SECU Revamps Mortgage Assistance Program --- Prepared to Help State of NC Workers Facing Job Loss

RALEIGH, N.C., Feb. 28, 2011 /PRNewswire/ -- With the State of North Carolina facing a budget deficit of $2.7 billion, State Employees' Credit Union (SECU) is fine-tuning its beneficial Mortgage Assistance Program to better assist State government employees facing potential job cuts.  SECU originally developed its Mortgage Assistance Program (MAP) in January 2009 with the objective of "helping members stay in their homes" during the economic recession.  With 7,000 North Carolina families already helped through MAP, the Credit Union is gearing up for a second wave of program participants who may experience job losses through State government reductions.  This MAP II initiative demonstrates first-hand SECU's continuing commitment to work with its members in difficult economic times!

As with its initial program, SECU's revamped MAP provides members an opportunity to meet in person with a senior Credit Union officer and develop an individual financial plan designed to meet primary needs and obligations on a very limited budget.  To avoid possible foreclosure situations, members with an SECU mortgage loan may benefit from options including partial payment alternatives, mortgage loan modifications, refinances or possible extensions.  Budgeting, financial counseling and overall debt restructuring are critical elements of the revised program, with an emphasis on total member involvement in developing a successful workout plan.  As a prelude to MAP II, SECU personnel have been identifying members whose current loan situations warrant a refinance.  To further benefit members, SECU has implemented numerous lending changes in recent months to better accommodate possible refinance situations.  

SECU Senior Vice President of Loan Servicing Mark Coburn comments, "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.  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."

About SECU

SECU is a not-for-profit financial cooperative owned by its members. SECU has been providing the employees of the State of North Carolina and their families with consumer financial services for over 70 years. Currently serving more than 1.6 million members, SECU provides services through 236 branch offices, nearly 1,100 ATMs, 24/7 Contact Centers and a website, www.ncsecu.org.

SOURCE State Employees' Credit Union