Helen Bailey Will Stay in Her Home

Don't foreclose on Helen Bailey

Greetings,

I just signed the following petition addressed to: Chase, c/o Wilson and Associates

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Don't foreclose on Helen Bailey

I am writing to you on behalf of Helen Bailey, a 78 year old woman who participated in the civil rights movement, worked as a childcare provider for autistic children, and was a community volunteer. She has paid her mortgage since 1999, but now she can't keep up the payments. All she wants is to stay in her home until she dies, in the neighborhood where she feels safe and has lived for nearly quarter of a century. She could have refinanced with a company willing to let her live in the house for free until her death, but Chase Bank would not reduce her principal by $9,000. She's been paying 7% interest, well above most rates, so Chase could have decided they had made enough. Instead, the bank has started foreclosure and Ms Bailey could end on the street.

Since then, Ms Bailey's lawyer has found an alternate buyer for her home. This sale would provide Ms Bailey with an exit from her current mortgage and allow her to pursue other options for housing. We request that Chase:

· accept the offer of $85,000
· write off any deficiency between the loan balance and the offer
· waive all interest, legal fees and penalties accrued since the initial refinance offer
· cancel any foreclosure auction scheduled

It has been estimated that at foreclosure, Chase may lose over $30,000 compared to this settlement offer. Therefore this option makes the most sense financially for Chase and given Ms Bailey's specific circumstances, there is little moral hazard in this solution.

I want to tell Chase that in Nashville, in America, we don’t throw elderly ladies out on the street. In Nashville, in America, we fight for what’s right. Helen Bailey marched for civil rights. It's your turn to do the right thing for Helen Bailey.

Furthermore, to mark Martin Luther King Jr.'s birthday and Black History Month, Chase has appropriated the memory of Dr. King to advertise its Community Giving program. At a time when minorities are routinely targeted by your bank for loans on unfair and predatory terms, it is shameful that you would exploit the memory of such a great man for your own gain.

"The values exhibited by Dr. King and embodied in his lifelong struggle for social change align with those that shape JPMorgan Chase's approach to giving in the communities in which it operates," your newly launched website reads.

But King's legacy is not for Chase to use to cover up their own special brand of callousness.

Don't throw a grandmother who marched for civil rights on the street.

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Sincerely,

[Your name]

via change.org

Posted via email from soulhangout's posterous