RALEIGH, N.C. – For six years, State Employees’ Credit Union (SECU) has helped the North Carolina Housing Finance Agency (NCHFA) spread the word about their mortgage assistance programs offered through the North Carolina Foreclosure Prevention Fund. The recent award of an additional $224-million to NCHFA from the U.S. Department of Treasury’s Hardest Hit Fund to expand Fund programs is even greater news to North Carolina homeowners, including credit union members who may be on the brink of losing their homes. SECU is proud to work in partnership with NCHFA to help promote the Agency’s Principal Reduction Recast/Lien Extinguishment (PRRLE) program.
The goal of the Principal Reduction Recast/Lien Extinguishment program is to assist homeowners who are struggling to make their mortgage payment and are either on a fixed income or underemployed and seeking new employment. SECU served as a resource partner in the PRRLE pilot program because of its positive results in helping promote the Fund’s Mortgage Payment Program (MPP) administered by NCHFA. While the MPP focuses primarily on providing mortgage payment assistance to homeowners having difficulty making their mortgage payments due to job loss through no fault of their own or other temporary hardships, PRRLE attempts to provide long-term assistance in the form of a reduced or eliminated mortgage payment.
To date, nearly 1,600 SECU members have received financial assistance through the North Carolina Foreclosure Prevention Fund’s MPP and PRRLE programs, with each MPP loan averaging $20,000 and PRRLE funding reaching $1.7 million thus far.
“State Employees’ Credit Union has been a key contributor in saving homeowners from foreclosure through the North Carolina Foreclosure Prevention Fund, which has now benefited over 22,000 families,” said A. Robert Kucab, NCHFA Executive Director. “The credit union has been a partner from the beginning, providing their experience and guidance on the needs of North Carolina homeowners and developing guidelines for the program that position it for success. As a result of SECU’s participation in our Principal Reduction pilot program, we’ve been able to expand the Fund to help underemployed homeowners who are struggling to pay their mortgages across the state.”
SECU has responded to member needs over the years with a variety of programs for those struggling to stay in their homes. Its in-house Mortgage Assistance Program (MAP) has now assisted over 11,000 SECU members through MAP options such as mortgage extensions, refinances and partial payment alternatives. With the additional funding from the U.S. Treasury to expand the North Carolina Foreclosure Prevention Fund, even more homeowners will have the opportunity to receive significant financial assistance.
“SECU is committed to looking at every possible option to help keep members in their homes and avoid foreclosure,” said Alan Salzano, SECU Senior Vice President of Loss Mitigation. “The success and financial well-being of our members is first and foremost. By collaborating with the North Carolina Housing Finance Agency, we can leverage our partnership to benefit SECU members and fellow citizens, positively impacting the future of our communities and state.”