Volunteers Needed!

[rokhlita.livejournal.com]

Our Neighbors are being evicted and our community destabilized by the foreclosure crisis!

The Community Action Agency of Somerville (CAAS) in collaboration with Cambridge & Somerville Legal Services (CASLS) is initiating a post-foreclosure outreach and organizing campaing in Somerville.

We are asking YOU to join us as we go door-to-door to foreclosed properties in Somerville to talk with owners and tenants about their rights and how it may be possible for them to stay in their homes.

WHEN: Sunday, November 1st, 1:00-4:30PM
WHERE: CAAS, 66-70 Union Sq., Somerville
(Located directly above the Precinct Bar. 
Take bus #87 from Davis Sq.)

WHAT: a brief training, some snacks,
lots of door-knocking, and a quick debrief.
PLEASE RSVP TO: Rachel Bedick, 617-623-1392 ext. 141

Comments

What I don't understand is the following...

[nvidia99999.livejournal.com]

The mortgage company refuses to lower your mortgage. You foreclose. Then they auction the house for even less than the amount you were trying to negotiate for your adjusted mortgage. Makes no sense.

Re: What I don't understand is the following...

[ahoc-somerville.livejournal.com]

My understanding (I'm far from an expert on this) is that re-negotiating your mortgage calls the "assets" the bank can claim into question, at least if they do this on a large scale.

If they auction it off (including for a lesser price) this may not trigger a re-evaluation of the "value" of the property.

I'm not really sure though; this is just my suspicion.

Re: What I don't understand is the following...

[ocschwar.livejournal.com]

If they foreclose and DON'T auction, they can avoid re-valuing the house.

So the house sits vacant and becomes a hazard on the block. Nice, eh?

Re: What I don't understand is the following...

[ocschwar.livejournal.com]

The mortgage company issued bonds backed by the mortgage, binding themselves to a strict policy about when and if to initiate foreclosure, rather than allowing themselves to exercise judgement on the issue.

Made perfect sense in 2003.