With the State of North Carolina facing a budget deficit of $2.7 billion, Raleigh, N.C.-based State Employees' Credit Union (SECU) is revamping its Mortgage Assistance Program (MAP) to assist state government employees facing potential job cuts.
Since developing MAP in January 2009, SECU has helped 7,000 borrowers. As with its initial program, SECU's MAP II provides borrowers an opportunity to meet in person with a senior credit union officer and develop an individual financial plan designed to meet primary needs and obligations on a very limited budget. To avoid possible foreclosure situations, members with an SECU mortgage loan may be offered partial-payment alternatives, loan modifications, refinances or possible extensions.
Budgeting, financial counseling and overall debt restructuring are other elements of the revised program, with an emphasis on total member involvement in developing a successful workout plan, SECU says.
SOURCE: SECU
