BLUEHUB SUN BORROWERS MOVE FROM FORECLOSURE TO STABILITY
While 2020 upended lives the world over, for 59 BlueHub SUN borrowers, it marked progress to further financial stability. These homeowners had been in foreclosure — or on the brink — when they came to SUN. Now, after an average of just five years, they were able to repay BlueHub SUN, including their shared appreciation mortgage, and reenter the conventional mortgage market, accessing lower rates and saving even more money. When borrowers repay SUN, funds are reinvested into the program to help more families avoid foreclosure. Collectively, these former borrowers saved over $4,000,000 in principal balance from their previous mortgages and $2,658,260 in their monthly payments over the life of their SUN mortgage. Thankfully, they have also saved their family homes.
Early in the pandemic, SUN realized that COVID-19 would deal a further blow to the finances of many SUN borrowers. Following federal guidelines, we provided homeowners in need three-month payment forbearances that can be renewed for a total of one year. One hundred fifty-nine of our borrowers opted for this short-term payment deferral — 101 of whom have already exited and returned to current payment schedules.
Equity per home upon entering SUN program
Average shared appreciation mortgage payoff
Aggregate amount saved off of borrowers’ previous mortgage(s)’ principal balance
Average equity per home after leaving SUN program*
Aggregate savings on monthly mortgage payments while in the SUN program
Average savings each month on mortgage payment per borrower
* Represents the homeowner’s remaining equity after paying off the Aura mortgage loan and shared appreciation mortgage.