Let's Help a COVID Miracle Avoid Foreclosure
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https://chicago.suntimes.com/coronavirus/2020/10/2/21443684/karla-taylor-bauman-coronavirus-miracle-survivor-lake-villa-vista-medical-north-chicago-foreclosure (Chicago Sun Times on Karla's story)
The Miracle of Karla Taylor Bauman (Click for another video of Karla's story)
Already facing financial distress well before 2020, Karla Taylor-Bauman was diagnosed with Covid-19 in April. Her condition quickly worsened, and she spent weeks in a medically induced Coma under the expert care of the wonderful staff at Kindred Hospital. Alongside these heroes, Karla's family displayed a consistent and unwavering faith in the power of prayer when all else seemed hopeless. Karla survived, and is slowly but steadily recovering at her parent's home in North Chicago.
However, the cumulative toll of 2020 is deep and ongoing. While medical costs were well contained by insurance coverage and provider discounts, financial distress has been acute. Karla has obviously been unable to work, and her husband Jevon was laid off, and then rehired into a new position at a lower level of compensation. In the unfortunate meantime, a foreclosure process on their Lake Villa home is now less than 20 days from completion.
On December 15th, a foreclosure auction is slated for their home--a wonderful single-level ranch that is ideal for Karla's recovery. The home is well-loved, having been in the family for a number of years. The listing indicates a "wonderful opportunity for rehab through sweat equity," but, as is so often the case, mentions nothing of the real human story underneath--of those potentially displaced. The Baumans are facing the loss of everything, just before Christmas...
This campaign is organized by the founders of Transform Capital (TC), a startup non-profit recently incorporated in Illinois (and currently pursuing IRS approval as a 501c3). We were connected to Karla and Jevon only 10 days ago. The connection was formed by a deeply trusted community leader and servant in North Chicago. Our nonprofit mission is to "Invest in Human Flourishing"--promoting asset ownership for those so often marginalized by traditional banking systems. We see the enormous depth of potential in people-- far beyond any short-term credit metrics. In short, we seek Relationship where others might only see Risk.
Though we recently incorporated in Illinois, we are unable to establish TC as a formal "charity" under this GoFundMe appeal, as we are still pending IRS 501c3 status--a requirement for such a campaign.
Therefore, 100% of your donations will proceed directly to the Bauman family. However, these donations will be used in tandem with a broader TC reorganization plan to save the Baumans home. Specifically:
The founders of Transform Capital are working on a private loan commitment that would:
*refinance ~$175,000 in obligations to the existing mortgage lender, including back payments, interest & fees;
*ensure ~$20,000 in modest home renovations (to ensure Karla's healing and flourishing);
*reset their interest rate from the current 7.125% to a market-based rate in a 30 year, fixed-rate loan; and
*retain 100% of the equity in the home for the future benefit of this dear family!
In total, this requires ~$200,000 in funding commitments. We are in touch with the existing lender to attempt to negotiate this broader refinancing, while doing everything possible to eliminate the need for a foreclosure sale.
We need your help now! Every dollar raised (of our $50,000 target and beyond) will be disbursed for the direct benefit of the Bauman family in saving their home. Alongside your generosity, Transform Capital is structuring attractive private loan funding for whatever gap remains. Together, we are therefore partnering to do everything possible to ensure the family retains their "home"--a place to heal and to flourish.
Every dollar raised will provide hope to the family--directly reducing their future financial burden, and bringing us closer to some measure of 2020 redemption. The need is urgent. The time is short, with less than 20 days remaining until the auction. Every contribution, of any size, matters.
Join us this Thanksgiving season in this tangible way to serve. We look forward to sharing fully transparent and regular updates on this unfolding story of the power of partnership and transformation! Let's do this!
Please reach out with any questions, and please consider sharing this opportunity with your network as we join together in this important work.
Gratefully submitted, on behalf of the Founders of Transform Capital
Mark Chassman
Frederick Tolbert
Stephen Kawasaki
Paul Hawkinson
The Miracle of Karla Taylor Bauman (Click for another video of Karla's story)
Already facing financial distress well before 2020, Karla Taylor-Bauman was diagnosed with Covid-19 in April. Her condition quickly worsened, and she spent weeks in a medically induced Coma under the expert care of the wonderful staff at Kindred Hospital. Alongside these heroes, Karla's family displayed a consistent and unwavering faith in the power of prayer when all else seemed hopeless. Karla survived, and is slowly but steadily recovering at her parent's home in North Chicago.
However, the cumulative toll of 2020 is deep and ongoing. While medical costs were well contained by insurance coverage and provider discounts, financial distress has been acute. Karla has obviously been unable to work, and her husband Jevon was laid off, and then rehired into a new position at a lower level of compensation. In the unfortunate meantime, a foreclosure process on their Lake Villa home is now less than 20 days from completion.
On December 15th, a foreclosure auction is slated for their home--a wonderful single-level ranch that is ideal for Karla's recovery. The home is well-loved, having been in the family for a number of years. The listing indicates a "wonderful opportunity for rehab through sweat equity," but, as is so often the case, mentions nothing of the real human story underneath--of those potentially displaced. The Baumans are facing the loss of everything, just before Christmas...
This campaign is organized by the founders of Transform Capital (TC), a startup non-profit recently incorporated in Illinois (and currently pursuing IRS approval as a 501c3). We were connected to Karla and Jevon only 10 days ago. The connection was formed by a deeply trusted community leader and servant in North Chicago. Our nonprofit mission is to "Invest in Human Flourishing"--promoting asset ownership for those so often marginalized by traditional banking systems. We see the enormous depth of potential in people-- far beyond any short-term credit metrics. In short, we seek Relationship where others might only see Risk.
Though we recently incorporated in Illinois, we are unable to establish TC as a formal "charity" under this GoFundMe appeal, as we are still pending IRS 501c3 status--a requirement for such a campaign.
Therefore, 100% of your donations will proceed directly to the Bauman family. However, these donations will be used in tandem with a broader TC reorganization plan to save the Baumans home. Specifically:
The founders of Transform Capital are working on a private loan commitment that would:
*refinance ~$175,000 in obligations to the existing mortgage lender, including back payments, interest & fees;
*ensure ~$20,000 in modest home renovations (to ensure Karla's healing and flourishing);
*reset their interest rate from the current 7.125% to a market-based rate in a 30 year, fixed-rate loan; and
*retain 100% of the equity in the home for the future benefit of this dear family!
In total, this requires ~$200,000 in funding commitments. We are in touch with the existing lender to attempt to negotiate this broader refinancing, while doing everything possible to eliminate the need for a foreclosure sale.
We need your help now! Every dollar raised (of our $50,000 target and beyond) will be disbursed for the direct benefit of the Bauman family in saving their home. Alongside your generosity, Transform Capital is structuring attractive private loan funding for whatever gap remains. Together, we are therefore partnering to do everything possible to ensure the family retains their "home"--a place to heal and to flourish.
Every dollar raised will provide hope to the family--directly reducing their future financial burden, and bringing us closer to some measure of 2020 redemption. The need is urgent. The time is short, with less than 20 days remaining until the auction. Every contribution, of any size, matters.
Join us this Thanksgiving season in this tangible way to serve. We look forward to sharing fully transparent and regular updates on this unfolding story of the power of partnership and transformation! Let's do this!
Please reach out with any questions, and please consider sharing this opportunity with your network as we join together in this important work.
Gratefully submitted, on behalf of the Founders of Transform Capital
Mark Chassman
Frederick Tolbert
Stephen Kawasaki
Paul Hawkinson
Co-organizers (2)
Paul Hawkinson
Organizer
Libertyville, IL
Karla Taylor Bauman
Beneficiary
Mark Chassman
Co-organizer