As a homeowner who fell victim to the deceptive practices of predatory lenders, I have experienced firsthand the devastating financial impact of the Shared Appreciation Mortgage (SAM). I obtained a mortgage with good credit, not fully understanding the harsh terms of the SAM. Now, I am unable to refinance due to BlueHub Capital, the predatory lender, demanding a shocking 42% SAM. In today's housing market that equates to handing over $400,000!  This feels like modern-day sharecropping, with non-profits operating solely on corporate greed, caring nothing for the wellbeing of homeowners. 

In Massachusetts, legislation has been proposed that will serve to protect homeowners like myself from such predatory practices. This is Bill H1145. This bill aims to enforce transparency in lending, regulate the upfront cost of Shared Appreciation Mortgages (SAMs), cap SAMs to 15%, and introduce recourse for violations of these provisions.

This bill is crucial as it will rectify the harm done by throwing open Pandora's box to predatory lenders. Homeownership is often the most significant financial commitment an individual or family can make in their lifetime. We must ensure that this process is fair, transparent, and free from predatory practices.

Your support in backing this petition will send a powerful message to our legislators - that they must as a priority, pass laws to protect their citizens from predatory mortgage lending. Let's help keep the dream of homeownership's positive impact, and not a financial nightmare for the vulnerable. Please sign this petition and stand against predatory lending.