State Employees’ Credit Union (SECU) staff are no strangers to the N.C. Foreclosure Prevention Fund offered by the N.C. Housing Finance Agency (NCHFA), and their knowledge has been key in helping hundreds of members obtain the funds needed to stay in their homes. The N.C. Foreclosure Prevention Fund offers a Mortgage Payment Program (MPP) to North Carolina homeowners struggling to make their mortgage payments, due to no-fault job loss or other temporary financial hardship such as divorce, serious illness, or death of a co-signer. For those who qualify, the program offers zero-interest loans for a maximum of $36,000 to cover mortgage and related expenses up to 36 months. By sharing information about this program, SECU has already helped nearly 500 members receive NCHFA Mortgage Payment Program benefits of $3.1 million, giving these members time and ability to get back on their feet and save their home from foreclosure! An additional $2.8 million has also been approved for these qualified homeowners.
SECU’s delivery of MPP information complements the not-for-profit cooperative’s member-friendly Mortgage Assistance Program (MAP), a program that has helped 8,400 families remain in their homes since its implementation in early 2009. MAP was created to assist members facing job loss income reduction by providing foreclosure prevention options such as mortgage extensions, modifications, refinances and partial payment alternatives. Other elements included in SECU’s program are budgeting, financial counseling and overall debt restructuring. Members struggling to make mortgage payments meet face-to-face with a senior Credit Union officer to develop an individualized financial plan. Part of SECU’s initial MAP process includes an evaluation and pre-qualification for NCHFA’s Mortgage Payment Program, through the N.C. Foreclosure Prevention Fund.
“State Employees’ Credit Union is a very valued NCHFA partner through both their lending and education efforts. Many people have been helped and many homes saved because of SECU’s ‘Do the Right Thing’ mentality and strong commitment to assist members in all North Carolina communities,” states N.C. Housing Finance Agency Executive Director Bob Kucab.
Mark Coburn, Senior Vice President of SECU’s Loan Servicing department comments, “The success and well-being of our members is at the heart of all that we do as a member-owned financial cooperative. When members are struggling to make mortgage payments and facing possible foreclosure, we owe it to them to take an aggressive approach and exhaust every opportunity to help them stay in their homes, while they also work to improve their financial situation. Our employees’ extensive knowledge of the NCHFA program is fairly uncommon among financial institutions, and SECU’s aggressive approach to getting the word out is proving very worthwhile for members in need.”