After losing her job, Gigi Bridges applied for a mortgage modification with Chase Bank. Gigi entered into a trial modification and paid her payments for 12 months. On the 13th month her check was returned to her. Chase sent her a permanent modification with a payment that was doubled. Gigi pointed out to Chase that they made a mistake on her financial documents by miscalculating her income and giving her an unaffordable payment. Chase’s answer was foreclosure.
On March 6, 2012 Gigi’s home was sold at auction and now Chase is trying to evict her even though she has proven time and again that her income was calculated wrong. Gigi’s home should never have been sold at auction. But CEO Jamie Dimon has been quoted as saying “Giving debt relief to people that really need it, that’s what foreclosure is.”
Please sign this petition and send a message to Chase Bank – the only fair thing to do is stop the eviction and rescind Gigi Bridges’ foreclosure!
Eleven months after Brandie Barbiere stopped paying the mortgage on her Milliken, Colo., home, her husband found out when he returned from work to see their possessions piled on the front lawn. As a sheriff’s deputy supervised the Oct. 5, 2011, eviction, he confronted his wife and wrestled with his anger. A few minutes later he spotted photographer John Moore. “Who the hell are you?” the husband exclaimed.
“I said I was very sorry this was happening and that I was taking some pictures to show what people all around the country were going through,” Moore recalled. “And he let me stay.”
Moore is one of a small cadre of photographers who have set out to record the life-altering event of a foreclosure, which sometimes is climaxed by an eviction lasting at most two hours. Moore’s pictures and those of 10 other photographers (see slideshow below) form a new exhibit, “Foreclosed: Documents from the American Housing Crisis,” at the Alice Austen House on New York City’s Staten Island, which held its opening reception earlier this month.
Since 2009, Moore has photographed hundreds of evictions in Colorado. “Everybody had a different story,” he said. “Some people had lost their jobs and could no longer make their mortgage payments.”
Barbiere’s foreclosure was triggered by the shrinking of her child care business. Other homeowners had assumed balloon mortgages whose rates readjusted to levels they could not afford. And then there’s Tracy Munch, whom Moore photographed on Feb. 2, 2009, in Colorado’s Adams County. Although she paid her rent faithfully, Moore said, her family was evicted because her landlord had stopped paying the mortgage.
Moore immersed himself in the world of foreclosures after a three-year posting for Getty Images in Islamabad. He returned to a United States besieged by recession and wanted to chronicle one of the causes: the bursting of the real estate bubble. “The struggle was trying to get access to the actual moment when people were being evicted from their homes,” he said.
Now it turns out some lenders haven’t merely been unhelpful; their actions have pushed some borrowers over the foreclosure cliff. Lenders have been imposing exorbitant insurance policies on homeowners whose regular coverage lapses or is deemed insufficient. The policies, standard homeowner’s insurance or extra coverage for wind damage, say, for Florida residents, typically cost five to 10 times what owners were previously paying, tipping many into foreclosure.
The situation has caught the attention of state regulators and the Consumer Financial Protection Bureau, which is considering rules to help homeowners avoid unwarranted “force- placed insurance.” The U.S. ought to go further and limit commissions, fine any company that knowingly overcharges a homeowner and require banks to seek competitive bids for force- placed insurance policies. Because insurance is not regulated at the federal level, states also need to play a stronger role in bringing down rates.
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We are happy to report that Susan Leonard’s improper foreclosure has been rescinded by Bank of America. Thanks to all who supported Susan by signing our Change.org petition and thanks to Bank of America for doing the right thing.