7 Foreclosure Horror Stories (And One Possible Win)
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Now, thanks to tireless action by a team of lawyers, activists, and White herself—who traveled to U.S. Bank's shareholder meeting to personally ask the bank's CEO, Richard Davis, for help—she's got a tentative deal to modify her mortgage to allow her to stay in her home.
The Huffington Post reported:
It took US Bank a matter of days to come up with a principal reduction that allowed White to pay $686.36 a month to stay in her home. White, who works two part-time jobs and is in training for a full-time union position, said it was a little steep, but she could make it work.
Occupy Homes Minnesota activist Nick Espinosa told the Huffington Post, "It does show that when we shine a light on these cases and bring them to the public eye, that the bank is more than capable of negotiating -- even though they've said all along that that is not their responsibility. It's a huge victory, and it represents exactly the kind of deal that every homeowner in America should be getting from the banks."
Sarah Jaffe is an associate editor at AlterNet, a rabblerouser and frequent Twitterer. You can follow her at @sarahljaffe.