Take Action
Members and friends of the Somerville community are encouraged to get involved with our initiatives on a one-time or regular basis. Check in here for periodic updates on how to get involved with SCC and Somerville.
For information about opportunities to join the SCC community please contact us.
Foreclosure Prevention and Financial Education for Somerville Homeowners
SCC has formalized an exciting partnership with Cambridge Neighborhood Apartment Housing Services (CNAHS) to provide joint foreclosure prevention/financial education to Somerville homeowners at risk of losing their homes. CNAHS provides counseling on foreclosure prevention and negotiates with lenders for modifications on unaffordable loans; SCC, in turn, offers budgeting, credit, and debt reduction services so these clients will be on a sustainable path.
One of our recent successes was a modification which allowed a Somerville couple and their granddaughter to prevent foreclosure and remain in their home. The modification lowered their monthly payment from $3,127.14 to $1,242.84. In order to make the mortgage payment affordable to the family, the interest rate was lowered to 2% for five years, 3% for the sixth year, and 4% for the seventh year, with a final rate of 4.875% for the term of the loan. In order to make the monthly amounts affordable, the term was also extended, and if they pay on time for five years, they'll qualify for borrower incentive payments of up to $5,000 towards their principal. SCC worked with the couple to create a sustainable budget and renegotiate credit card debt: their APR on two cards was lowered from 29.99% to 3%, and the minimum payment amounts went from $385 and $278 to $109 and $78, respectively.
CNAHS offers services to homeowners in Somerville, Cambridge, Arlington, Belmont, and Watertown. If you have any questions, please contact Thais DeMarco at 617-776-5931 x233.