Francesca Lia Block, the owner of the home she calls the "Faerie Cottage" and a popular young adult novelist, reached an agreement with Bank of America that will allow her and her children to stay in their home in California.
Francesca said, "Bank of America has responded to our petition and is agreeing to modifying my loan at a low interest rate with lower monthly payments! Although there is still a second loan I have to deal with and a large amount of principal due in 2037, this is a huge victory. My children and I want to thank Jennifer Lowe, Change.org and everyone who signed this petition. When I felt like giving up, you gave me the strength to go on and every morning I wake up in my faerie cottage for the next 25 years I will think of you with gratitude."
Fans & friends of Francesca Lia Block, please help put pressure on Bank of America to refinance her home, the Faerie Cottage, so she doesn't have to go through foreclosure! Francesca has been trying for over a year to apply for different homeowner's loan modifications, only to be stonewalled at every turn. Read about it at http://savethefaeriecottage.blogspot.com, and sign the petition--please spread the word!
Dear fans & friends of Francesca Lia Block,
We've decided to create this website to put as much pressure as possible on Bank of America, who are dragging their feet about working with Francesca Lia Block on refinancing her home, which threatens her with foreclosure. You know Francesca as a highly respected working author, teacher, and single mother of two. And if you're a fan of Francesca's books, or one of the many students who've spent time at her home, the Faerie Cottage, you know how important that home is to her work, and you will want to know what's going on, and how you can help.
The story in brief: Francesca has good credit and an up-to-date mortgage for an over-encumbered property (which has declined in value due to current market conditions and the recession). In other words her house is, as they say, "underwater." In order to avoid foreclosure, she has been trying for an entire year to get the bank to modify the existing (and incredibly unfair) interest-only loan on the property, since it has declined so much in value.
You may have heard about Obama’s plan to help people in a similar situation with Bank of America, or read various articles about this situation on the Internet (with Bank of America claiming they are trying to help their customers), so some of what you read about this will sound familiar to you. Click on savethefaeriecottage for a timeline and more information about how unfairly Bank of American has been treating their customer and our friend.
And above all, please help in spreading the word about this situation! Link to this petition and tell other Francesca friends, so we do everything we can to help save the Faerie Cottage for her, her children, their friends, and all of us who love her.