Thursday, December 6, 2012

Activist group to celebrate loan mod from Bank of America

A Charlotte family that has been aided by local activist groups is celebrating Thursday a mortgage modification from Bank of America that will keep them from their homes.

Gonzalo and Silvia Sanchez, along with teenage daughter Jessica, have lived in their University City home for more than 10 years. The couple has also spent considerable money on renovations to help Jessica, who is disabled, navigate the home. She has spina bifida and is unable to walk.

The family's home entered the foreclosure process after Gonzalo found it difficult to find work and fell behind on the mortgage. Activist groups Action N.C. and the Home Defenders League came to their aid, publicly protesting the foreclosure and helping to raise money

The groups announced this week that Bank of America has now offered to reduce the principal on their mortgage by $63,000 and refinance the loan at a lower interest rate, in accordance with the $25 billion national mortgage servicing settlement. That reduces the monthly payment to an amount the family can afford.

The family and the activist groups are hosting a party at the Rutgers Avenue home from 6 p.m. to 8 p.m. Thursday. The party's date coincides with the one-year anniversary of the activists' Occupy Our Homes movement.