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.
The timeline for foreclosing on a house varies significantly depending on state-specific legal frameworks and regulations. In some jurisdictions, the foreclosure process can be relatively quick, concluding in just a few months. In others, however, it might extend well over a year. Learn the expected duration of a foreclosure processes in the states that SUN serves.
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.
As temperatures begin to dip, make sure your home is ready for winter so that you can keep the cold out and your heating bill down. Check out these 10 tips to winterizing your home on a budget.
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.
Adjust your routine spending and cut back on non-essential purchases to improve your financial health - especially during inflationary periods.
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.
Rebuilding your credit record — and credit score — takes time, but there are some steps you can take to help.
