Through a state foreclosure prevention effort known as the Mortgage Payment Program (MPP), the ""State Employees' Credit Union"":https://www.ncsecu.org/ (SECU) announced it has helped nearly 500 members receive program benefits.
[IMAGE]MPP was formed through the N.C. Foreclosure Prevention Fund and helps struggling homeowners who are falling behind on payments due to no-fault job loss or other hardships such as divorce, illness, or death of a co-signer.
[COLUMN_BREAK]As part of the program, homeowners are offered zero-interest loans for a maximum of $36,000 to cover mortgage and related expenses up to 36 months.
MPP complements SECU's Mortgage Assistance Program (MAP), which has helped 8,400 families remain in their homes since its implementation in early 2009. MAP was created to assist members who have lost income due to a job loss by providing options such as mortgage extensions, modifications, refinances, and partial payment alternatives. Part of SECU's initial MAP process includes an evaluation and pre-qualification for MPP, which is offered by the ""North Carolina Housing Finance Agency"":http://www.nchfa.com/.
""Many people have been helped and many homes saved because of SECU's ‘Do the Right Thing' mentality and strong commitment to assist members in all North Carolina communities,"" said N.C. Housing Finance Agency Executive Director Bob Kucab in a release.
The N.C. Foreclosure Prevention Fund receives financial support from the ""Treasury’s Hardest Hit Fund"":http://www.treasury.gov/connect/blog/Pages/The-Hardest-Hit-Fund-is-Available-to-Help-Homeowners-in-18-States-and-the-District-of-Columbia-like-Paul-in-North-Carolina.aspx, which was created through bailout funds from taxpayers.
SECU is a nonprofit financial cooperative owned by its members.