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Worcester Telegram Features BCC in “Signs of hope for some who are facing foreclosure.”

Sunday, January 1, 2012

Boston Community Capital’s SUN Initiative was recently featured in the Worcester Telegram article “Signs of hope for some who are facing foreclosure.”  The article, written by reporter Aaron Nicodemus, discusses how BCC was able to keep the Barrett family of Blackstone in their home, reducing their monthly mortgage payment by 33%.  Nicodemus writes:

“Mrs. Barrett says her family’s single-family home was in foreclosure after she became sick after her pregnancy. The day care business she operated out of her home had already been hurt, bit by bit, as parents withdrew their kids because they themselves had lost their jobs. When Mrs. Barrett got sick, the business withered to nothing.”
“In April, BCC bought their home at a short sale from the new company. BCC then set up with the Barretts a 30-year, fixed-rate mortgage with a monthly payment of $1,800 per month. While there were closing costs, there was no upfront payment, nothing they had to do until BCC had purchased the property.”

‘“It is allowing us to stay in our home, which is huge,” said Mrs. Barrett, who has three children. “My oldest was having anxiety issues, because we didn’t know where we were going to live. It has just been a huge, huge relief.’”