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Lynn Daily Item Features BCC in “‘SUN’ program helps Lynners keep homes.”

Tuesday, February 5, 2013

Boston Community Capital’s SUN Initiative was featured in the Lynn Daily Item article, ‘“SUN’ program helps Lynners keep homes.”  The article, written by reporter Joyce Erekson, tells the story of two Lynn residents and how SUN was able to help them successfully save their homes.  Erekson writes:

“Both homeowners are in their homes today and both have Boston Community Capital's Stabilizing Urban Neighborhood's (SUN) Initiative and Lynn United for Change to thank for it. The two organizations worked hand-in-hand, with Lynn United for Change putting pressure on the banks to postpone foreclosure, or in Greenleaf's case eviction, to work with Boston Community Capital, while BCC did its thing, which is to buy homes from the banks and sell them back to owners at a price reflecting the current market value. Greenleaf also had help fighting the eviction from Harvard Legal Aid, a non-profit group of lawyers that fights for tenants' rights.”

“De La Cruz admits she never thought things would work out. She closed on a new SUN mortgage last December that reduced her 30-year note by 31 percent ($62,980) and her monthly payment by nearly $300. Since its inception in 2009, SUN has helped more than 200 families, including 15 in Lynn, stay in their homes.”

“Greenleaf saw his 30-year loan cut by 19 percent ($36,385) and his monthly payment by $589. He closed on his new SUN mortgage last June.”

‘"They were a lifesaver," Greenleaf said about BCC and the other two organizations. "They were like a life preserver. We were up against the wall. We didn't know what we were going to do."’