When BlueHub SUN was founded in 2009, 26% of homes in the United States were underwater, with mortgages that exceeded the homes’ worth. The goal was to right-size people’s mortgages through a unique buy-back program, enabling homeowners to avoid foreclosure while building equity. We have succeeded, helping keep more than 1,200 families across 11 states in their homes.

Still, housing markets are cyclical, and homeowners’ needs shift. Now, 15 years after SUN was founded, fewer than 3% of homes are underwater and many residents enjoy ample equity. However, foreclosures are a real threat for many. And once again, we are trying to counter homelessness and neighborhood destabilization by preventing unnecessary foreclosures. The situation and the means have evolved, but the goal is unchanged. BlueHub SUN works every day to keep people in their homes.

There are multiple reasons for these new threats to homeownership. During the pandemic, there were moratoria on foreclosures; now the moratoria have lifted. Billions of dollars in federal Homeowner Assistance Funds (HAF) have been spent and that safety net has disappeared. And while there is broad-based support for increasing the number of affordable housing units and programs for first-time homebuyers, there is very little conversation about retaining homeownership for those who need help.

By leaning on years of experience and listening to the needs of homeowners, SUN is able to offer financing in a variety of situations. Today, many people unable to keep up with their mortgage payments still have considerable equity in their homes. SUN is helping preserve that equity through first mortgage refinancing for those who have stabilized their finances, but still cannot afford to bring themselves current. It’s a unique offering, one that other lenders will not provide to people in foreclosure.

As a mission-driven lender, SUN is dedicated to providing capital to those who need it. Further, over the years since SUN was founded, we have developed the expertise to fine-tune our underwriting, to understand borrowers’ financial hardships and their ability to pay a new mortgage.

Just as the challenges that struggling homeowners face have evolved, so have our programs. When the housing market changes again, we will once again change with it.