RALEIGH, N.C. – State Employees CU said it has helped more than 1,400 at-risk members keep their homes through its newly launched Mortgage Assistance Program.
To help provide additional lending alternatives within the Mortgage Assistance Program, the credit union recently developed a new product, the SECURE Mortgage. This product provides members an opportunity to consolidate their SECU mortgage balances and any other loans owed to SECU under the security of a low interest first mortgage loan. Financing may be up to 100% of the value of the member’s primary residence. With a SECURE Mortgage, funds of up to $5,000 may also be advanced to set up an emergency savings account to add peace of mind and re-spark a culture of saving among the membership.
The Mortgage Assistance Program offers members an opportunity to meet in person with a senior officer of SECU and develop an individualized financial plan. Options within program are for members who may be in a delinquency or possible foreclosure situation, as well as for those who anticipate a loss of income in the near future. These options include mortgage loan extensions, mortgage loan modifications or refinances, and partial payment alternatives. Budgeting, financial counseling and overall debt restructuring are also part of the MAP initiative.
