Two-thirds of the $883 Silver State Schools Credit Union's 6.7% delinquent loans are real estate. But, that includes $11.1 million loans that qualify as trouble debt restructures, making the delinquency rate artificially higher, said President/CEO Dave Rhamy.

Because qualifications for federal mortgage relief programs were so limited, few Nevada mortgages qualified, he said. So, Silver State Schools created its own program in February 2009.

"We developed a policy that includes income verification, no balloon payments, no principal forgiveness, a maximum payment ratio of 40% of income, and empowered a high-level 'Mod Squad' within our management to both respond to and initiate member contacts," he said.

As of Dec. 31, 101 mortgages had been modified for a total of $30 million. So far, only three haven't survived the required six month probationary period: two were late in the fifth month and "had to restart the counter," Rhamy said, and one involved a divorce and will end in foreclosure.

Silver State Schools' biggest modification obstacles are verifiable, adequate, continuing income, and the ability to restructure a payment schedule that is realistic, he said.