After Sub-Prime Mortgage and Foreclosure Fraud, Family rallies to Stop Eviction by HSBC

Chicago Anti-Eviction Campaign Press Release
December 2, 2010

The Tellez family is working with supporters and local community groups to stop their eviction. With support form their neighbors and the Chicago Anti-Eviction Campaign, the family is publicly calling on HSBC - "the world's local bank" - to postpone the looming eviction. Instead of being put out on the street, the Tellez family is asking HSBC to sit down and negotiate with them in good faith.

In 2006, Alvaro Tellez purchased his family’s home in the Belmont Cragin neighborhood with an adjustable rate mortgage from Fremont Investment and Loan, who later sold it to Little Loan. As the mortgage payments began to increase, the family struggled to keep up with the payments – even moving into the basement so that they could renovate and rent out the house’s first two floors. By early 2010, the Tellez family found themselves paying as much as $4,700 per month. After repeated requests, Little Loan agreed to a modification that cut their mortgage payments in half, but refused to continue even as the Tellez family was regularly making the lower payments. What the family didn’t know was that instead of considering them for a modification, the bank had actually begun the foreclosure process. Six months later, the home they had purchased for $405,000 was auctioned off to HSBC for just $10,000.

“This house is not for me, it’s for our kids,” explained Alvaro Tellez. “I work so that they can have a place to stay. There is no way I can give up on our home.”

The Tellez family and their supporters are holding a open house and press conference on their porch this Thursday. They hope that by bringing public attention to their case, they will not only positively influence their own case, but also encourage others in Chicago, a city with one of the nation’s highest rates of foreclosure, to fight for their homes.

What:    Press Conference and Open House
When:   Thursday, December 2nd at 11am
Where:  2221 N Latrobe Ave, Chicago IL 60639

For more information, contact Chris, 847-226-5302