SUN Program Offers Foreclosure Relief

Need foreclosure relief in Maryland? 

There is a new program known as as SUN, or Stabilizing Urban Neighborhoods, which helps families in Maryland and two other states facing home foreclosure. The SUN Initiative helps families who have a steady income – but can’t make their monthly mortgage payments due to hardship – remain in their homes. Since inception in 2009, SUN has helped over 500 families stay in their homes.

he program works with homeowners in default or in foreclosure to obtain a mortgage through SUN, who works with the lender to purchase the home at a distressed price and then sells it back to the homeowner at market rate.  This can be a great option for homeowners facing foreclosure with houses that are underwater or those with adjustable rate mortgages.  You can refer homeowners to Boston Community Capital, who administers the SUN program, at http://www.bostoncommunitycapital.org/foreclosure-relief or 855-604-4663

 

Homeowners who have a CDA (Community Development Administration) loan through the Department of Housing and Community Development, and are facing dififculty paying their mortgage should consult SUN.  The Maryland Volunteer Laweyr service reports that one its volunteers has helped an underwater homeowner and allegedly CDA will accept offers at 80% of fair market if they come through the SUN Initiative. 

To learn more, call us TOLL-FREE at 855-604-HOME (4663). 

 

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