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Occupy Movement Forces Bank’s Hand and Helps Homeowner Get Loan Modification in Miami

A woman staged a protest, with some good friends from the “Occupy” contingent and forced her bank to modify her loan so she would stay in her house, MSNBC reports.

It’s a bold move, but one that paid off. Most homeowners aren’t so bold. Many are so beaten down by failed negotiations with the bank that they lay down and let the bank take away their home. For others, even seemingly aggressive tactics don’t work with bank officials who are still looking to make a buck at any cost.

The time is now to act. If homeowners close to losing their home to foreclosure in Miami want to keep their homes, they have to fight back. You can’t sit back and hope the bank treats you well because they won’t. They have millions of foreclosures to deal with and it takes more than a nice attitude to convince them to modify a loan or figure out a way to keep you in your home.

For many financial institutions, the foreclosure process is more profitable and you and your home are in the way of this quarter’s profits. Miami foreclosure defense lawyers can level the playing field. Challenging who owns the house’s note, how much money is owed, or looking at a loan modification or short sale are all options that must be discussed.

In La Puente, California, a woman had tried and failed to save her home from foreclosure for two years. She had tried to work out a modification to her loan to no avail. She tried working with bank officials to see if there was any way she could save her home, but they said no. Sept. 28 was the date they would come to evict her from her house.

But rather than pack up and give in, the woman and her family protested. They hunkered down inside their house and enlisted people from the Occupy Wall Street movement and media interest in her case to create a turn of fortune.

Fannie Mae canceled the eviction notice and offered the family a loan modification that allowed them to stay in their home. While Fannie Mae and loan servicer OneWest wouldn’t discuss the case, the family’s dramatic moves likely played a role.

When the family attempted to make a late payment, OneWest refused to accept it and told them to pursue a loan modification, a long process that ended in rejection. In the meantime, a family member who was contributing to the mortgage payments was killed in a shooting and another lost income as a state employee.

The family kept the money they would have used to make payments to the side in case OneWest would eventually accept their money. And after joining forces with Occupy L.A., protesters camped out at her house and 200 protested in front of OneWest CEO Steve Mnuchin’s Bel Air mansion. With TV crews filming, the family’s matriarch was arrested after protesting outside Fannie Mae.

Eventually, the companies decided to do the right thing and work with the family. This is what needs to happen in order for banks to listen. Maybe not protests, but certainly fighting back and showing banks they can’t just walk over people is a move a Miami homeowner should always make.

If you’re battling foreclosure in Miami or the surrounding areas, contact Jacobs Legal for a confidential appointment to discuss your rights. Call (305) 358-7991.

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