Homeowners fight foreclosure through crowdfunding

(MoneyWatch) Can a crowd save a house? Homeowners facing foreclosure certainly hope so. Struggling borrowers are turning to new crowdfunding sites to raise money from friends, family and even strangers to keep up with their mortgage payments. Ruth Caspary, 45, has launched a crowdfunding campaign on GoFundMe after losing her job in 2009 as a visual effects artist. Finding a new job was tough, so instead she joined her husband’s dance instruction business, “Salsa with Juan,” as a marketing manager and dance instructor. Although her new career reduced her income, the two made ends meet for a while through the business and various side jobs. But late last year they started falling behind on the mortgage payments for their three-bedroom Oakland home. This spring, Caspary received a letter that her home would fall into foreclosure on August 3 unless she could catch up on her mortgage payments, totaling $15,000. The couple tried working with their lender, but to little avail. So last month, Caspary and her husband, Juan Gil, decided to ask for help. “I just figured we’d reach out to our community and sort of bare our souls,” Caspary said. She’s not alone. Listings asking donors to “Help save my children’s […]

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