South Coast Today Features BCC’s SUN Initiative in “After threat of foreclosure, program offers residents a second chance.”

Wednesday, October 3, 2012

Boston Community Capital’s SUN Initiative was featured in the South Coast Today article, “After threat of foreclosure, program offers residents a second chance.”  The article, written by Reporter Natalie Sherman, discusses how the SUN Initiative was able to save New Bedford resident, Julio DePina’s home, which he had been battling to save from foreclosure since 2008.  Sherman writes:

'"The mortgage (was) so high, I (couldn't) afford it," said DePina, 50, who works as a janitor and machine operator at a power plant, but couldn't keep up with the $2,385 monthly payments on his two-family home after he and his wife divorced. "I almost gave up. I was going to just leave."'
"Instead, after several false starts, DePina was connected to the Stabilizing Urban Neighborhoods Initiative, which negotiated with the bank to buy his Mount Pleasant Street property and offered him a new 30-year, fixed-rate mortgage he could afford."
'"I have my house back," said DePina, who said he is throwing a housewarming party with munchupa and jag Saturday to celebrate his new monthly payments of $1,460. "This is a good program ... I can afford to pay."'
In addition, New Bedford Mayor Jon Mitchell announced a partnership Tuesday with the SUN Initiative to keep families who are in danger of losing their homes due to foreclosure in their homes.
'"We want to make sure that folks in our community avail themselves of the benefits of the program," Mitchell said. "From my perspective as mayor ... this is what's important: keeping people in their homes."'