JANESVILLE, Wis. – Just in time for the holidays, and before more members lose their homes, Blackhawk Community Credit Union here has placed a temporary halt on foreclosures.
“We recognize that the economic downturn has dramatically affected many borrowers,” explained Al Herbst, VP of real estate services, who said the action is effective Nov. 26-Jan. 9, 2009. “The immediate goal is to allow families to remain in their homes during the holidays while every viable financial option is explored.”
BCCU members with first mortgages in foreclosure were sent letters encouraging them to contact the mortgage department to discuss options. The foreclosure moratorium, an extension of the federal Fannie Mae program, is another in a series of efforts by BCCU to address its members’ financial needs. The $290-million credit union said it also offers a loan program designed to restructure debt and provide financial education, as well as personalized financial consultations.
