Family May Be Forced From Farm After Apparent Fraud By Bank
Economic Justice Director
Colorado Progressive Coalition
Colorado Progressive Coalition
For Immediate Release:
May Be Forced From Farm After Apparent Fraud By Bank
Eagle County -- Monday, July 30, 2012
HSBC bank is moving to remove an Eagle County family from their farm despite evidence the Fasis were the victims of fraud perpetrated by Wells Fargo. Though the family attempted to reconcile with the foreclosing parties and file bankruptcy to protect their home, the Fasis are once again facing a hearing by HSBC to lift a stay on their home';s foreclosure on August 14. If the court agrees with HSBC's attorneys, another Colorado family will lose their farm.
Donna and Douglas Fasi were at the brink of being removed from their long-time home last month when they were able to block their eviction by filing for bankruptcy. After finding themselves in foreclosure due to a series of seemingly illegal actions taken by Wells Fargo, including forged documents that put the couple into an ARM loan and misinformation that caused the family to believe they were required to fall behind on payments on their farm, the Fasi's are now spending the last pennies of their life savings on advocates to help them keep the farm. But they may not have enough pennies.
Wells Fargo made the decision to foreclose on the Fasi Home earlier this year without acknowledging their responsibility for the conditions that could remove the Fasis from their farm. Wells Fargo allegedly sold the loan to HSBC Bank USA, who bid half the farms value at a public trustee sale and started eviction proceedings. With their backs against the wall, Douglas Fasi entered into bankruptcy to save the family home. Now, HSBC is again moving to evict the Eagle county small business owners from their long-time residence.
“We were successful in getting the last eviction stopped only because I had to file a bankruptcy for my husband,” said Donna Fasi. “Now, the foreclosure attorneys have already filed to have the automatic stay lifted so they can evict us again.”
Having lost $300,000 dollars in equity on the property and years of hard work and labor to turn the farm into their home, the Fasi family is unwilling to lose more. They are trying to raise funds from friends, family, neighbor and the community for a legal battle they believe will help to set precedent that will protect all Colorado property owners.
“If we can do this thing in Denver in front of a jury trial it will help so many others in the same situation because it will set a precedent and will put us in a position to demand that Wells Fargo and HSBC Bank and the foreclosing attorneys be fined and charged with criminal charges for fraud, and we intend to ask for this.”
“When the lawyer reviewed our paperwork and has discovered that the judge ruled on the wrong statute in our case, and ruled also on the Fraud Note telling us we could not raise a claim of fraud against HSBC bank because that Note was not signed by us. This has turned out to be a very bizarre ruling because the original Note I signed at the closing, the fixed rate mortgage Note, is signed and initialed by me. You would think the judge would understand that of course I did not sign the Fraud Note, and that Note is what HSBC bank is using against us to foreclose.”
Fasi said that her lawyers have also found clear evidence the HSBC did not own the right to foreclose on the family farm, and she will be holding nothing back in going after those bank employees who she says fraudulently are trying to remove her from her home – if she can get the money to do it.
Douglas Fasi is currently in Chapter 13 Bankruptcy and cannot sell assets to pay legal fees. While they have been garnering some family support it is not nearly enough to pay for the $20,000 they need just to begin the process. They are hoping that community members, friends and neighbors will help her win her case so that her own home will be saved and others can benefit from the ruling.
See the Westword story for more background: http://www.google.com/url?sa=
Colorado Progressive Coalition is a multicultural and cross-issue coalition of individuals and organizations empowering people through grassroots community organizing to have a voice in the policy decisions that affect our lives. Our vision is a state where everyone, not just the privileged and powerful, has the opportunity participate in our political, economic, and social democracy.