BlueHub SUN, Springfield, Massachusetts
For more than 30 years, Ed G., 62, and his wife Paula, 59, have lived in their Springfield, Massachusetts, home where they raised a family and both had successful careers. They never imagined that they’d fall behind in their mortgage payments and face eviction.
But then serious health issues struck and sent their financial security into free fall. In 2005, Paula was diagnosed with a rare and debilitating neurological condition preventing her from working. Then, a few years later, Ed, who was Paula’s principal caregiver, was diagnosed with cancer. As their income dried up, their bills piled up.
“It was not the case that we intentionally didn’t want to pay our mortgage,” Ed said. “Realistically, we couldn’t pay our mortgage.”
As foreclosure on their home loomed, Ed and Paula contacted BlueHub SUN to help them negotiate a solution with their lender. Paula and Ed credit BlueHub SUN for taking time to understand that, with the right structure and support, they were capable of lifting themselves out of difficult circumstances.
“Typical financial solutions are more interested in your FICO score, never mind what you have to deal with. This was more of a humanistic approach,” Ed said. “We were confident that we would financially be able to keep the house, because BlueHub believed in us.”
Thanks to the efforts of the SUN staff and their own persistence, their lender ultimately agreed to refinance their mortgage so Ed and Paula could stay in their home with a mortgage they can afford. Their new loan reduced their monthly payment by a quarter.
With the mortgage secure, they can now retain a home caretaker for Paula six days a week. Ed can resume work full-time, where he can properly manage and grow his business—a key to staying on the path to long-term financial security.
Paula and Ed want other distressed homeowners to know that help is available through SUN; that there is a solution. “It’s an organization with heart,” Ed says. “If you’re somebody looking for help, that’s what you want to reach out to: a bank with heart.”
Photo credit: Marilyn Humphries Photography