JPMorgan Chase and US Bank: Allow the Gearing family to purchase their own home back from foreclosure.
My family wants to buy our family farm of many years -- but because we are in foreclosure, JP Morgan Chase (the servicer) and US Bank (the trustee), two of the largest banks in the US, are refusing to even hear an offer until we have been evicted, forcing my husband and I, our seven children, and our aunt who suffers from Alzheimer’s disease to move out and compete with investors to buy back our own property!
When our family business went under due to the recession, we fell behind on payments and our family farm went into foreclosure. We have tried tirelessly to work with the bank to keep our home, but have been given the run-around by the bank each time—often calling and being forwarded to scores of representatives, none of which say they can do anything to negotiate! The bank (then Chase) even sold our mortgage at one point (to US Bank), causing even more confusion over who we should talk to. Now, we have managed to find outside financing and are trying to submit an offer to JPMorgan Chase to buy back our home (in cash) so that our seven children and aunt will not have to be evicted. But JPMorgan Chase, claiming bureaucratic process, is refusing to even hear or consider offers on the property until we have been evicted.
The time between eviction and when the sale of the property takes place will allow investors to come in and buy our family farm before we can even make an offer to purchase it back ourselves. According to the bank, we will be forcibly displaced on November 5th. With seven young children (ages 7-17), all of whom have grown up in the home, and my husband Bill's ailing aunt who we provide care for, this will create a scar that may never be healed. Not only does the bank's bureaucratic requirement of "eviction before sale" put our family in the ridiculous position of having to pack and move all our belongings to vacate the home which we hope to buy and move back into just days later, it also opens the door for outside real estate investors to swoop in and offer the bank far more than we owed on the house, leading to both the bank and the outside investors profiting off our tragic loss.
US Bank claims that when we choose them “you don't just get one of us, you get all of us serving you.” Sign the petition to ask US Bank and JPMorgan Chase to honor this commitment and allow us to buy back our home.
Thousands of people currently have mortgages that have been sold from bank to bank like ours was, and it's unacceptable for banks to use this reason to deny families the chance to pay back money for their homes.
Please sign our petition, asking JPMorgan Chase to meet with us and hear our offer to purchase our own home prior to the forced eviction on November 5th.
Allow the Gearing family to purchase their own home back from foreclosure
The Gearings are a good family with seven young children. As a result of an unfortunate business dealing gone sour, they, like many Americans, have come upon lean financial times and their home has been foreclosed on.
Since the foreclosure took place, the Gearings have managed to find outside financing and are currently in the process of trying to submit an offer to US Bank (the 5th largest bank in the U.S.) to buy back their home so that their seven children will not have to be evicted from the beloved place where they have grown up.
However, US Bank and its many confusing corporate entities are refusing to even hear or consider offers on the property until the family has been evicted.
This means that the Gearings and their seven young children will be forcibly displaced from the home that they are currently trying to BUY back (not get for free!) all in the name of satisfying US Bank’s bureaucratic requirement that foreclosed homes be unoccupied and listed on the open market for a minimum of five days before being sold.
Not only does this requirement put the Gearings in the ridiculous position of having to pack and move all their belongings to vacate the home which they hope to buy and move back into just five days later, it also opens the door for outside real estate investors to swoop in within those five days and offer the bank far more than the Gearings owed on the house, leading to both the bank and the outside investors profiting off the Gearings’ loss.
Since the Gearings are not trying to get their home for free – they are indeed trying to purchase it back from the bank – it is unthinkable that US Bank will not even hear their offers and is instead simply moving forward with evicting their large family.
US Bank, please allow this wonderful family to buy back their own home rather than sell it to outside investors. Their seven young children need it far more than the vultures waiting to steal it away.