BlueHub SUN helps families facing foreclosure stay in their homes — as homeowners. By refinancing or buying homes in foreclosure and selling them back to their original owners with new mortgages they can afford, SUN gives clients a second chance to regain their financial footing and save their homes for good.
Rising mortgage rates. Falling home sales. Equity beginning to decline. The housing market in 2022 defied norms and stoked an atmosphere of unusual economic uncertainty. As the need for foreclosure relief has grown, SUN expanded lending into new markets, including Michigan and Ohio.
We know every economic upheaval disproportionately affects low-income communities. As foreclosure rates increased this past year, we saw an uptick of inquiries from families who needed our help to avoid eviction and keep their homes. We’re working hard to get the word out so homeowners in default or foreclosure know where to turn, when and if the need arises. SUN launched a monthly newsletter with useful information for referral partners, like nonprofits, housing counselors, bankruptcy attorneys and realtors. With every subscriber we add, more organizations on the ground learn about SUN and how to connect their clients to our services.
We also produced a series of video testimonials from SUN clients, who shared in their own words the positive impact BlueHub SUN has had on their lives. As Sellou Coly from Springfield, Massachusetts, said, “I can advocate for SUN for everything because they kept me out of stress and kept my family together.” As always, we’re ready to help families like Sellou’s stay in their homes. Maintaining homeownership and allowing for the opportunity to earn home equity is an integral part of building a healthy neighborhood.
In the past two years, 146 SUN homeowners paid off their mortgage loans and shared appreciation mortgages, if applicable, and reentered the conventional mortgage market or sold their property. By the end of 2022, more than 40% of clients had successfully exited the program with an average of $150,000* in home equity. That’s a combined total of $60 million in personal wealth that would have otherwise been lost to foreclosure and/or eviction.
Most SUN homeowners enter our program with zero or negative equity, sometimes owing hundreds of thousands of dollars more than their home’s value. By partnering with us, these homeowners can reduce their mortgages, reestablish affordable regular mortgage payments, repair their credit, rebuild their savings, stay in their homes, earn equity and qualify for lower-cost mortgages.
Retaining home ownership. Increasing home equity. Building personal and generational wealth. And preserving the health of neighborhoods from Springfield, Massachusetts to Saginaw, Michigan. That’s something to celebrate.
* After paying off a shared appreciation mortgage, if applicable.
I could have been evicted with my family if it wasn’t for BlueHub and getting that loan.
In wealth put back into the community through our mortgage lending
Average equity retained by homeowners who exited the program after paying off their first mortgage and shared appreciation mortgage, if applicable
Foreclosure-related evictions prevented over the life of the program
Average savings on monthly payments over the life of the program
Average savings on mortgage principal over the life of the program
Mortgage lending in 2022