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10,000 Wait in Line to Try and Save Their Homes

10,000 Wait in Line to Try and Save Their Homes

While bank after bank acknowledges that it played fast and lose with the housing market, either on the front end with risky, confusing mortgages or on the back end by cutting corners and participating in outright fraud during foreclosure proceedings, approximately 10,000 people lined up at the opening of the “Save the Dream” event hoping to save their homes.

10,000 people.  All struggling to keep their homes out of foreclosure.  For one event.  The number is staggering and the scene, quite frankly, Dickensian.

The event took place in Sacramento, California, but homeowners from all over California showed up.  And Oregon.  And Washington.  Nevada.  Arizona.  Homeowners from all over the country showed up hoping to have their mortgage payments lowered because they were struggling to keep up as a result of losing a job, being furloughed, suffering from an unexpected illness or going through a divorce.

The Sacramento event is happening right on the heels of a similar event in the Los Angeles area.  By the time that event wrapped, after six days, an estimated 40,000 had come through the doors looking for similar assistance.  Organizers predict that when the Sacramento event closes attendance should be roughly the same, meaning that within two weeks nearly 200,000 people were desperately trying to save their homes.

The process for the modification is not simple.  After showing a ticket and entering the event, homeowners go through an orientation session before meeting with counselors, both in person and in by phone.  Homeowners had to bring pay stubs and other financial documents where the counselors determined what homeowners could realistically afford to pay on their home loans.  That information was then sent to representatives for lenders who were on-site.  It’s ultimately up to the lender to determine if they will restructure the loan based on the homeowner’s financial information.

Many attendees had been trying to work with lenders for months, sometimes even years prior to showing up at this event but had gotten nowhere.  According to reports, the desperation in the parking lot was palpable.

We are well past the time for acting on this crisis and quite frankly the situation is shameful.  Congress debates tax cuts for Americans making more than $250,000 year while literally hundreds of thousands of Americans struggle to keep their homes.  Remember that come November.

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photo courtesy of TheTruthAbout....via Flickr

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46 comments

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9:05PM PDT on Oct 24, 2010

Most of these mortgages were predestined to fail. Now the banks and politicians are shocked by the fact that someone making $20,000/year can't afford $1,500/month payments. DUH!

11:57AM PDT on Oct 15, 2010

I've NEVER seen/heard anything so PHONY, in my life!
All of this time, the A.G.'s, KNEW, of the problems that homeowners were having, but all of a sudden NOW, (especially this Lisa Madigan, of Illinois), pretends like she care so much!
Where was she, when ALL those complaints went to her about patients being RAPED in mental facilities? Where was she when an employee EXPOSED these raped. She THREATENED this employee and she lost her job, after (9) years!
She is CURRENTLY, in the middle of a case, because she has assisted at munipulation taken place, in a CIVIL suit!
Illinois Atty. Gen. LISA MADIGAN, is a PHONY, as a (3) DOLLAR BILL and is NOW trying to pretend she care!
When a news person asked her about taking a pay cut, to balance the budget, she TUCKED HER TAIL AND RAN!

7:36AM PDT on Oct 15, 2010

It is SHAMEFUL that people have been put in this situation by banks, mortgage companies, etc. Our government needs to step in and help these people, and at the same time do whatever is necessary to stop this from ever happening again.

5:30AM PDT on Oct 14, 2010

An amazing spectacle, especially when you realise that no-one is in jail, or even, to my knowledge, awaiting trial for such reckless behaviour in causing this problem in the first place.
Enron comes to mind when it came to bringing those responsible, for that particular debacle, to justice. Why, then, this misplaced immunity to those responsible for this absolute financial disaster?

10:34AM PDT on Oct 12, 2010

Capitalism is an economic theory which stresses that control of the means of producing economic goods in a society should reside in the hands of those who invest the capital for production. It is a system based on the production of goods and services for exchange rather than use.

Democracy is a government by the people; a form of government in which the supreme power is vested in the people and exercised directly by them or by their elected agents under a free electoral system.

Capitalists have taken over the rule of the country. In order for us to be called a democracy we must mitigate the power of capitalists by enforcing the Financial Reform bill.

We should also do away with the Electoral College which was put into place because the wealthy thought the poor of the country would demand more of the wealth. Look at what happened.

7:11AM PDT on Oct 12, 2010

Don't blame the home owners here, because if you do, keep in mind that it is also the corrupt banks' jobs to make sure it can be a repaid loan, etc... So, do you support bailing out the banks for their 'mistakes' and not the little people?

8:53PM PDT on Oct 11, 2010

Our founding fathers have turned over in their graves.

And shaken the world

Hey?

8:50PM PDT on Oct 11, 2010

Evelyn, it may be true that some people went into mortgages that were too pricey. But many who are now facing foreclosure went into simple little tract homes. Do you really believe that having a years worth of emergency money would have made a difference when those now desperately trying to refinance hit the end of that year? Do you think it would somehow hurt any less after 12 months? After 24? 36? It wouldn't have. It would just have made it later coming, not less hurtful. This idea that people should not buy a home even when they have (what they believe are)steady jobs and a decent down paymt..when often the pymts for those homes was on a par with the rents in the area(or LESS) just 'in case' some greedy CEO sent their job away, would mean no one could ever buy unless they have independent income.. I suspect that is what underlies such thinking really, that even if one works hard all their lives and purchases in good faith, keeps up those payments, then gets hit by illness or job loss,..the financially independent and those who inherited property would 'still' look down their noses and intone this happened because the working class 'got above themselves'. Not because the rich got greedy. Wages have been stagnant for years-buying power shrinking, so the wealthy could claim an ever growing share-and now they will get portfolios full of homes at fire sale prices while so many former working folks get the shaft. The American Dream should not be for just the well to do.

8:38PM PDT on Oct 11, 2010

People! People! People! When are you going to learn that when you allow someone else to handle everything you've worked for, they are not interested in taking care of you. They are going to join the rank and file politicians/good ole boys and make sure they are taken care of for the rest of their lives. We are the little moneymaking mice that do exactly as the politicians want us to. Don't you think they've had long enough to perfect the skill of silently ripping everyone off? Right down the line, every elected official in my life has shown to be in some way corrupt. Those who haven't, may not have gotten caught. Sad, but true. These are people who have taken everything you've saved for the future, endangered your present status as homeowners, and prematurely bankrupted the futures of our children. Just look at some of the crimes and lies we been fed as a nation. What do we do? We cry, moan, and bitch and thats it!!! Our forefathers gave us the tools to ensure our future. Do we use these tools? Of course we don't. We take it, and take it, and take it! So unless your willing to stand up and demand results from our ELECTED OFFICIALS, then join the other millions of Lemmings and prepare to jump.

7:53PM PDT on Oct 11, 2010

RACHEL S. YOU ARE SO RIGHT!!!!!!!!

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