Stop Foreclosures!
Justice for Michael Kidd!
On Friday, April 9, 4:30 p.m., friends, neighbors and other supporters will join the Minnesota Coalition for a People's Bailout at the home of Michel Kidd, 1321 23rd Ave North, in Minneapolis.
Mr. Kidd has been fighting to keep his home for over a year. He has had enough of the mortgage servicer, Aurora Financial, stalling, changing terms, 'forgetting' about past agreements and items faxed and mailed several times and apparently refusing to negotiate in good faith.
Mr. Kidd is an independent trucker. In 2004 he put down $45,000 cash and got a regular, fixed-rate mortgage. Because of the recession, his trucking business slowed. Last year, he tried to renegotiate the terms of his mortgage so his payments would be more affordable - with the expectation, based on the terms of the federal Home Affordable Modification Program (HAMP), that the home's current value to be taken into account.
In 2004, when Kidd bought the house, it was valued at $190,000. Now it is valued between $65,000 and $90,000. Aurora Financial, in direct contradiction the federal HAMP program, is not offering to refinance the home at its "net present value."
Mick Kelly, of the Minnesota Coalition for a People's Bailout, puts it bluntly: "Michael Kidd is being robbed. Aurora is pressuring him into taking a bogus deal that only makes Aurora richer. They are basically turning his house into an ATM for the banks."
Michael Kidd and many others who have lost homes on the north and south sides of Minneapolis are examples of the racial disparities in home foreclosures and remodifications. As an African American born and raised in North Minneapolis, Kidd says he could have moved away, but chose to stay and build his community. "I won't just be speaking for me, but for thousands in my situation," said Mr. Kidd. "There are empty homes all around this neighborhood. We don't need any more."
The Minnesota Coalition for a People's Bailout will join Michael Kidd in demanding that Aurora Financial come to the table, follow the rules of the HAMP program and renegotiate the mortgage at the home's current value. Give Mr. Kidd a deal he can afford.
Contacts: Mick Kelly 612-715-3280,
Rick Jacobs 612-788-418
Justice for Michael Kidd!
On Friday, April 9, 4:30 p.m., friends, neighbors and other supporters will join the Minnesota Coalition for a People's Bailout at the home of Michel Kidd, 1321 23rd Ave North, in Minneapolis.
Mr. Kidd has been fighting to keep his home for over a year. He has had enough of the mortgage servicer, Aurora Financial, stalling, changing terms, 'forgetting' about past agreements and items faxed and mailed several times and apparently refusing to negotiate in good faith.
Mr. Kidd is an independent trucker. In 2004 he put down $45,000 cash and got a regular, fixed-rate mortgage. Because of the recession, his trucking business slowed. Last year, he tried to renegotiate the terms of his mortgage so his payments would be more affordable - with the expectation, based on the terms of the federal Home Affordable Modification Program (HAMP), that the home's current value to be taken into account.
In 2004, when Kidd bought the house, it was valued at $190,000. Now it is valued between $65,000 and $90,000. Aurora Financial, in direct contradiction the federal HAMP program, is not offering to refinance the home at its "net present value."
Mick Kelly, of the Minnesota Coalition for a People's Bailout, puts it bluntly: "Michael Kidd is being robbed. Aurora is pressuring him into taking a bogus deal that only makes Aurora richer. They are basically turning his house into an ATM for the banks."
Michael Kidd and many others who have lost homes on the north and south sides of Minneapolis are examples of the racial disparities in home foreclosures and remodifications. As an African American born and raised in North Minneapolis, Kidd says he could have moved away, but chose to stay and build his community. "I won't just be speaking for me, but for thousands in my situation," said Mr. Kidd. "There are empty homes all around this neighborhood. We don't need any more."
The Minnesota Coalition for a People's Bailout will join Michael Kidd in demanding that Aurora Financial come to the table, follow the rules of the HAMP program and renegotiate the mortgage at the home's current value. Give Mr. Kidd a deal he can afford.
Contacts: Mick Kelly 612-715-3280,
Rick Jacobs 612-788-418
The Latest on the Minnesota Five
Leslie Park's bank just issued an ultimatum that she obtain financing to close on buying her home for $100,000 by May 15th. Clearly time is critical. IF YOU KNOW of any lender who would facilitate a fixed-rate mortgage agreement with her even though her good credit rating was ruined as a result of her bank's policies and actions --PLEASE contact us ASAP!
Meanwhile she will be speaking Friday, April 9, 4:30 p.m., on behalf of Michael Kidd (1321 23rd Ave. in North Minneapolis)-see below for details.
Meanwhile she will be speaking Friday, April 9, 4:30 p.m., on behalf of Michael Kidd (1321 23rd Ave. in North Minneapolis)-see below for details.
Barbara Byrd STILL has not received ANY response from EMC Mortgage. She waits for a call, watches for a letter, and listens every day for a knock on the door, wondering what's going to happen.
Linda Norenberg is PREPARING to celebrate her victory--but NOT until papers are signed on a rate that she can afford to keep her family home in Robbinsdale. Hats off to Linda, her family and supporters...and especially to her generous lawyer Kelly for keeping up the pressure for so many months on the bank, holding out for an acceptable outcome.
Ann Patterson is tired of making trial payments -several months past the "trial period"-to Wells Fargo that were not paying down principal. Rather than continue living in limbo indefinitely, she has taken initiative and informed Wells Fargo that she will not give her house back to the bank on a short sale-a sale that only would benefit the bank, yet still slam her credit rating. She hopes to move her family into rental housing as early as next month. Watch for details and date for likely yard-sale. Meantime, the bank keeps asking for her current payment! Apparently they still don't get it.
Rosemary Williams started out today from New Orleans on the PPEHRC caravan and March to Fulfill the Dream
http://www.ussf2010.org/node/68
-- from the Delta to Detroit in time for the U.S.Social Forum (USSF) being held June 22-26. She has been making preliminary contacts with activists in the cradle of the Civil Rights Movement in cities en-route like Selma, Birmingham, and Montgomery. Many of us from Minnesota will be joining the caravan and/or attending the USSF. She plans on returning to Minneapolis briefly in mid-April, then rejoining the marchers as she continues inspiring others along the way with her message of resistance.
http://www.ussf2010.org/
-- from the Delta to Detroit in time for the U.S.Social Forum (USSF) being held June 22-26. She has been making preliminary contacts with activists in the cradle of the Civil Rights Movement in cities en-route like Selma, Birmingham, and Montgomery. Many of us from Minnesota will be joining the caravan and/or attending the USSF. She plans on returning to Minneapolis briefly in mid-April, then rejoining the marchers as she continues inspiring others along the way with her message of resistance.
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