“Oakland residents converged Tuesday on an East Oakland street that has been blighted by foreclosures, calling for a freeze on foreclosures until the Homeowners Bill of Rights comes into effect in January, 2013. California Governor Jerry Brown signed the bill into law on July 2, which and will prevent banks from forcing families from their homes while they are still negotiating mortgages settlements.
“Chanting slogans and carrying placards, at least 35 residents and homeowners demanded that the City of Oakland be declared a foreclosure-free zone until the Homeowners Bill of Rights comes into effect. Among other consumer protections, the bill will require banks to provide mortgage holders with a single point of contact when they are negotiating their loans or loan modifications, as opposed to the current situation in which homeowners say they have been bounced from one customer service agent to another. Banks and lenders would also be required to give a clear explanation to mortgage holders and borrowers when they deny requests for loan modifications.
“The bill would also end the current practice known as “dual tracking,” in which banks and lending institutions can proceed with action to foreclose on a home at the same time as they actively engage a homeowner in negotiations to repay their mortgage.
“‘Even if people get the modifications, there still is a possibility of them losing their homes,’ said Katt Hoban, an organizer with advocacy group the Alliance of Californians for Community Empowerment (ACCE) which organized the protest.
“The protest was held in the Maxwell Park neighborhood of East Oakland, a neighborhood that the group says has been scarred by foreclosures in recent months. In particular, the venue was chosen to save the home of retired postal worker Lola Daniels, 62, who is at the verge of losing her home on Maxwell Street over a $360,000 mortgage to Bank of America and OneWest (IndyMac)….”
Link: OaklandNorth Article