They bought my house, fixed it, and sold it back to me. And the best thing — I didn’t have to move.
More than four million American families lost their homes to foreclosure over the past five years. While the banks, the courts and the government have failed to stop the bleeding, we have been helping families keep their homes through our investment with Boston Community Capital. A Community Development Financial Institution (CDFI) serving low-income communities in Massachusetts, BCC purchases foreclosed properties and sells them back to the owners who lost them at current market values.
This innovative approach has kept more than 135 families from eviction by reducing their average monthly mortgage payments from $3,200 to $1,700. In addition to preventing home loss and, in some cases, homelessness, because the program focuses on foreclosures throughout a community, it keeps entire neighborhoods from succumbing to the blight of abandonment that has marked so many towns and suburbs over the past five years. Imagine what we could accomplish as a nation if the $50 billion in taxpayer funds the U.S. government has allocated to failed foreclosure prevention programs was instead invested in foreclosure recovery programs that actually work, like this one!