When federal and state authorities and some of the nation's largest banks agreed in early February to a $26 billion deal aimed at providing relief to nearly two million homeowners hit by the real estate collapse, the news grabbed headlines in major papers.
But many credit unions have already been working to help members faced with delinquency and foreclosure. One example is the $1 billion Sound Credit Union in Tacoma, Wash., which has been providing a number of solutions.
Among the most common are refinancing a loan or modifying the terms to make it more affordable and adjusting the due date and term of the loan. This can help a member who has faced a brief problem and is now back on firm financial footing, according to Sound.
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