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Local Resident Fights Bank to Keep Home

By WEEK Reporter
May 13, 2011 Updated May 13, 2011 at 10:22 PM CDT

Industry leader Realty Trac reports foreclosure filings decreased 9% from March to April, but its not because the housing market is recovering, but a massive backlog in the processing.

News 25 shares the story of a local woman threatened with foreclosure who says she's lost faith in the banking system.

Virginia Holwell and her husband Ric Baxter have lived in what she calls their tree home in Peoria Heights for about 10 years.

In May of 2010 Holwell lost her job with the state after 30 years.

"It's been a nightmare and I keep hoping that I'm gonna just wake up and my house will be mine forever, I'll have a job and everything, but I guess this is my new normal now," Virginia Holwell said.

Holwell said she tried repeatedly to get a modification on her mortgage with Chase Bank but kept getting the run around even after they lost her forms four times.

Never ever been late not even a minute late and I'm not in foreclosure but I'm trying to prevent that," Holwell said. "They told me to liquidate my property."

Holwell has teamed up with Illinois People's Action, a faith based group that works to get mortgage modifications for people facing foreclosure.

"Virginia is one person," said Illinois People's Action's Dawn Dannenbring. "J-P Morgan Chase foreclosed on 349,000 families last year more than any other bank and while they were foreclosing on those families the C.E.O. of JP Morgan Chase Jamie Dimon made $20 million in bonuses.

The fight to stay in her home isn't over for Virginia.

Next Tuesday she and a busload of people will travel to Ohio for Chase's shareholders meeting.

Virginia hopes to make an appeal for modification on her mortgage.

She says she has lost faith in the banking system but her resolve to get results is steadfast.

I'm going to keep my home through the grace of God," Holwell states. "He sent me the most wonderful husband you could ever ask for and he's right there beside me."

She hopes that if enough people like herself speak out banks will be forced to change polices and more people can keep their homes.

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