AUBURN HILLS, Mich. — A Michigan economy, made tougher by the recent automaker bankruptcies has Genisys Credit Union stepping up with a promotion to save one person's home from foreclosure.
Genisys partnered with local restaurant Yiani's Coney Island, the Pontiac Chamber of Commerce, and the Society of St. Vincent DePaul to donate $1,000 to a local resident. Genisys VP of PR and Community Involvement Lon Bone said the candidate, yet to be selected, will be someone whose financial condition can be dramatically improved by the money, and who will be able to pick up house payments in the near future.
"It might be someone who has been laid off for a couple months and is getting back on his feet," Bone said. "In this market, $1,000 could mean two house payments, or more. And that might be all the person needs."
Genisys, already a strong community supporter, according to Bone, learned of Coney Island's interest in helping a homeowner and joined in. The restaurant donated proceeds from a Sunday breakfast special it ran for three months. The menu item cost $5 for adults and $2.50 for kids.
The restaurant raised the money and Genisys promoted the offer. Bone said the $1.3-billion CU spent $1,000 on local advertising and PR efforts. Coney Island and Genisys presented the check to the Oakland Livingston Human Service Agency, which, at press time, was determining to whom to give the funds, Bone said.
Bone said the promotion is another way for Genisys to support the community and help out in tough times, adding that the credit union is also working hard to keep its members in their homes. "We have a budget counseling program that we run for free with our members. And we're sitting down with members, one on one, seeing if extending their mortgage out to 40 years will help them stay in their home. If that is not enough, we're looking at dropping their interest rate."
The auto industry, which has already hit Genisys members hard, will deal another blow soon, Bone said. "We have the last GM truck plant here in Pontiac, and it will close Oct. 1. It has 900 employees left. We are getting out ahead of that, and we have done this all along, sending letters to every member with a mortgage with us saying that if your income drops, contact us. We've sent that same message out through the UAW, and it's on our website and in our newsletter."
The CU's delinquencies are 2.66%, which Bone considered manageable in light of the Michigan economy. "It would have been higher had we not gotten out on front of these issues. I think the promotion and our work with members to help them with their financial situations demonstrates that we are willing to do whatever we can to help the community. We are saying we are willing to work with you in tough times as well as good."
