We Demand That Freddie Accept BCC’S Offer WITHOUT Conditions
We Demand That Freddie & Fannie REDUCE PRINCIPAL for underwater homeowners to Current Value!
We Demand That Freddie & Fannie Immediately End the Practice of senseless no-fault evictions after foreclosure!
Community Vigil w/ DeCaro Family vs. Freddie Mac
Tuesday March 6th, 2012 @ 6:30 PM
152 Lucerne Rd, Springfield, MA
A little bit about the DeCaros:
John & Linda bought their home in 2003. When they fell behind in 2009 due to loss of income, they went to Bank of America for a loan modification. They were verbally approved for a modification under the government HAMP program and began making payments at a reduced price of $1047. They paid for 16 straight months at the agreed price.
In June 2011, Bank of America scheduled their home for foreclosure, claiming that they owed tens of thousands of dollars in unpaid payments, even though BOA accepted every one of the DeCaro family’s payments. We organized a protest to stop that foreclosure and won!
John and Linda can afford their home at the current value. They are even willing to accept a limit on future profit by sharing equity. John and Linda have even found financing from a non-profit Bank called Boston Community Capital. BCC made an offer in December to buy the house at short sale at current value and sell back to the family at current value.
Freddie Mac, who owns the loan, has negotiated the price and agreed on a price. But rather than finalize the deal Freddie Mac put forth a ridiculous position: they will only sell to BCC at short sale if BCC agrees to evict the DeCaro family and guarantee that no one in the family will become the owner of the home! To make things worse – they then sent a notice saying they plan to hold a foreclosure auction on the house!
THIS IS AN OUTRAGEOUS POSITION! Freddie Mac, a taxpayer owned government agency, is making decisions that aren’t about money, the public good or stabilizing our neighborhoods – their position is about PUNISHING families!
We Pledge to fight back and resist against any attempt to evict John and Linda DeCaro and their Children from their home! Freddie Mac should accept BCC’s offer without Conditions now rather than foreclosing and evicting!