North Carolina’s SECU Revamps Mortgage Assistance Program

With North Carolina facing a budget deficit of $2.7 billion, the ""State Employees' Credit Union"":http://www.ncsecu.org (SECU) is fine-tuning its Mortgage Assistance Program (MAP) to better assist state government employees facing potential job cuts.

Developed in January 2009 with the objective of ""helping members stay in their homes,"" MAP so far has assisted 7,000 North Carolina families.

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Like its predecessor, MAP II will provide SECU members an opportunity to meet with senior credit union officers and develop a financial plan to meet needs and obligations on a limited budget. Options like partial payment alternatives, mortgage loan modifications, refinances, or possible extensions can help members avoid possible foreclosure situations.

""SECU's Mortgage Assistance Program has been successful in keeping members faced with job and income loss in their homes, and the credit union is positioned to help a second round of program participants,"" said Mark Coburn, SVP of loan servicing for the nonprofit financial cooperative.

Coburn continued, ""Unusual economic times call for unusual actions, and SECU, instead of walking away, will continue to move forward and provide as much assistance as possible.""

Before launching MAP II, SECU personnel are identifying members whose loan situations warrant a refinance.