actionnow.org

- Written by Aileen Kelleher
- Thursday, 04 February 2010 14:56
- On February 4th, 2010 Action Now members marched and chanted outside of National City Bank downtown demanding that the Lopez-Camacho Family be given a loan modification.
  Maria Lopez and Raoul Camacho live with their two children on the 4700 block of South Loomis. They received a mortgage with National City Bank and were able to make their payments until Mr. Camacho lost his job. Since they could no longer make their payments they applied for a loan modification. The bank denied them a loan modification because they said that the family didn’t have sufficient income. Ms. Lopez still has her job and can make payments if they are reduced to an affordable amount.
  “High-risk mortgages, negative equity and high unemployment are the driving forces behind foreclosures, according to RealtyTrac CEO James Saccacio.”[1] The unemployment rate in the Chicago metropolitan area was 10.3 percent in November, up from 6.3 percent a year earlier, according to the Illinois Employment Security Department.Ms. Lopez and Mr. Camacho’s story shows that banks must begin working with homeowners facing unemployment if the foreclosure crisis is going to end anytime soon. The Making Home Affordable Program Servicer Performance Report through October 2009 shows that National City has only modified 19% of their loans on a trial basis.
  
  [1] Knowles, Francine “Illinois third highest state in foreclosure filings,” Chicago Sun-Times, November 12th, 2009
- Last Updated ( Thursday, 04 February 2010 15:49 )

- - Written by Aileen Kelleher
  - Friday, 20 November 2009 10:54
  - On November 19th, 2009, The Cook County Board passed a $3 million budget amendment that funds outreach and a court mediation program for foreclosure victims. The court mediation program is based on a successful Foreclosure Mediation Program in Philadelphia. It is now possible for any defendant or plaintiff in a foreclosure case to request mediation. The mediation session would be held between:
    - The borrower, who may also have a housing counselor present
    - The loan servicer’s attorney or representative
    - A trained volunteer mediator from the Center for Conflict Resolution
    Action Now has been fighting for a foreclosure mediation program in Cook County for over a year. Court mediation gives homeowners a chance to sit down with their lender face-to-face and work out an affordable loan modification with a judge present, before they are given a default judgment.
    For press coverage of the $3 million budget amendment for foreclosure prevention, click below:
    "Passage of $3 million foreclosure prevention program hailed as a 'huge victory'" from Medill
    "Cook County Takes A 'Huge Step' Towards Relieving Foreclosure Crisis" in Progress Illinois
    "Commissioners Approve 2010 Budget" in Chicago Current
    For more information on the successful Philadelphia Foreclosure Mediation Program, read this recent New York Times article.
  - Last Updated ( Monday, 25 January 2010 13:55 )