CNN Money. December 6, 2011
Excerpt:
In Minneapolis, protesters are trying to block the evictions of several area owners who fell behind on their mortgages because of illness or income loss.
One homeowner they're trying to help is Bobby Hull, an ex-marine and a master plasterer and contractor who has lived in his home since 1968. Hull still has income and access to financial help from family members, just not enough to pay his bloated mortgage principal.
"I can afford $800 or $900 a month; I can't afford $1,200 to $1,500," said Hull.
Foreclosure in his case made no sense, said Anthony Newby of Neighborhoods Organizing for Change. His mortgage balance was $275,000 but the auction of his home only fetched $80,000, less than one-third of the amount he owed. Everybody, including the bank, would have been better off reducing his balance to an affordable level, said Newby.
