Thursday, June 14, 2012

Acknowledging A Small, But Major Victory


You really have to acknowledge small victories. This story first came to my attention on Monday and I reposted the link I read in Americablog on Facebook and got a lot of likes. It seemed like another hopeless, mindless unstoppable home foreclosure by the cruel monolith, Citibank.  
I read the story of Colleen Mckee Espinosa, the single mother of three who was facing foreclosure after CitiBank refused to accept payment on her mortgage, after they moved up the due date for her payment without her knowledge. They also added thousands of dollars in attorney fees because the home went into foreclosure, making it impossible for her to catch up.
There's an update now on the Espinosa's situation, from Occupy Homes Minnesota:
After media coverage in the Minneapolis Star Tribune,  Crooks and Liars,Americablog and blogs all over the world urging people to contact Citibank, Citibank officials contacted the family, and assured them they were doing everything they could to resolve the case, assigning them a contact in the “executive response unit.” Despite this, the bank is moving to auction the home at a sheriff’s sale this Wednesday at City Hall, after which time the bank would have no legal obligation to work with the family.

But in the  eleventh hour, finally, good news:
An official with CitiMortgage’s Executive Response Unit contacted the Espinosa family with news that Citibank had approved a loan modification that would keep the family in their home and reduce their payments by one-third on a 7.5 year payment plan. The dramatic news came less than 24 hours before the house was to be sold at auction on Wednesday, June 13.
The Espinosa's give thanks to all their supporters, and offer hope to others facing similar circumstances:

“I am deeply grateful to everyone from across the country who stood with our family as we fought our foreclosure,” said Nick Espinosa, Colleen’s son, and an organizer with Occupy Homes MN. “I’m inspired by the outpouring of community support, and it renews my commitment to stand with other families who are struggling to stay in their homes.”
“I’m incredibly proud of what this family has accomplished,” said Anthony Newby of Neighborhoods Organizing for Change. “They’ve managed to rally hundreds of community members to stand with them to save their home. Their campaign will undoubtedly empower other families to stand up and do the same.”
Colleen Mckee Espinosa continued, “When I first learned we were in foreclosure, I felt ashamed and isolated, and sure we were going to lose our home. As I resolved to fight, I realized I had nothing to be ashamed of. If anyone should be ashamed, it’s the banks for tearing apart our communities after we bailed them out with our tax dollars. When we stand together we can win, and I believe thousands more will.”
Nick Espinosa continued, “This negotiation represents a victory not just for our family, but for millions of families facing foreclosures across the country. Countless families could stay in their homes if banks simply modified their loans based on the actual market value and reduced their principal, instead of the price to which banks inflated them before they crashed our economy. As with Monique White and Bobby Hull here in Minneapolis, and others standing up across the nation, we see that when a community stands behind a family and draws attention to their case, the banks are more than capable of solving it. If they can fix it for our family, they can fix it for millions of others.”
Occupy Homes Minnesota has been an amazing lifeline for the people of their state, and they remain dedicated to helping victims of bank fraud and foreclosure. To learn more about them and what they're up to, please visit their website Occupy Homes Minnesota: http://www.occupyhomesmn.org/

You have to stop and ask, why did this story have the ending it had when so many honest Americans in the same situation find it tragically impossible to deal with the mechanical cruelty of the banking cartels. They won't negotiate and make it impossible to for most people to deal with them simply because it is much more profitable for them to foreclose and take homes away from people. The scam the insurance industry because the mortgages are insured by the banks...they make more money by foreclosing than by honestly dealing with American home owners.
This story had a happy ending because enough people became involved and Citibank realized it would cost them more in the short and the long run to go ahead. When they realized they were gonna get burnt, the impossible suddenly became a snap...You have the power, we have power, but it's our collective power.
[Photo: Colleen and son Nick Espinosa, via Occupy Homes Minnesota.]

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