The homeowner campaign began by asking who else in Massachusetts, Illinois, Rhode Island, Connecticut, Pennsylvania, New Jersey, and Maryland have or had mortgages with BlueHub Capital aka Boston Community Capital with adverse effects. Hours of writing letters, making phone calls, exchanging emails, homeowners are talking with each and have organized to sound off and not be held hostage, and break a cycle of economic oppression. And from a non-profit organization no less!
At the heart of our protest is the shared appreciation mortgage, which is an added mortgage that the homeowner must pay BlueHub Capital a percentage of the home's value at time of sale or refinance. Percentages range from 17% to as high as 54%.
To understand, here's an analogy. You have helped your son or daughter in the college selection process. The college selection choice is partly based on the marketing of the college, what they claim and their reputation. Do you confer with an attorney when you make your decision? You decide with a bit of trust and faith and hope your son or daughter receive an acceptance email in a few months. You are witness to your son or daughter receiving their college acceptance correspondence. Joy all around. Start buying the swag, the beginning of their future flashed across your mind. The brick and mortar are being set in the foundation towards a great education, career, starting their own family. The relief is comforting, the elation is heavy. Did you review with your lawyer the contact to pay the tuition, did you bring your attorney to the student and parent orientation? Chances are no, they college is going to do what they said they would for your son or daughter's education.
Fast forward the time for graduation is here, a new chapter to begin for your son or daughter. But wait, before that degree your child earned is in their hand, the college says here's a bill. You must pay of a percentage of your son or daughters high school education, payable to the college. What?? Huh?? No they are not joking. The college is dead serious you must pay this bill to them. The college did not incur any fee from your son or daughter's high school education, and the money is not collected on behalf of the high school. Still, the bill is presented and money is going to the college. Incredulous...fair...is this actually what you signed up for when you accepted sending your child to this institution? Had you have known upfront the 'pay or stay" provision would you make the same choice?
The homeowners who are speaking out publicly and who are plaintiffs in the lawsuit are very brave in my opinion. They have are willing to share their personal story which is subject to both support and sanctimony. BlueHub Capital is depicting them as complainers and ungrateful. Insert the college analogy above and it is the quagmire the homeowners face with BlueHub Capital. Some have paid thousands to BlueHub Capital in to refinance into a new mortgage lower than 6.375 average interest being charged by BlueHub Capital. Others cannot quality for better mortgages due to the shared appreciation mortgage. Still others if not for the shared appreciation mortgage would not be in bankruptcy court or worse have lost their homes altogether to a non-profit that claims to help in foreclosure prevention.
Altruism is action towards the human condition. This campaign is personal to homeowners trapped and burdened with mortgages that limits their economic freedoms. Homeowners were referred to BlueHub Capital for a hand up, not a hand out. In turn, BlueHub Capital handcuffed homeowners to oppressive mortgages. We cannot send our children to college loan-free, we cannot pay for our medical expenses, we cannot make home improvements. Our homes which is our legacy we are fighting for economic freedom. If this is what a non-profit organization can do to decent people, whom can you trust?
We ask for your support, please share this petition with family, friends, we can prevail and receive justice with your help. Thank you.