LANSING, Mich.-When it comes to educating consumers about foreclosure, the Michigan CU league believes that should be done Right at Home.
Low turnouts at CU foreclosure seminars prompted the league to develop extensive foreclosure prevention educational materials consumers can review "Right At Home," which serves as the name of the resulting DVD and website at www.RightAtHomeAnswers.org, which provide consumers with information on how to avoid foreclosure, purchase a new house, or learn more about managing their finances.
Right at Home's information is especially needed in Michigan, where the foreclosure rate is the fifth-highest in the country, said Michael Bridges, MCUL director of public affairs. "We saw that credit unions did a good job of putting on foreclosure seminars, but we realized that not a lot of people were showing up. We spoke with credit unions and they felt the embarrassment factor kept people away. Many did not want to show up at the seminars where people in the community might recognize them and realize they were in financial trouble. People facing foreclosure now have tools to help them that they can review in the privacy of their homes."
Supported by a grant from the National CU Foundation, the league spent approximately $50,000 on the website and DVD that feature video interviews with financial experts from The Mortgage Center, Member First Mortgage, GreenPath, United Way, Michigan State University Extension (MSUE), and two credit unions.
"Our goal is to answer every question that a consumer or a credit union member might have regarding foreclosure or a mortgage," said Bridges, who pointed out the website also carries information on credit report and mortgage scams.
To help consumers understand Right at Home's information can make a difference in their lives, the DVD and website include vignettes from consumers who have avoided foreclosure by using the same information that's available through Right at Home. One story describes how a young man came home one day to find a sheriff's sale notice on his front door, and then takes the same steps outlined in Right at Home and is back on track financially and still owns his house. "I think it helps consumers facing foreclosure to hear from people who have been in their shoes," Bridges said.
MCUL expects many credit unions to use Right at Home as part of their financial counseling and foreclosure prevention programs. In Jackson, Mich., the Jackson Chapter of Credit Unions distributed the materials at a seminar on July 29. The league sent 8,000 copies of the DVD to CUs across the state, and is also promoting the educational programs to consumers through United Way outlets and MSUE locations. The league is contacting TV and radio stations, as well.
