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Dramatic Changes For Woman Facing Eviction

CHICAGO (CBS) ― An estimated 2 million Americans are facing foreclosure and the historic bailout deal may offer some hope. But almost half of them have already gotten eviction notices, and it's not clear how much the bailout will help them.

"I'm a squatter. I'm squatting, right? Technically this is not my home," DeMona Ross said.

Technically, Ross is right. Her five-bedroom, three-bath, luxury home with an indoor pool belongs to the bank. It's been foreclosed. She got the eviction notice last month.

"They could come while you're filming us. They could bang on the door, break the lock and start moving us out right now." Ross told CBS 2's Dorothy Tucker. "This is what I live with every day."

Life has changed dramatically in the last two years for Ross. Like many first-time home buyers she bought her home with an interest-only loan. She was doing fine until the payments jumped from $2,700 to $4,900 a month. At the same time her private business as a real estate investor tanked.

"I've taken my daughter's savings. I had CDs in her name," she said. "I had to take all of that so we could survive."

Survival now means leaving their dream home. Ross tried to refinance the house, but without a job she couldn't qualify for a loan. She says a bailout is what she wants, something like the government offered banks.

"But [President] Bush is only concerned about the AIGs of the world. They're not concerned about the public," Ross said. "It's a win-win-win-win situation for them and it's a lose for me."

Ross has no intentions of leaving her home until she's kicked out. In the meantime, she's hoping for a miracle. If it doesn't happen, she and her daughter will have to move in with her parents.

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