Tailored Mortgage Relief May Help Grow Portfolios
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.
Mabry said the credit union will try to get in touch with members to find out what’s going on.
“A lot of times, they don’t return our calls. People are realizing they are underwater,” she said. “It used to be that [the mortgage] was the first thing you pay. Now we’re seeing a lot more people throwing up their hands and walking away. They already have their minds made up.”