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UPDATE: Charlotte family avoids Bank of America foreclosure

We’re wrapping up 2012 and dusting off our files here at N.C. Policy Watch, and came across this encouraging update from Action NC about a Charlotte family facing foreclosure by Bank of America on a home retrofitted for their disabled daughter.

The Sanchez family (mom Silvia with Jessica, 17, and Israel, 3). On the right is Hector Vaca of Action NC.

Jessica Sanchez, 17, suffers from spina bifida and her father had done the work himself to make sure Jessica was able to move about the home in her wheelchair. Gonzalo Sanchez, a construction work, had trouble finding jobs as a result of the recession, and the family fell behind on their mortgage. They held fundraisers, including car washes, donation drives and a barbecue in the backyard of their modest home in Charlotte’s Sugar Creek neighborhood in order to try to pay off the $20,000 Bank of America was demanding to avoid foreclosure.

Back in September, we wrote briefly about the Sanchez family’s plight, when they joined Action NC to protest at the bank’s headquarters in the midst of the Democratic National Convention. (Click here to read our prior post.)

After the Sanchez family’s pleas to Bank of America to reduce their mortgage payments reached the audiences of national media, Bank of America decided to work with the family, according to Action NC.

The bank righted their under-water mortgage by taking $63,000 off the principal and reduced the family’s monthly mortgage to $400 from the $917 the bank had been demanding.

Here’s an account of what happened from Action NC:

Sometimes, when people aren’t listening, it helps to shout.  Getting national attention is moved the Sanchez case from the back-burner to center stage.  Lo and behold, the phone started ringing.  On the other end…Bank of America, anxious to do a deal.

We at Action NC saw in the Sanchez Family a case that exemplified what millions of other homeowners in this country are facing…what you yourself may be facing.  Our job, as community organizers is to, well, get the community involved.  Across the country, homeowners are figuring out that this mess is not their fault.  No one is asking for a handout (except the bankers currently paying nothing in taxes and receiving heavy government subsidies…but I digress).  Hardworking, conscientious, level-headed homeowners, looking to invest and grow, possibly while providing a safe place for themselves and their loved ones to reside…these are the people currently affected by the shenanigans of Wall St.

Sanchez family celebrating their victory. Source: Action NC.

Sanchez family celebrating their victory. Source: Action NC.

Happy holidays to Jessica, and the rest of the Sanchez family.

 

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