If you specialize in short sales and REOs, there is a unique foreclosure prevention initiative that offers considerable benefits to realtors and their clients who want to keep their homes. It is called the Boston Community Capital SUN program (www.sunhomehelp.org
). Realtors convey the program’s offers for short sales and REOs to the banks and receive commissions as listing agents.
SUN is beneficial to realtors because it offers to purchase homes for cash—without the need to displace any of the occupants. It has successfully negotiated dozens of short sales and REOs (more than 240 to date). It is beneficial to homeowners because it has been providing a 40 percent reduction in mortgage and monthly payments, on average, to those who qualify and want to remain in place. The eligibility requirements for SUN are straightforward—Massachusetts resident; facing foreclosure or eviction; and a stable income that can support a mortgage reflecting the current market value of the home.
All a homeowner needs to do is call SUN at 617-933-5880 to find out if they qualify. Realtors who have questions about the program can call that number to learn more about it.
Boston Community Capital, a 28 year old nonprofit, established SUN in 2009 to purchase houses from residents in foreclosure and sells these homes back to the original residents at a mortgage they can afford. The case studies listed below highlight the very dramatic savings that seven Hyde Park homeowners--whose mortgages were deeply underwater—achieved through the SUN program. Four out of seven of these homeowners realized savings of more than $190,000 on their 30-year mortgages.
SUN’s foreclosure prevention efforts have been endorsed by municipalities and public officials across Massachusetts. The 2-pg SUN FAQ (please see attached) features an endorsement from Mayor Thomas Menino. The program has been very effective in communities hard hit by the foreclosure crisis where residents’ mortgages are deeply underwater: Boston, Brockton, Chelsea, Dorchester, East Boston, Everett, Hyde Park, Lawrence, Lowell, Lynn, Malden, Mattapan, New Bedford, Randolph, Revere, Roslindale, Roxbury, Springfield, Stoughton, Wareham, Worcester.
Boston Community Capital established the SUN program with funds sufficient to provide over $50 million in mortgage financing. About $40 million of these funds have been utilized and Boston Community Capital is in the process of raising more. The majority of homeowners who are participating in the SUN initiative have sold their houses to SUN through short sales. Ultimately, SUN has the potential to offer a unique outcome for homeowners who desire to remain in their homes and can afford a mortgage that reflects the current market value of their house.