Occupy Demonstrators Remain Outside “Dual Tracked” Home

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STOCKTON-

Demonstrators woke up outside a Stockton home Wednesday morning, their second day defending a home from being foreclosed on.

Members of Occupy Sacramento and Stockton set up camp outside the home of Sam Panella Tuesday after learning he and his family face foreclosure.

Panella is the third generation of his family to live in the home along North F Street, having bought it from his mom several years ago.

In August 2011, Panella started working with Bank of America for a loan modification, however, negotiations fell through and initially the bank talked about extending the deadline. But Panella says they went forward with the foreclosure process instead.

It’s a practice called “dual tracking”, where a lender goes forward with the foreclosure process at the same time the homeowner is working on a mortgage modification. Earlier this summer, California lawmakers passed a law to end “dual tracking”, but it doesn’t go into effect until January 1st.

Panella admits he fell on hard times, and told FOX40 he’s trying to gain control of his financial situation and is currently in a work program that will help him get jobs in the next few days.

Demonstrators at the home say they will stay at Panella’s home as long as it takes to ensure the family is not evicted.

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