Established by Boston Community Capital in 2009, the nonprofit SUN Initiative helps New Jersey homeowners facing foreclosure or who are behind on their mortgage payments to repurchase their homes with a new mortgage that they can afford.
Since 2009, SUN has helped over 750 families in five states stay in their homes – reducing their mortgage principal balances and monthly payments, on average, by 35%.
SUN helps stabilize neighborhoods by stopping foreclosure-related evictions and vacancies before they occur.
Those with poor credit history or who have filed for bankruptcy may be eligible and are encouraged to apply; so are individuals who have been turned down for participation in federal mortgage modification programs.
Eligibility: To qualify for SUN, a homeowner needs to be (1) late on their mortgage, (2) live in New Jersey, and (3) have a stable income (SSI qualifies as income).