Please join us to protest this foreclosure auction and make clear that we will not let this family be evicted from their home!
FORECLOSURE AUCTION PROTEST
MONDAY FEBRUARY 7TH 2011 AT 9:30 AM
129 CHAMPLAIN AVENUE, SPRINGFIELD, MA
(in Indian Orchard off Berkshire Ave)
On Monday February 7th at 10am, Wells Fargo National Bank, as trustee for an asset-back securitized loan pool, will foreclose on the home of Maribel Diaz, who lives with her three children, Josue, Maribel and Freddie, at 129 Champlain Avenue in Springfield.
The Diaz family has lived in their home since 2006, when Ms. Diaz took out a mortgage with WMC Mortgage Corporation through Millennium Mortgage. She received a predatory loan. One mortgage, with a principal of $157,600 was an adjustable rate mortgage with a 7.25% interest rate that is scheduled to jump to 14.75% by 2013. That mortgage also had a balloon payment of $149,000, which would be enforced after 30 years. Her other mortgage, was a fixed rate mortgage with a 11.35% interest rate! Worse, the mortgage company included her then boyfriends income on the mortgage application to qualify her for the loan, but only made the mortgage out to her!
Her mortgages were quickly sold by WMC Mortgage Corp. to Litton Loan Services who then sold her mortgages to Saxon Bank and Chase Bank. Her loan was also packaged into a securitized loan pool, similar to the loans in the recently decided Ibanez vs. US Bank case which showed that these banks may not even have the right to foreclose and evict our neighbors and families! Now Wells Fargo is trying to foreclose and evict on the Diaz family.
This loan is a prime example of the predatory practices of banks who have received billions in tax-payer bailouts and caused this mess in the first place. Mrs. Diaz was never informed of the balloon payment, and even if she were to stay current for the 30 year life of her first mortgage, she would of paid of $500,000 and still owed $149,000 in her balloon payment! These practices are wrong!
The Diaz family is working with the coalition to try and get the bank to cancel the auction and work with them. If they are successful we will still be rallying and holding a press conference to make clear that these foreclosures and evictions MUST stop and that Ms. Diaz and her family will not be moved!