Menu

Redbook Magazine Feature's BCC's Foreclosure Initiative

Friday, April 29, 2011

Boston Community Capital's foreclosure initiative was featured in a Redbook Magazine article "I Lost My Home -- and Got It Back!" by Sara Clemence.  The article tells the story of SUN Initiative clients Marchelle Jacques-Yarde and Christopher Yarde who bought their first home, a two-bedroom condo in Boston's Mattapan neighborhood. They thought they were well prepared.

Christopher, an accountant, had run and rerun the numbers to make sure they could handle $1,300 a month — the mortgage payment their lending agent confirmed for them. They even took a free four-day course for first-time homeowners.
 
The shock came at the signing in July 2007: Marchelle says the bank had tacked on private mortgage insurance for an extra $300 a month, which tipped their payment into undoable territory. But they had already turned in the keys to their old apartment and had driven to the contract signing in a U-Haul packed with all their stuff. "We thought we were too far in to back out, so we signed," Marchelle says.

 

Read more of the Redbook Magazine article here

Find out more about the SUN Initiative