Please join the Springfield Bank Tenant Association, No One Leaves Coalition and the Williams family, tomorrow at 10:30 AM to protest the foreclosure auction sale of their home by MidFirst Bank!
WILLIAMS FAMILY FORECLOSURE AUCTION PROTEST
TUESDAY FEBRUARY 22ND, 2011 at 10:30 am (Auction at 11am)
1179 Saint James Avenue, Springfield, MA
Ms. Williams bought their home in 2000 with her husband. Her husband passed away 6 months later. Since then she has worked diligently to keep her home, along with the help of her children & grandchildren. Now 70 years old, last year, following a year-long bout with breast cancer. Now, MidFirst bank is moving to foreclose on Ms. Williams instead of working with her on a modification that would reduce the principal balance and make her home affordable.
Here’s a little known fact of the mortgage/foreclosure crisis. Many homeowners who cannot pay the inflated mortgages of the housing bubble CAN afford to pay a mortgage at the current real value. When a bank like MidFirst forecloses and evicts the homeowner, that bank will then sell the home for the current real value (often after a long delay) or sit on the home as a vacant property. But, if they are going to do that, why not sell it back to the former owner at that value? Even better, before foreclosure, they could sell at a short sale to the owner or do a loan modification with a principal reduction. They could even attach conditions preventing a big profit if values go up again. But the banks are refusing to do this despite billions in taxpayer bailouts and recent profits!
We are protesting to do something very specific – send a message to any potential investor, and to MidFirst Bank, that we will resist any attempted eviction of this family. If your business plan involves eviction, you might as well go home!
- Stop this foreclosure and work with Ms. Williams on a solution that would reduce the principal amount owed, keep
- If the home is foreclosed, DON’T EVICT! Accept reasonable rent from the Williams family or sell them the home back at the current market value!