On September 27th, 2012, the Occupy Oakland Foreclosure Defense Group drew a line in the sidewalk and told Bank of America that they were not going to take Zaki Alshalyan’s home.
On Friday, October 26th, as a result of our direct action and a proposal for a loan modification put together by OOFDG peeps working with Mr. Alshalyan, Bank of America approved a three month trial loan modification for Zaki. I noted back then
Banks are perfidious creatures. Zaki has not yet won in full. The bank granted him a “trial modification.” He has to comply with the terms of the modification for three months, and if all goes well, the bank will theoretically make it permanent. Banks have been known to renege on such promises…
In late January, Mr. Alshalyan made the last of his three trial payments. Today, February 19th, we got the word that he had signed a favorable permanent loan modification agreement consisting of a low interest rate extending out for decades and a significant principal reduction! He will make is first payment March 1st, 2013.
As I also noted back in October
Sometimes it takes demonstrating outside a bank. Sometimes it takes occupying inside a bank. Sometimes it takes phone calls, press releases and dramatic videos. Sometimes, as with this effort, it also takes know-how to put together a proposal and the audacity to send it unasked to the bank.
Zaki had lots of people behind him, protesting and organizing. Including possibly you! Thanks to everyone who helped make this happen.
We can barely scratch the surface of the millions of foreclosures and evictions that will be happening over the next several years in this country because of banksters greed. But we did stop them from stealing Zaki’s home, and we’re working on doing the same for Jodie.
Come help us. There’s lots more to do.
More info: 510.207.0182 firstname.lastname@example.org
by JP Massar