Village Green foreclosure fight: Bank of America announces a decision

(Photo added 7:17 pm: Vera and daughter Johanna)>
3:12 PM: Looks like tonight’s support rally may turn into a victory party. Just received from Bank of America, and confirmed by someone who answered the phone at Village Green Perennial Nursery (Vera was not available):

I wanted to make you aware of a final decision in regards to Vera Johnson’s mortgage modification.

As soon as we learned of Vera Johnson’s concerns, Bank of America employees at our Seattle Customer Assistance Center began working closely with her to understand her financial situation and collect the necessary paperwork. Based on the financial documents she provided and some last minute issues we identified and were able to help her resolve, Fannie Mae extended to Ms. Johnson a permanent modification.

We are pleased to be able to offer her this permanent modification that should allow her to stay in her home and keep her business.

Britney W. Sheehan
Media Relations

Again, as previewed here this morning, the 5-9 pm event tonight is at Big Al Brewing, 9832 14th SW

5:32 PM UPDATE: Just talked with Vera at the event. She says that B of A announced this so quickly after calling her, she hasn’t seen paperwork yet, and nothing’s final till it’s final.

ADDED 7:20 PM: Here’s our brief chat with her, on video:

And the party/rally at Big Al’s continues – with more signs of community generosity – In addition to the list mentioned in our morning preview, Delgado’s Upholstery donated a chair:

The event continues till 9 pm.

THURSDAY MORNING NOTE: A detailed story on the party is on our partner site, White Center Now.

23 Replies to "Village Green foreclosure fight: Bank of America announces a decision"

  • JanS August 31, 2011 (3:15 pm)

    well, Hallelujah…bringing this public got some action. Go Vera!!!

  • Kim August 31, 2011 (3:19 pm)

    Hurrah!

  • LauraE August 31, 2011 (3:21 pm)

    Such, very good news!! More proof that “When sleeping women wake, mountains move.”

  • jwws August 31, 2011 (3:23 pm)

    AWESOME!!!! Way to go Vera!

  • KatherineL August 31, 2011 (3:27 pm)

    “Employees began working closely with her as soon as they identified her concerns”? More like as soon as the news cameras showed up.

    Congratulations, Vera, on fighting this successfully.

  • sarah August 31, 2011 (3:31 pm)

    maybe my dad does have hope then..

  • AJP August 31, 2011 (3:32 pm)

    Whew! Congrats Vera!!!!!

  • Kate K August 31, 2011 (3:34 pm)

    Victory is sweet! Congratulations Vera! You’re an inspiration.

  • Thistle August 31, 2011 (3:42 pm)

    All right! I truly hope that this really helps Vera and gives hope to everyone else who is trying to work with the modification system right now… Please keep at it!

  • Aman August 31, 2011 (4:00 pm)

    Good news to hear, congratulations!

  • Jiggers August 31, 2011 (4:49 pm)

    Good job. _ _ _ _! BofA!

  • Mary August 31, 2011 (7:25 pm)

    Don’t sit back and relax, Vera. They told us the same thing only months before they foreclosed on our home.

  • NinjaRider August 31, 2011 (7:41 pm)

    hot damn, that’s two major victories in as many days. Of course, B of A’s press release spins like the wee engine in my Ninja (about 14,000 RPM!), but we beat it out of’em.

    I got two words for anybody thinking about doing anything with anything with “B*nk” in their name.

    Credit Union.

    I wonder if we could attract a branch to the Junction? The folks over on Vashon just got one… there’s a BECU ATM in Morgan Junction, but no live tellers…

  • rewinn August 31, 2011 (7:56 pm)

    Great news! Let’s keep growing our community!

  • Kelly August 31, 2011 (8:08 pm)

    I hope it’s truly the (happy) ending Vera was hoping for!

  • sean August 31, 2011 (9:55 pm)

    No signed docs no deal. Keep fighting

  • Jim August 31, 2011 (10:06 pm)

    “modification” usually mean more money paid over a longer period of time.

  • NinjaRider September 1, 2011 (6:32 am)

    Hopefully with a little help, this will have wide-ranging results. I just crossposted Vera’s awesome news to Bob Cringley’s blog; he’s a nationally-known geek curmudgeon, and just posted an article about a guy named Ralph, who’s in a very similar situation. The more Klieg lights we can shine on B of A, the more people we can help.

  • Rusty September 1, 2011 (10:05 am)

    a 40 year loan! Double down on that payment as soon as you can!

  • waman September 1, 2011 (10:50 am)

    Great news! – Way to go – People power!
    Now… we also need help for those people/homeowners underwater on their primary residence mortgages in high interest rate loans, or interest only loans, who have made all their mortgage payments on time, but can not have access to lower rates because of being underwater on their appraised value.
    How about a 5 year loan program where borrowers can refi their entire loan amount (even combine a 2nd mortgage) into a Principle loan where each month the principle portion outweighs the interest portion by 80% (80% principle & 20% to interest) this way after 60 months/5 years the person has a way to gain back more equity in the home & then will be under 80% of the appraised value (hoefully the market will stabilize & the foreclosures will stop) – The loan amount would be the same as your loan amount now, just a huge % of the payment goes towards your principle rather than interest. Maybe community banks could offer this program? good idea? – If so share this thought with your friends, family, neighbors, congress person, senator, radio & tv personality, whoever to get this program going. It could be funded a governmant backed bond that people/investors could buy into (call it the USA Home Bond) – a 5 year note/bond that yields a % of that interest collected (the 20% portion of the loan payment) – even at 5% over 5 years – that is a better investment than anything out there on the market. The loans could be guaranteed by the US Govt. (especially since these people who would qualify had been making all payments & have no mortgage lates). Imagine in 5 years when everyone is not in foreclosure, home values begin to rise & many americans with homes will have more equity in their home again.

  • Jill September 1, 2011 (5:36 pm)

    omg, that “Media Relations” person is so full of sh**, but I’m really happy for the promised outcome. I agree, don’t count on it til the paperwork is filed. Way to go, Vera!!!

  • chris September 2, 2011 (10:39 pm)

    Its all about sound decision making and having personal accountability. When is a bank obligated to modify a loan that was understood and signed for. I am confident this property will end up in the hands of the banks in the end, and hopefully the next owner will have the ability to see their obligations through.

  • frank September 4, 2011 (10:09 am)

    So does this 2% 40 year loan mean Ms. Johnson/Village Green will be able to live within their means or are we the people of West Seattle/White Center going to be visiting this scenario again in six months time? No where through this whole time has anyone posed the question-is this business sustainable?

Sorry, comment time is over.