About My Foreclosure in 2010 Mr. Tracy Charles Gibson.
During the year 2010, I was foreclosed on from my house in
New Castle, Delaware. The Bank was Chase Manhattan Bank. I applied for the
mortgage with a private mortgage broker who marketed it to Chase. I know for
sure now that this private broker was unscrupulous. He projected that I would be able to earn
enough money to pay the mortgage of $2,400.00 a month by finding a good
job. The job never materialized. [
Frankly, I could have looked harder, but I was focused on writing a very important
book. ] I should have never been allowed
the mortgage in the first place as my present income at the time was under
$1,300.00 a month. Our Banking system in this country of the United States is
very corrupt & unscrupulous , but can easily be worked around if you are an
aware investor and an aware & conscious consumer.
When I lost my
beautiful home in New Castle, I had $80,000.00 in equity in the house. The
value of the hoe was $333,000.00 when I purchased it. It was valued at less
than $240,000.00 when it was foreclosed on. I had about a two-year window to
take Chase Manhattan Bank to court over the seizure of my home, but I chose NOT
to go to court. A large part of the
reason for my not taking the case to court is because I had a concern of
depression & I think taking the case to court would have forced me to
concentrate on the case instead of writing my articles & books & doing
my community activism which, I know for sure, is very, very important to me.
One thing that also concerns me about this case of seizure & foreclosure is the fact that I was given three months to
move my clothes, art work, adult movie and regular movie collection, etc. out
but all I took out was my Che & my
computer. I left all the other items in the house. The art work alone -- done by my dear sister Aziza Claudia
Gibson Hunter -- is valued at over $2,800.00. They are irreplaceable.
The mental pain & anguish of losing my home obviously impacted on me to
such a degree that I totally gave up on fighting for & properly valuing my
property & possessions. I Am hoping & Praying that many kind-hearted
Black celebrities will replace the $80,000.00 I lost in home equity, which was
my life’s savings. This letter is also written to let the Black community at
large and any Black investors who are interested know what type of losses I
have suffered and -- as Sister Maya
Angelou says ``and still I rise.’’ I
continue to fight for real justice, real freedom, real economic liberation
& real Spiritual growth for myself & all Black people. I also paid
thousands of dollars to a few people & agencies – including lawyers -- who professed to be able to help me totally
avoid the foreclosure or get around it without such a loss in equity.
I Am Sending this letter as a registered letter to Chase
Manhattan Bank.
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