She tried several times to apply for a permanent loan modification, she said, a process she described as “a farce.” She repeatedly faxed and mailed in papers, she said, that she was then told had been lost - a common story among struggling homeowners.Īmerican Home Mortgage Servicing, though, prides itself on its ability to work with delinquent borrowers. Zaparesky and her mortgage servicer disagree about subsequent events. Zaparesky, who was juggling financial responsibilities on her own for the first time. But even that was too much to handle for Ms. The payments were to be around $1,100 a month. Boston Community buys houses out of foreclosure, sells them back to the families that lost them and gives them a new, more affordable mortgage. The program, run by a nonprofit investment corporation called Boston Community Capital, is helping to bring homeowner debt in line with reality, something many lenders have been reluctant to do even as foreclosures continue to drive down housing prices. Zaparesky’s payments and reduced her total debt to something closer to the house’s actual value.

At a time when roughly 20 percent of homeowners owe more than their homes are worth, an innovative program lowered Ms. Zaparesky was able to save her home, a white raised ranch in a neighborhood of wide streets, large yards and modest houses in this blue-collar city near Boston. Through an unorthodox program in Massachusetts, Ms. THREE years ago, after the government moved in to save big banks from failure, many homeowners facing foreclosure started asking, “Where’s our bailout?”

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