Foreclose Homes Rescue Initiative for California Homeowners

The Home Defenders group of the organization, ACORN has been helping distressed homeowners in Oakland, California protect their properties from becoming foreclose homes. The group rallies its members to show support to distressed homeowners.

Distressed homeowners who were slapped with foreclosures due to subprime mortgages turned to ACORN to save their properties from becoming foreclosed homes. The Home Defenders group sometimes helps families who were evicted return to their homes.

A notable case handled by the group involves the First Franklin Home Loan, a mortgage lending company specializing in subprime loans. Some borrowers complained that the lender refuses to provide assistance to them, particularly when it comes to modifying loans.

In 2008, the California Reinvestment Coalition (CRC), a consumer advocacy group, conducted a survey of several homeowner assistance organizations that help homeowners at risk of foreclosures. First Franklin Home Loan and affiliates were cited several times by respondents when they were asked which loan servicers were uncooperative in providing assistance to distressed homeowners.

Several complaints against First Franklin Home Loan and its lending affiliates were also received by the Better Business Bureau. Aside from this, First Franklin Home Loan and its affiliate, Home Loan Services are defendants in over 40 lawsuits filed in federal court since April 2007.

According to industry experts, First Franklin Home Loan should willingly help distressed homeowners save their properties from becoming foreclose homes sale. The loan servicer is one of the signee in the California Subprime Loan Agreements of Governor Arnold Schwarzenegger which was enacted in 2007.

Under the agreement, homeowners who are at risk of falling behind in their payments could become eligible for assistance and services, including the option to retain the low fixed rates provided they keep their accounts current.

All subprime lenders, including First Franklin Home Loan, that signed on the agreement do so with the understanding that they would reach out and provide assistance to homeowners.

With the help of ACORN, some homeowners who were refused help by First Franklin Home Loan turned to Nancy Nadel, a city councilwoman, for assistance. However, Nadel tried and failed to contact First Franklin Home Loan.

To highlight the plight of distressed homeowners and the foreclosure problem, ACORN members would rally in front of troubled homeowners’ houses. The organization would try to get representatives of lenders to negotiate with distressed borrowers to help them save their properties from becoming foreclose houses.

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