LOWELL, Mass. – NMTW Community Credit Union dedicated the month of May to foreclosure prevention awareness.
NMTWCU Home Financing staffers offered confidential, one-on-one counseling for those facing the loss of their homes. Efforts were concentrated on those who obtained mortgages from other financial institutions and have fallen prey to a subprime mortgage scam.
Home financing counselors reviewed current financial situations and helped to develop a workable plan to meet individual needs. In each counseling session, a review of income and expenses was done in an effort to develop a realistic budget. Counselors then discussed the options available for homeowners to meet their mortgage obligations or the appropriate actions to cure delinquency and, if possible, avoid foreclosure.
Recommended For You
"When you're facing foreclosure, talking with the lender can be intimidating," said NMTWCU Executive Vice President Tom Hammond. "We wanted to provide the resources homeowners need to help take control of the situation and to show them realistic options. When their mortgage is in trouble, it has impact on other obligations they may have with us. Our philosophy is to help them regardless of where they have their mortgage."
Counselors also provided information on understanding common mortgage industry terms and the foreclosure timeline, defining options and tips on avoiding rescue scams, including predatory lending.
"We believe strongly in education that allows our members to make better financing decisions." said Hammond. This is what credit unions are all about, educating members."
The community response has been so positive that plans are underway to continue offering the service.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
