- Justin Sullivan/Getty Images
- A San Francisco police officer stops to look at a display of furniture set up by housing activists during a demonstration in front of a home on the verge of being foreclosed on November 22, 2011 in San Francisco.
The homeowner had fallen behind on his mortgage and finally got a mortgage modification in May of last year. Two months later, however, he received a letter informing him that his house had been purchased by investors and now had a sell-by date.
The resident fought the foreclosure in court, even filing for bankruptcy, until earlier this month when he finally lost his home and had to move in with family.
According to Grace Martinez, an organizer with the community group, impoverished neighborhoods like the Bayview are particularly vulnerable to foreclosures because loans are often much less than the homes’ current market value.
Martinez said she is optimistic about the event. “What we’re trying to do is pressure the investor. We hope they will feel they have enough limelight on them [to stop the foreclosure],” she said, declining to name the investor.
The organization also has helped foreclosure victims in the city of Richmond, working with banks to allow homeowners to get new loans and save their homes. They were also involved in helping to pass the California Homeowner Bill of Rights earlier this year, according to Martinez.