Despite Saturday’s downpour, organizers managed to draw dozens of Chelsea and East Boston residents to a gathering aimed at combating foreclosures. The event relocated indoors when rainfall intensified, yet organizer Dominic Desiata remained satisfied with attendance levels. “The event went very well,” Desiata remarked. “Tenants, homeowners and allies joined to call attention to the toll the foreclosure crisis is taking on the neighborhood, as well as sharing stories of how locals have fought and won to stay in their homes.” The demonstration and subsequent media briefing underscored the importance of community solidarity and urged financial institutions to engage in serious loan restructuring negotiations rather than pursue evictions against residents in foreclosed homes. Attendees included both neighborhood families and Bank Tenants representing the Greater Boston area. One such participant, Julio Chacon, shared his experience after achieving a settlement granting him rental rights through Citizens Bank, the bank that had initiated foreclosure proceedings. “It was a long fight, but I’m glad we did it. It is a relief to know we’ll have a place to live this winter,” Chacon stated. “Now we can focus on supporting our neighbors.” According to Desiata’s organization, the reluctance of foreclosing banks to pursue substantial loan modifications remains a central obstacle. “Modifications that lower the loan principal are necessary and fair considering the inflated prices at which homes were sold during the Real Estate bubble,” Desiata explained. “Unfortunately, banks prefer to evict tenants and homeowners rather than negotiate with them.” Through community-based efforts, Desiata noted, residents have successfully prevented numerous post-foreclosure evictions. “Tenants and homeowners have been winning the right to stay, and in some cases have been able to purchase their homes at appraised value with the aid of local non-profit lenders,” Desiata observed. “We want the right to pay rent. Lenders such as Fannie Mae are allowing this. Why shouldn’t other banks do the same?” In parallel efforts, organizations including the Neighborhood of Affordable Housing (NOAH) provide residents with complimentary legal consultations for those facing potential foreclosure and seeking to preserve homeownership. “We have foreclosure clinics every Monday at 6:00 p.m.,” Carolina Trujillo of NOAH noted. “Our program is very complete we can help people with options like refinance, loan restructure/modification, forbearance, repayment plans, short sales and deed in lieu.” NOAH coordinated with state officials and Boston leadership to host a larger convening at Revere High School, facilitating direct negotiations between major lenders and borrowers.
Residents fighting to keep their homes
