Dixie Mitchell, a 71-year-old cancer survivor, and her husband, Luster, have owned their Seattle home for 44 years. This is the same home where the Mitchells raised their nine biological children and cared for fifty foster children, and the house was paid off in full in the mid-1980s.
When Dixie needed some money to make home repairs and to help one of the foster children in her care, her bank advised her to refinance her home. Under the direction of the bank, she took out a loan that was promised would work for what she needed.
But then, the loan was bundled and resold. Soon after, Luster, suffered a massive stroke that has left him paralyzed and unable to work.
Because of the bank's changes to the loan, Dixie quickly fell behind on her payments. Without her husband's earnings, her monthly income is just $2,200 in Social Security and her monthly mortgage is $2,052.
Dixie has done everything she can to keep their home: filing for bankruptcy, visiting assistance agencies, offering to rent out rooms to cover costs, and more—she even tried to get a simple loan modification that was denied by the lender, Ocwen Financial. She tried to find the people who had initially told her how the loan would work, but they were nowhere to be found.
Despite Dixie's best efforts, the Mitchells home is set to be auctioned on October 28th and they have no place to go. All Dixie needs is a small modification to the loan and she'll be able to keep her house. The problem is that Ocwen Financial, who holds the loan, just won't budge. Not because they can't, but because they don't want to.
Tell the Big Banks, enough is enough! Ocwen Financial will soon the be country's largest holder of subprime loans. Ocwen is even a participant in a federal program to help modify loans for families affected by the housing crisis—but they still aren't responding.
The Mitchells are one of the thousands of families who have already lost their home or are at risk of foreclosure. The Big Banks have drained wealth from hard-working Americans like the Mitchells, and continue to dodge taxes while making record profits.
Send a letter to Ocwen Financial asking that they give the Mitchells the simple loan modification they need in order to keep their home.
When Dixie needed some money to make home repairs and to help one of the foster children in her care, she was advised to refinance her home. Under the direction of the bank, she took out an adjustable rate loan that would reset in two years, at which point, Mitchell says, the lender told her that she would be able to refinance into another 30-year-fixed rate loan.
But the original loan was bundled and sold multiple times to different lenders. It reset to a higher rate right around the time her husband suffered a massive stroke that has left him paralyzed and unable to work.
All Dixie needs is a small modification to the loan, a modification in line with Obama's foreclosure-aid plan, and she'll be able to keep her house.
I urge you to make any modifications needed to the loan, and allow the Mitchells to continue their lives in their home of 44 years. This modification is easy to make - and will make a big difference for a family in need.
The Mitchells have always worked hard, paid their taxes, and given back to their community. I'm asking you, and the other big lenders, to do the same. Pay your fair share of taxes, support communities that have been hit by foreclosure, and invest in creating jobs for hard-working Americans.
I urge you to take the lead. Help the Mitchells keep their home and stand in support of communities and families nationwide.