The $25 billion State Employees' Credit Union is reporting that almost 500 of its member families have gotten help staying in their homes through the state of North Carolina's Foreclosure Prevention Program.
The FPP offers mortgage payment programs to members who have trouble paying their mortgages due to “no fault” job losses and other temporary economic hardships caused by divorce, serious illness or the death of a loan's co-signer.
For those who qualify, the program offers zero-interest loans for a maximum of $36,000 to cover mortgage and related expenses up to 36 months, the 1.7 million-member SECU said. The program is administered by the North Caroline Housing Finance Agency.
“By sharing information about this program, SECU has already helped nearly 500 members receive NCHFA Mortgage Payment Program benefits of $3.1 million, giving these members time and ability to get back on their feet and save their home from foreclosure. An additional $2.8 million has also been approved for these qualified homeowners,” SECU reported
The NCFHA program is similar to the credit union's Mortgage Assistance Program, an effort which SECU said has helped 8,400 members remain in their homes since its launch in 2009.
In addition to helping members meet mortgage payments, that program includes help with budgeting, financial counseling and overall debt restructuring that includes qualifying the member for the NCFHA program.