Save The Alan Dawson Studio and Homestead!

The Banks are Vampires! So spoke a local Real Estate Agent recently. I would take it a step further! The banks are evil, predatory, inhumane corporate monsters and leading the pack is Bank Of America, They have no regard for their customers well being or real life circumstances. They care absolutely only about one thing, and one thing only! Extracting as much money and interest as they can from hard working individuals regardless of that individual's life situation.

Seven years ago I made the grave mistake of agreeing to what’s know as a 7/1 ARM mortgage. (if I only knew then what I know now!) A 7/1 ARM mortgage means that for seven years you have a fixed interest rate and then in the eighth year it automatically switches to an adjustable rate mortgage subject to change/adjustment once a year(the 1 part). Banks make this an attractive offer by offering a very low interest rate for the fixed rate period. And they hope by the time the fixed period ends you will have forgotten all about the ARM part!

I retired from Berklee 3 years ago and went on a fixed income of Pension and Social Security. Then Covid hit! And now with the convergence of the seven year "fixed period"

ending and smack dab in the middle of the worst possible inflation in years Bank Of America notified me that my mortgage will go from a 3% interest rate to a 7.50% rate! My Plea for a loan modification to the bank because of my now being on a fixed income and unable to absorb this kind of increase were denied by the bank.

Addionally, My Home Equity Line of credit went from 3% also to 7.50%! My hope through this fundraiser is to hopefully pay off the HELOC and put an end to the ongoing gouging by the banks!

I could easily sell and pay off what I owe but at age 72 this is my dream house! I don't want to start over! Besides I'm attached to this memorial and legendary Alan Dawson studio! Any help would be a blessing!

Sincerely, John Ramsay