Going through foreclosure is hard enough as it is. Then there are those that add insult to injury by labeling people who have lost their homes. A stereotype many accept is that those who lose their home through foreclosure are somehow at fault. In many instances that is definitely the case but in other cases the homeowner isnít to be blamed at all. When the housing market crashed suddenly in 2008, even the financially responsible found themselves facing foreclosure. *Thanks to a non-profit group called Boston Community Capital, the negative stereotype surrounding those who go through foreclosure is finally being proven wrong.

Boston Community Capital

The non-profit groupís strategy is a simple, yet effective, one. When a homeowner canít keep up with mortgage payments and ends up in foreclosure, Boston Community Capital buys the home in foreclosure and then sells the home back to the original owner. Not only does the original owner end up with their house back, but they get it back with a discount as well. Now, rather than making mortgage payments to the bank, the homeowners make their payments to Boston Community Capital. Since 2009 when the house buyback program began, Boston Community Capital has been able to help over 400 families stay in their home.

The interesting thing

The non-profit groupís buyback program demonstrates a very important point, many homeowners will work very hard to keep their home, they just canít always do it alone. According to Elyse Cherry, the Chief Executive at Boston Community Capital, the families they have been able to help have so far been making their monthly payments in full and on time. If they were the deadbeats creditors make them out to be, that wouldnít be the case. This example demonstrates that in many cases, a more affordable mortgage is all it takes for homeowners to be able to stay in their homes.

Foreclosure advice

If you are going through foreclosure, donít let the negative stereotype weigh you down. A mistake many make is to simply give up. While in most cases, a non-profit organization like the BCC wonít come in and buy your home then sell it back to you, there are still other things you can do to keep your home. You may be able to qualify for a loan modification to make your payments more affordable.

Business, real estate, and bankruptcy law and litigation news brought to
you by mbblegal.net

Source:
boston.com/realestate/news/blogs/renow/2013/12/foreclosure_vic.html