Monday, March 30, 2009

Foreclosure News: Bank of America Says Screw Cancer Patient Molly Secours and Obama

Posted by on Mon, Mar 30, 2009 at 12:03 PM

click to enlarge Molly Secours
  • Molly Secours
Pith readers may recall the plight of Molly Secours, a Nashville filmmaker, writer and activist who has dedicated her life to helping empower those less fortunate. (She's the woman behind the documentary The Faces of TennCare: Putting a Human Face on Tennessee's Health Care Failure.) After a long, stressful and painful fight with uterine cancer (thankfully, she's in remission), Molly was informed that First Franklin (which has been swallowed up by Bank of America) would foreclose on her home because she was having trouble making the payments on her 9.8 percent mortgage. Yes, I said 9.8 percent! (I'm guessing Bank of America will soon be opening some payday loan/check-cashing joints on Gallatin Road.) On Feb. 12, we posted our first story about her plight, followed two weeks later by a letter to President Obama. After weeks of trying to contact the company and being stonewalled at every turn, she finally received a communication from Bank of Scam-erica--a notification that her house would be foreclosed in 30 days. And this to a woman who has told B of A that she would happily refinance at a reasonable rate (and could afford the payments), but who has been ignored at every juncture. Didn't it used to be that delinquent debtors avoided banks? Now it seems to be delinquent banks who avoid debtors. Molly has written a letter to B of A CEO Ken Lewis, making it clear that she's not going to be steamrolled silently. And Bank of Shame-erica, you have noooo clue who you're messing with. And I'm betting you'll regret it. The complete text of Molly's letter after the jump:
Dear Mr. Lewis: I don't know if you remember me from a few months back, but I made a public appeal to President Obama and members of Congress--who have tried contacting First Franklin Loan Services on my behalf. (See news articles below.) If you skim through these articles maybe it will jog your memory? This past year-and-a-half I have battled cancer--and over 10 months in remission--but the treatment I have encountered from your company makes chemotherapy and radiation, at moments, seem like a paper cut. Like millions of others, I have tried diligently to resolve this, and after many grueling months, my credit is ruined and my health is at risk. Fortunately I am gainfully employed and willing to pay my mortgage ( I could indeed pay my mortgage if it were not 9.8%) . Immediately After President Obama's plan was passed, my lawyer received a call from First Franklin confirming (and assuring us) that because of the stimulus plan and the millions of dollars allocated for Bank of America, First Franklin would be forced to comply with President Obama's plan and I would not be forced into foreclosure. I was told to wait to hear from them. And so, I did. Today was the first day I received any communication--a notice of impending foreclosure. No offer to refinance or to modify. Just 30 days to respond to pay the loan in full--and with lawyers' fees attached. Mr. Lewis, as I mentioned before, I have been trying to resolve this for months now. In spite of recovering from devastating treatments and needing to keep stress low, I am now being forced to wage another media campaign to highlight the contradictions and hypocrisies of Bank of America and First Franklin Loan Services. Who are the people being helped by the stimulus plan? Where is this money going? Why in the world would Bank of America want to foreclose on people who are ready and willing to be responsible after you have received millions of dollars for this very purpose? What kind of tax benefits does Bank of America receive to garner this type of reckless and negligent behavior? I would appreciate a response from someone at Bank of America immediately as I am told in 30 days I will receive an auction date-which I plan to turn into a public event. And I will be sure to invite you. And of course, I am sending this to members of Congress as well as the press. Tennessee Congressman Jim Cooper and others in Washington have been closely following my situation and the situations of many others who are enduring the same treatment. We have all been waiting to see what Bank of America would do with the stimulus money. Below are the links to stories regarding my situation, which were picked up by the press over the past several months. I look forward to hearing from you soon! Molly Secours Media Story Links: Story 1, WKRN Story 2, SPEAKOUT! Story 3, Huffington Post Story 4, Wall Street Journal Story 5, Nashville Scene/Pith in the Wind Story 6, Nashville Scene/Pith in the Wind Molly Secours One Woman Show Productions writer/filmmaker/speaker www.mollysecours.com

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