A new program from CMG Mortgage Insurance will allow credit unions with delinquent mortgage holders a wider range of options in helping them keep their homes.
The new program is called the Foreclosure Prevention Advance, and it will allow a credit union to use some money that it might receive from a mortgage insurance claim following a foreclosure to help delinquent homeowners catch up on their mortgage payments, prevent the foreclosure and remain in their homes.
"CMG MI strongly supports credit unions and credit union servicers trying to prevent foreclosures, and we are initiating the FPA option to provide direct, targeted assistance," said Scott Romesburg, senior director of underwriting, operations and technology at CMG MI.
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