actionnow.org

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.

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