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.