortgages for three to 12 months.

"HUD will lend homeowners $50,000 at a very low interest rate that they can probably pay back in the future when they are working again," he explained.

Carrión lamented that so many families are seeking help as a result of the economic crisis. He urged homeowners to call 1-888-995-4673 for support.

"The offer is better than a lawsuit," said Carrión, and added, "We've been facing a housing crisis for at least the last 40 years."