An innovative mortgage relief program that has already helped more than 1,000 families avoid foreclosure and eviction across the country is now available in four new markets including Delaware, Michigan, Ohio and Wisconsin, announced BlueHub Capital, a national nonprofit community development finance organization based in Boston.
BlueHub Capital is launching the relief program, which is called BlueHub SUN, in these new markets as federal moratoria on foreclosures end and lenders address a potential backlog of residential foreclosures. BlueHub SUN works with homeowners by refinancing or buying homes in foreclosure and selling them back to their original homeowners with mortgages they’re able to afford.
“Federal moratoria on foreclosures ended in 2021, and a limited amount of financial assistance is available for homeowners,” said BlueHub Capital CEO Elyse Cherry. “We stand ready to work with residents within these new states as well as local referral partners to help people reestablish their good financial standing and save their homes.”
BlueHub SUN is different from your traditional mortgage program. The program is designed to help families stay in their homes by not giving away money, but working with homeowners to save their homes and help them build financial health and stability for a brighter future. SUN homeowners make a commitment to pay their mortgage on time and in full so it can continue operating the program. Most SUN homeowners have a shared appreciation mortgage—a second mortgage borrowers pay only if their home increases in value.
To be eligible to apply, applicants must be late on their mortgage payments, going through foreclosure or facing eviction due to foreclosure. All must have a stable income through employment, social security, a pension or disability payments and must live in one of the states where the program is active.
Over the past five years, BlueHub SUN borrowers have saved an average of $244 on their monthly mortgage payments and an average savings of $58,600 on mortgage principal. Over the life of the program, borrowers average savings of $602 on their monthly payments as well as an average savings of $92,800 on mortgage principal.
About BlueHub Capital
BlueHub Capital is a mission-driven, nonprofit community development finance organization focused on building healthy communities where low-income people live and work. We use innovative financial tools and deploy capital to support projects that make communities more vibrant places to live. BlueHub has four distinct programs: BlueHub Loan Fund (community development financing), BlueHub SUN (foreclosure relief), BlueHub Energy (clean energy access) and One Percent for America (citizenship financing). Since our founding in 1985, BlueHub has invested over $2.4 billion (and leveraged over $12 billion) to finance:
- Affordable housing, school facilities, child and youth development programs, community-based health centers, grocery stores, and community gathering places
- Removing financial barriers to US citizenship
- Clean energy enhancements that expand access to solar and other renewable sources for people with low incomes
- Mortgage lending for families facing foreclosure