In 2009, Connecticut attorney Theresa DeGray, despite being a lawyer, was overwhelmed by debt and filed for bankruptcy. This experience inspired her to help others avoid foreclosure. At her firm, Consumer Legal Services, LLC, she assists homeowners in navigating bankruptcy, striving to end its stigma. DeGray uses her story to build trust and show clients they can overcome financial difficulties.
Foreclosure impacts more than finances, possibly leading to severe mental health issues like depression and anxiety. Housing professionals can offer crucial support by understanding these challenges and connecting clients with resources. This article explores the psychological toll of foreclosure, provides expert insights, and lists national and state-specific support services to aid clients during this difficult time.
Spring 2024 U.S. housing market: Mortgage rates dip, boosting optimism. Inventory rises with Fed's rate cut plans, amidst high home values and affordability challenges. Opportunities emerge for buyers and sellers in a shifting market landscape.
In 2023, U.S. bankruptcies spiked by 16% to 434,064, underscoring growing economic distress. For homeowners facing foreclosure, Chapter 13 offers hope, enabling debt reorganization and home retention, unlike Chapter 7. This rise, notably in low-income areas, emphasizes the critical role of legal guidance in navigating bankruptcy to safeguard homes.
BlueHub SUN's unique approach to aiding homeowners in financial distress, offers solutions where traditional lenders may not. Lauren Taylor, a single mother, was saved from losing her home to a balloon payment through a timely loan from SUN. Kevin Russell, a single father, avoided eviction and increased his home equity with SUN's refinance loan.
Gary Plummer joined HomeFree-USA in 2012 to combat the Black homeownership crisis. Specializing in strategic partnerships and counseling, the nonprofit targets the racial homeownership gap, highlighted by minimal progress since 1968. Their work in education and financial literacy empowers sustainable homeownership and generational wealth in marginalized communities.
Credit scores weigh heavily on a homeowner's ability to borrow money. This actionable guide provides a month-by-month strategy to improve your credit score steadily over time.
Financial hardship can arise suddenly, putting your most valuable asset – your home – at risk. While foreclosure may feel like an alarming prospect, strategic action can help protect your home even in difficult circumstances.
Find out the latest on the Homeowner Assistance Fund grant program for mortgage relief in BlueHub SUN service areas.
In the first half of 2023, foreclosure rates have maintained their upward trend, surpassing those in 2022 and approaching pre-pandemic levels.
