Boston Community Capital’s SUN Initiative was featured in the recent Cape Cod Times article, “Underwater, foreclosed, saved!” The article, written by reporter K.C. Myers, tells the story of Mona Smead who was able to save her home because of SUN.
Smead, who originally purchased her home in 1988 and raised her two children there, nearly lost her home in “2008 when her employer cut her full-time hours and her usually reliable overtime.” She had already been scammed by a mortgage modification company and was two weeks before her foreclosure date when she saw BCC’s SUN Initiative on a TV news segment. “The SUN program was able to negotiate a sale price for Smead's house with Bank of America. It bought the house and sold it back to Smead for an amount that was 61 percent lower than her existing mortgage. Her monthly payments on the new 30-year fixed-rate mortgage are 58 percent lower than her previous payments.”