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Owners of Pre Foreclosure Homes Aided by Local Credit Union



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By : John Cutts    99 or more times read
People facing potential foreclosures or those living in pre foreclosure homes in North Carolina are being given some hope by the program launched by the State Employees Credit Union (SECU). The credit union has introduced its Mortgage Assistance Program almost two years ago and has since helped thousands of troubled homeowners in the state.

Although Durham foreclosure listings and distressed property totals in the rest of the state continue to rise, the rate of SECU members falling into foreclosure barely increased within the period of five years even when the recession hammered the state's housing market. According to officials from SECU, part of the reason is the early intervention of the union at the slightest sign of trouble.

According to SECU officials, they do not wait until members' properties have already become North Carolina home foreclosures for sale. Once a member is over a month delayed in his mortgage payment, loan officers are required to get in touch with the member and tell him that the credit union has alternative payment schemes in place that can help troubled mortgage borrowers.

SECU officials have stated that the primary aim of the program is to aid owners of pre foreclosure homes and prevent them from losing their properties. In most ways, the program of the credit union is similar to mortgage modification initiatives launched by mortgage servicers and banks all around the country. The difference, the credit union stated, is that SECU has enough staff to conduct the work.

The credit union also revealed that the great advantage of the program is that it gets ahead of the trouble. This means not waiting until the property is already under foreclosure listings. When signs of trouble start appearing, counselors and loan officers in the union get in touch immediately with members and offer them assistance.

So far, the SECU program has assisted over 7,000 borrowers across North Carolina. The credit union is expecting increased demand for assistance by 2011 since most of the members of the credit union are employees. The huge number of workers laid off is expected to cause the number of pre foreclosure homes to increase and demand for SECU services to escalate.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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