Homeowners in foreclosure who are underwater on their mortgages (meaning they owe more than the homes’ value) have lost the lifeline that would allow them to stay in their homes. This means that for the time being, those homeowners will be facing eviction.
BlueHub Capital, a national nonprofit community development financing organization, announced today that it is pausing certain BlueHub SUN foreclosure relief efforts that serve homeowners who are underwater on their mortgages in the 11 states where they are currently offered until there is clarity from the Massachusetts courts.
“Today’s interim decision is a direct result of a campaign of misinformation and harassment organized and funded by Bruce Marks, CEO of NACA, that has unfairly called into question BlueHub SUN’s innovative and successful effort to save families from the horrors of foreclosure and eviction. Because of Marks’ actions, certain homeowners facing foreclosure across these 11 states will likely now have no other option but losing their homes and facing potential eviction and homelessness. We are hopeful that the Massachusetts courts will resolve this matter in a manner that allows us to restart this critical community resource,” said Adam Beattie, operations manager at BlueHub SUN.
In the meantime, BlueHub SUN will continue offering its refinancing option to homeowners in foreclosure; this is only available to homeowners who have equity in their homes. BlueHub Capital remains focused on its four-decade nonprofit mission of building healthy communities where low-income people live and work through its community development lending. Since its founding, BlueHub has invested over $3 billion in projects from Boston to Los Angeles and leveraged over $16 billion in public and private investment to build schools, affordable housing, daycare centers and more.