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.
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.
BlueHub SUN understands that families may have had a financial hardship that caused them to fall behind on their mortgage and file for bankruptcy. With SUN, bankruptcy is not the end for homeowners in foreclosure.
Homeowners facing foreclosure have limited options for a new loan and very few lenders can refinance a homeowner out of foreclosure—but BlueHub SUN can.
Slightly declining or flat housing prices show signs of increasing affordability.
BlueHub SUN uses shared appreciation mortgages for a reason: to help homeowners regain their footing. Find out more about the process and its benefits.
