In 2004, Egyptian immigrant Mohamed Nour and his wife, Heba, decided they could do better than their cramped two-bedroom apartment in Boston. They were expecting their second child, and rent was more expensive each year. They found a two-story, three-bedroom home on a tree-lined block in suburban Revere.
Nour, now 41, bought the house for $337,000. In 2007, the interest on his original adjustable-rate-mortgage loan shot up by 3 percentage points. He was able to refinance at a more favorable rate, but then in 2008, his 4-year-old son, Pheras, was diagnosed with a glioma, a malignant brain tumor. Nour, a limo driver, began missing work shifts to bring his son to chemotherapy treatments.