Occupy Nashville: Tell Chase, Don't foreclose on Helen BaileyJanuary 16, 2012
Update: We won! Helen Bailey's home was saved and she'll be able to keep it!
Helen Bailey is a 78 year old woman who participated in the civil rights movement, worked as a childcare provider for autistic children, and was a community volunteer. She has paid her mortgage since 1999, but now she can't keep up the payments. All she wants is to stay in her home until she dies, in the neighborhood where she feels safe and has lived for nearly quarter of a century. She could have refinanced with a company willing to let her live in the house for free until her death, but Chase Bank would not reduce her principal by $9,000. She's been paying 7% interest, well above most rates, so Chase could have decided they had made enough. Instead, they have started foreclosure and Ms Bailey could end on the street.
Since then, Ms Bailey's lawyer has found an alternate buyer for her home. This sale would provide Ms Bailey with an exit from her current mortgage and allow her to pursue other options for housing. We request that Chase:
- accept the offer of $85,000
- write off any deficiency between the loan balance and the offer
- waive all interest, legal fees and penalties accrued since the initial refinance offer
- cancel any foreclosure auction scheduled
It has been estimated that at foreclosure, Chase may lose over $30,000 compared to this settlement offer. Therefore this option makes the most sense financially for Chase and given Ms Bailey's specific circumstances, there is little moral hazard in this solution.
Tell Chase that in Nashville, in America, we don’t throw elderly ladies out on the street. In Nashville, in America, we fight for what’s right. Helen Bailey marched for civil rights. It's our turn to march for Helen Bailey.
Sign a petition to Chase at Change.org.
Get more information about Helen Bailey's fight from Occupy Nashville.