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Boston Globe Article, "Mother put up a rare fight in foreclosure," Features BCC's SUN Initiative

Monday, March 7, 2011

Boston Community Capital was featured in the Boston Globe article, "Mother put up a rare fight in foreclosure," written by Megan Woolhouse.  The article tells the story of Marie Cacoa who thought she had found a refuge for her four children when she bought the yellow wooden house on a dead end in Dorchester, financing the purchase with a high-interest, subprime mortgage. Instead, it became a foreclosure nightmare that would threaten her family’s fragile stability.

Her $2,500-a-month payment had ballooned to $4,000 a month. Earning $50,000 a year, she was already struggling to pay for heat and repairs to the house, a creaky Victorian built in 1925. She also had trouble renting the second unit.
 
She tried to refinance, but banks weren’t lending. She asked for a loan modification, but she was denied. Foreclosure was imminent. “My kids were so scared,’’ Cacoa said.
 
Boston Community Capital reviewed Cacoa’s credit history and the condition of the house and by July, made a $220,000 bid for the house. She will buy the house back this month with a 30-year fixed-rate mortgage and $2,400-a-month payments.

read the article here