Boston Globe: Experts add their support for BlueHub SUN's foreclosure relief mortgage lending

September 16th, 2022

Two letters in support of BlueHub SUN's foreclosure relief work were published in the Boston Globe. Both experts add context to the purpose and need of the program, particularly the shared appreciation mortgage

As Molly Goodman, a former housing counselor and nonprofit executive, states in her letter to the editor, SUN is “a program of last resort for distressed borrowers, but there are benefits to homeowners, including principal balance forgiveness of nearly $100,000 on average on their previous mortgage and average monthly savings of $600… Hundreds of families were able to stay in their homes [during the 2008 recession] because of the SUN program.”
According to Martin Evans from the University of Toronto, if shared appreciation mortgages had been used more widely in in 2008, “more homeowners would have been able to stay in their properties, which would have contributed to stabilizing the housing market.”

Read the letters.