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Mon March 7, 2011
SECU Offers Help in Light of Possible Layoffs
The State Employees' Credit Union is preparing to help people who may be laid off as part of North Carolina's attempt to balance the state budget. The Credit Union is updating its mortgage assistance program to help more people stay in their homes. Mark Coburn is the senior vice president of loan servicing for the Credit Union. He says partial payments, rate modifications and extending the term of mortgages can all help.
"Any member that is behind on their mortgage even just 30 days is getting that phone call and letter or whatever to invite them to participate in this program. Now the program is still good for anyone who wants to be proactive and if you got laid off today you could come in today to the branch. It's not just for people that are delinquent, it's for anyone that wants to come that's experienced a hardship."
Coburn says the Credit Union's original mortgage assistance program has helped 7,000 families stay in their homes since the financial crisis began.