If you are a Massachusetts resident with a stable income, SUN may be able to help. Since its launch in late 2009, the SUN Initiative (the initials stand for ”Stabilizing Urban Neighborhoods”) has prevented the eviction of over 300 Massachusetts residents—helping them repurchase their homes and reducing average monthly housing payments by more than 40%.
SUN works with banks and attorneys to stop the eviction process, purchase foreclosed properties at current market values, and resell those properties to their current occupants at a significant discount off the prior mortgage value.
SUN provides foreclosed homeowners with a new 30-year, fixed rate mortgage. A bi-weekly payment plan helps homeowners build up reserves that can be used to pay down the mortgage principal and reduce the length of the loan, or used to pay for necessary repairs.
Applying to SUN
SUN welcomes applications from Massachusetts residents who are late on their payments or in foreclosure, and have a stable and predictable income (even if it is Social Security payments) that can support a mortgage at current rates. Those with poor credit history or who have filed for bankruptcy may be eligible and are encouraged to apply; so are individuals who have been turned down for participation in the federal mortgage modification programs. SUN will carefully examine the income, circumstances and ability of a homeowner in foreclosure to carry a mortgage that is roughly equivalent to the value of their home. Mortgage loans are made by our affiliate, Aura Mortgage Advisors (MA Licensed Lender: MC23467; NMLS # 23467).
Call 617-933-5880 to apply.
Interested in Supporting SUN?
Learn more about supporting the SUN Initiative by contacting Jessica Brooks.
You can also support our foreclosure relief work by making a donation to Boston Community Capital. Donations are tax-deductible.