Foreclosure nonprofit expands into Maryland
Helps borrowers receive more affordable loan terms
According to the Baltimore Sun, a Massachusetts nonprofit that acquires foreclosed homes and sells them back to their former owners under more affordable loan terms is expanding into Maryland.
"Maryland has a very big foreclosure problem," said Elyse Cherry, CEO of the community development financial institution.
The firm's Stabilizing Urban Neighborhoods Initiative was launched four years ago, using money largely raised from foundations and private investors. The group said it has provided more than $62 million in mortgage financing that saved about 425 families from eviction