Stepping In After The Foreclosure

11:19

December 01, 2010

Buddy Wilson with his grandsons outside the East Boston home Boston Community Capital helped him afford. (Courtesy photo)

At Boston Community Capital, Elyse Cherry works to keep low-income homeowners in Boston and Revere from losing their houses. When a lender forecloses on a property, Boston Community Capital works to purchase the property at the current market rate, and then sell it back to the owner with a more affordable mortgage.

This year, Boston Community Capital has kept 90 families in the Boston area in their homes. Over the next five years, its goal is to help 2,000 local families.

We talk with Elyse Cherry about what can be done after the foreclosure process has started.

Guest:

Elyse Cherry, president, Boston Community Capital

More:

Boston Program Helps Owners Get Foreclosed Homes Back

This segment aired on December 1, 2010.