Boston Community Capital’s SUN Initiative was recently featured in The New Times article, “Lender With an Unusual Offer: A Second Chance.” The article, written by reporter Shaila Dewan, tells the story of Annmarie Zaparesky who was able to stay in her home because of BCC’s SUN Initiative.
Dewan writes: “Through an unorthodox program in Massachusetts, Ms. Zaparesky was able to save her home, a white raised ranch in a neighborhood of wide streets, large yards and modest houses in this blue-collar city near Boston. At a time when roughly 20 percent of homeowners owe more than their homes are worth, an innovative program lowered Ms. Zaparesky’s payments and reduced her total debt to something closer to the house’s actual value.”
However, BCC is unable to help all homeowners because many banks refuse to participate. “Bank of America and several smaller banks, as well as some servicers, will allow Boston Community to sell a home back to the original owner, but in many cases HSBC, JPMorgan Chase and Wells Fargo will not. One of the country’s two giant mortgage guarantors, Fannie Mae, cooperates with Boston Community, but the other, Freddie Mac, does not.”