Drivers tooling along M-24 in downtown Oxford Friday may have noticed a man with a sign picketing in front of Oxford Bank’s main branch.
His name is Mark Sowers and all he wants is for the bank to give him a little help so he can keep the home he built in Orion Township.
‘I’m not asking for any handouts. I don’t want them to give me a thing,? said the 50-year-old employee of General Motors Orion Assembly Plant. ‘All I want them to do is work with me to get my monthly house payment down to where it’s more affordable.?
‘This is my way of saying I’m hurting, can you do something for me??
Although he’s currently employed, Sowers has been repeatedly told that as of Dec. 1, his job supervising maintenance staff in the body shop will no longer exist.
‘They told me that my job is gone,? he said. ‘That’s going to be our Christmas present this year.?
Add to that, his wife’s unemployment benefits are about to run out in the next three or four weeks. She was already laid off by GM.
‘I’m pretty much up against it,? said Sowers, who’s worked for GM for 25 years.
Despite the reduced income level, Sowers has managed to stay current on his house payments. ‘I’m late on a lot of other things,? he said. ‘All my other bills, I let them go to make sure this house payment gets made.?
But Sowers knows he can only stretch things so far, especially with an uncertain economic future just a few months away.
‘I’ve got to do something with this loan because there’s no way I can make it otherwise,? he said.
He doesn’t want to end up in foreclosure, so, in an effort to be proactive, he asked Oxford Bank to lower his interest rate from 5.5 to 3.25 percent and extend his mortgage term from 30 to 40 years.
‘That’s not going to be very beneficial to me in the long run, but in the short term, it might make the difference between keeping or losing my house,? he said. ‘They’ve taught me at GM to stay ahead of your problems.?
Sowers worked with a representative from the U.S. Department of Housing and Urban Development (HUD) and it was determined if the bank would agree to lower his interest rate and extend his loan term, his monthly payment could be reduced from $2,600 to around $2,000.
‘The HUD rep said that’s what they normally do,? Sowers explained. ‘That’s what banks are doing today to try to keep people out of foreclosure.?
Although things would still be very tight, Sowers believes he could manage a $2,000 monthly payment through either unemployment benefits or by picking up side jobs here and there.
Three times Sowers said he’s asked Oxford Bank to work with him on this and ‘all three times they’ve denied (my request) to do anything with my loan.?
‘Right now, because I’m still working they say I make too much money,? he said. ‘They said they put it (through) committee twice and the committee came back and said there’s nothing we can do, you make too much money, that’s the best we can give you.?
But Sowers noted if he waits until he loses his job and his home goes into foreclosure, the bank ‘won’t help because they know it’s pretty much a lost cause.?
When asked about Sowers and his loan, Tony Lasher, the bank’s marketing director, said, ‘Because of privacy laws, we can’t talk to anybody about the specifics of the situation.?
The bank did, however, release the following statement:
‘Oxford Bank fully recognizes and appreciates that these are extraordinarily difficult times for many individuals in our region. We sympathize with all our customers who find themselves struggling as a result of the local economy. Oxford Bank is a 125-year-old institution with a long history of providing a high-level of customer service. And, we will continue to work diligently and compassionately with all customers who find it difficult to meet their obligations.?
Sowers indicated to this reporter that he was willing to waive his privacy rights and allow the bank to discuss the specifics of his situation with the newspaper.
‘I’ve got nothing to hide,? he said.
However, the bank was not willing to do this.
Instead the bank issued a second statement, which read, ‘Oxford Bank follows all state and federal mandated guidelines as well as universally accepted banking procedures pertaining to loan underwriting and subsequent credit decisions. As policy, Oxford Bank does not discuss or debate business decisions or customer relationships in public. Any Oxford Bank customer can come to the Bank and discuss any questions they may have, including how loan decisions are made.?
Realizing official channels weren’t getting him anywhere, Sower created a sign and decided to take his plight to the streets by picketing in front of the bank’s headquarters, while dressed in his work clothes.
‘I’m going to stay out here for as long as it takes,? he said. ‘All my spare time, I’ll spend right here in front of the bank until they hear me ? at least call me in and talk to me.?
He plans to be out there again on Friday.
Through his one-man picket Sowers wants to let people know the financial institution’s ‘not doing all they can do for the people that actually put their money in this bank.?
Sowers insisted he’s been a loyal Oxford Bank customer for 10 years with both checking and savings accounts.
‘I’ve liked banking here,? he said. ‘I like the hometown feel of the small bank. I don’t want a big bank.?
Even when the bank started operating under a formal agreement with federal and state regulators to improve its performance following a sharp increase in mortgage delinquencies, Sowers, who lived in Oxford for eight years, stuck by his hometown bank.
‘I kept my money there even though I knew they were in trouble,? he said. ‘I had no doubt that Oxford is a safe place to keep your money.?
But now, he feels like his hometown bank has changed ? and not for the better.
‘They’re not the same bank they were two years ago,? Sowers said. ‘I can understand why. They got in trouble. It’s hard for anybody to do business today. But this is no way to treat a customer who wants to keep paying (on their mortgage) and keep their home.?
Ultimately, Sowers said he isn’t trying to bring down Oxford Bank. He just wants someone to listen and help him.
‘I don’t want to hurt the bank because I’ve still got my money there. But I want some help now before I get in trouble,? he said. ‘I don’t think I got my fair shake.?
No matter what, Sowers is determined to stay in the home and the community he loves.
Even if in order to maintain employment with GM, he ends up working at a facility in another state, Sowers said he’ll send money back to his wife, so they can hold on to their house.
‘This is a place that I want to stay. I don’t want to go anywhere,? he said. ‘I believe in the town. I believe in Orion. I believe in Oxford. It’s a great place to live.?
When asked about Sowers and his loan, Tony Lasher, the bank’s marketing director, said, ‘Because of privacy laws, we can’t talk to anybody about the specifics of the situation.?
The bank did, however, release the following statement:
‘Oxford Bank fully recognizes and appreciates that these are extraordinarily difficult times for many individuals in our region. We sympathize with all our customers who find themselves struggling as a result of the local economy. Oxford Bank is a 125-year-old institution with a long history of providing a high-level of customer service. And, we will continue to work diligently and compassionately with all customers who find it difficult to meet their obligations.?
Realizing official channels weren’t getting him anywhere, Sower created a sign and decided to take his plight to the streets by picketing in front of the bank’s headquarters.
‘I’m going to stay out here for as long as it takes,? he said. ‘All my spare time, I’ll spend right here in front of the bank until they hear me ? at least call me in and talk to me.?
Through his one-man picket Sowers wants to let people know the financial institution’s ‘not doing all they can do for the people that actually put their money in this bank.?
Sowers insisted he’s been a loyal Oxford Bank customer for 10 years with both checking and savings accounts.
‘I’ve liked banking here,? he said. ‘I like the hometown feel of the small bank. I don’t want a big bank.?
Even when the bank started in May 2008 operating under a formal agreement with federal and state regulators to improve its performance following a sharp increase in mortgage delinquencies, Sowers, who lived in Oxford for eight years, stuck by his hometown bank.
‘I kept my money there even though I knew they were in trouble,? he said. ‘I had no doubt that Oxford is a safe place to keep your money.?
But now, he feels like his hometown bank has changed ? and not for the better.
‘They’re not the same bank they were two years ago,? Sowers said. ‘I can understand why. They got in trouble. It’s hard for anybody to do business today. But this is no way to treat a customer who wants to keep paying (on their mortgage) and keep their home.?
Ultimately, Sowers said he isn’t trying to bring down Oxford Bank. He just wants someone to listen and help him.
‘I don’t want to hurt the bank because I’ve still got my money there. But I want some help now before I get in trouble,? he said. ‘I don’t think I got my fair shake.?
No matter what, Sowers is determined to stay in the home and the community he loves.
Even if in order to maintain employment with GM, he ends up working at a facility in another state, Sowers said he’ll send money back to his wife, so they can hold on to their house.
‘This is a place that I want to stay. I don’t want to go anywhere,? he said. ‘I believe in the town. I believe in Orion. I believe in Oxford. It’s a great place to live.?