A non-profit organization in the Boston area is helping their community by purchasing foreclosed homes and selling them back to their original owners.
Foreclosures in any area can drive down the value of adjacent homes. Empty homes also become the targets of vandalism and contribute to a rise in crime. Many homeowners in poorer neighborhoods have found themselves in need of foreclosure attorneys to stop a seizure or assist with modifications.
In the Boston area, the poorest neighborhoods are receiving some help through Boston Community Capital. They are a non-profit finance group that will offer people fixed-rate, affordable home loans with fairer terms. Thus far the non-profit has allowed 125 people to stay in their homes. And though this is a small number considering the massive numbers of foreclosures on the market, it is giving more homeowners a second chance.
Foreclosure lawyers and the courts have seen a dramatic rise in underwater cases, and will continue to be flooded with new cases, well into the future. Currently, real-estate organizations don’t expect foreclosure rates to drop until 2013.
People in urban neighborhoods were often granted sub-prime loans, which is one of the primary causes of the foreclosure crisis. A person who has a sub-prime mortgage often see their mortgage payments rise by hundreds of dollars per month with little notice. This has driven many in these neighborhoods into litigation with the help of a foreclosure attorney.
The Boston Community Capital organization is very transparent about their lending policies and offers people in urban communities the opportunity to rebuild.
