Breakthrough in Leslie Parks case!

[annm4peace]

Nov. 25, 2009
Thanks to all of your calls to IndyMac/OneWest, we are seeing some incredible progress!

1. IndyMac/OneWest initiated phone contact with Leslie on the night of Tuesday, Nov. 24. This is after months of not being able to talk to them.

2. On Wednesday, Nov. 25, IndyMac/OneWest started the process of rescinding the Sheriffs Sale! This means that eviction proceedings, which could have started the 30th, will not happen. * This is a fantastic development for many reasons.

3. Instead, on Nov. 30th Leslie Parks and her advocates will have an initial phone conference with IndyMac.* We will hold out for nothing less than the Parks family getting the home back at terms they can afford.

We should all be proud of what we have achieved so far, but we will keep up the pressure as it is needed.

For those of you in the Twin Cities area, we are going ahead with our bannering against foreclosures during the morning rush hour of Monday, Nov. 30. Gather at Leslie’s house at Park Ave. & 38th St. between 7:30 a.m. and 8:30 a.m. We will spread out between there and Portland Ave. After today’s events, Leslie Parks states, “God is good.”
Come celebrate this breakthrough with us and get more details on the case!

*Yes, we got it in writing

In Struggle,
Poor People’s Economic Human Campaign: 651-497-4644, 267-439-8419, economichumanrights.org
MN Coalition for a People’s Bailout: 612-822-8020, 612-296-5649, mn-peoples-bailout.org

Background (with some updates)
Leslie Parks lives in south Minneapolis. Her family has owned the building for nearly 20 years. Because of needing to pay for city-ordered storm windows, Leslie’s mother was swindled into getting an ARM (adjustable rate mortgage). The man from Allied Mortgage who sold her the ARM lied and insisted it was a conventional loan. It is important to note that Ms. Parks had perfect credit and qualified for a conventional loan hands down. But she was lied to, got swindled into an ARM, and after months of trying to keep up, both Leslie and her mother lost their good credit and went into foreclosure.

Time is short. The ‘redemption period’ ends Monday, Nov. 30. If nothing changes, at that point IndyMac can start eviction proceedings.

OneWest/IndyMac Federal Bank FSB is the bank that owns the mortgage. Some IndyMac reps are claiming that they won’t do a “short payoff” during the redemption period. Leslie is working on securing financing and actually has enough for a viable short payoff, if only IndyMac would agree. “I feel like IndyMac is giving us the runaround again, like have done since the beginning,” states Leslie Parks. Advocates have noted that it is common for banks to agree so some kind of short sale during the redemption period.

The FDIC stepped in to bail out the IndyMac investors and gifted the bank to OneWest. In this time of economic crisis, we need to make it clear that it’s time that the people get some help.