SUN Initiative, Jamaica Plain, Massachusetts
The mortgage broker was encouraging. He helped her refinance her mortgage with an adjustable, interest-only rate. There was no way to wade through all those documents in such a short period of time. “City Life and BCC rescued my house and gave me back my American Dream; they gave me peace of mind; they gave stability to me and my family.” As Migdalia notes, “They don’t give you one or two days to read the hundreds of pages they put in front of you… they just tell you to sign.” Then the interest rate skyrocketed to 12% and her monthly mortgage payments suddenly exceeded $4,500. Gamely, Migdalia continued paying this increased amount- until foot surgery caused her to miss four months of work; at the same time, the economic downturn eliminated any additional income she had been earning through a side business. And so, Migdalia slipped into mortgage delinquency. In October 2009, despite her best efforts, Migdalia’s home was foreclosed upon. She was terrified that she would have to move her kids, but “City Life and BCC rescued my house from the [bank] and gave me back my American Dream; they gave me peace of mind; they gave stability to me and my family. I am so thankful for these two organizations who really work for social justice.”
Our mortgage loans are made by Boston Community Capital's affiliate, Aura Mortgage Advisors. Aura is a licensed mortgage lender (N.M.L.S. #ML23467).