Leading Bay Area credit union has helped its members modify over $12 million in total loans
San Jose, CA (August 5, 2009) — Technology Credit Union announced it has modified more than $10 million in mortgage loans for homeowners since accelerating its effort two years ago to provide assistance to members facing financial difficulty. As part of its efforts, Tech CU implemented a variety of payment relief options to assist members who are unable to or having trouble making their loan payments. Tech CU has also been instrumental this year in helping members modify nearly $2.2 million in auto loans.To provide assistance to members having difficulty making their loan payments, Tech CU put together a team of specialists specifically dedicated to working with members to explore workout options. “Our focus in a loan modification is affordability and sustainability, and our specialists are trained to work with members to develop loan modification options that will ensure long-term success,” said David Luu, assistant vice-president of Tech CU’s Loan Adjustment department. “This approach has served both Tech CU and our members well, as these loan modifications are more likely to succeed.”Tech CU member Diane McGaffie agrees, “The loan modification process with Tech CU was very smooth, particularly because my Tech CU loan modification advisor kept me up-to-date on the status of my workout. This really helped alleviate the stress during a time of temporary financial hardship for me”.According to the latest DataQuick report, the number of default notices issued in California increased 2 percent for the second quarter of 2009 compared to a year earlier, indicating that the number of homeowners who are falling behind on their mortgage payments is still on the rise. The same report also stated that foreclosure re-sales accounted for more than 50 percent of all California resale activity in the second quarter of 2009—that’s up from 40 percent for the same period a year ago.California homeowners in particular are struggling because of sustained high unemployment in the state, falling home values, and a stubbornly sluggish economy. “We know that many families are in crisis in terms of their ability to pay their bills,” stated Luu. “Tech CU is committed to preserving home ownership for members when it is legitimately possible to work out a payment reduction plan.”Tech CU’s courteous and prompt response to helping its members is in contrast to many of the large, national financial institutions that are back-logged with borrowers requesting loan modifications. The Loan Modification team is easy to reach with one phone call (members do not have to make repeated calls trying to get through) and the team adheres to a strict philosophy of treating every inquiring member with dignity. The cost for a member to do a loan modification with Tech CU is free. This is a key point because in recent months, an escalating number of California homeowners have fallen prey to unscrupulous companies that promise loan modification help, charge the homeowner thousands of dollars for that help, and then fail to provide it. The Tech CU blog, Money Savvy (www.techcublog.com) offers tips on avoiding foreclosure rescue schemes and links to helpful resources. Search for “Beware of Foreclosure Rescue Schemes” on the blog’s homepage. For more information on Tech CU’s loan modification program, go to the Tech CU website at www.techcu.com and click on the banner “Overcoming Payment Challenges” or call 800.649.3721. Homeowners who are not members of Tech CU who want to refinance their mortgage loan with Tech CU are encouraged to contact a Tech CU Mortgage Consultant at 800.553.0880 or go to the Tech CU website and click on “Home Loans” for more information.
ABOUT TECHNOLOGY CREDIT UNIONTechnology Credit Union is a full-service, financial institution serving individuals who work, live, go to school or regularly worship in Santa Clara, Alameda, Contra Costa, Santa Cruz, San Mateo and San Francisco counties. Tech CU was started in 1960 and is now among the top 1 percent of the nation’s largest credit unions. Tech CU is recognized as one of the best managed and strongest financial institutions in the country, as indicated by its 5-star rating (the highest given) from Bauer Financial, the nation’s largest independent rating service for banks and credit unions. With more than 78,000 members, over $1 billion in assets and 10 full-service branches around the Bay Area, Tech CU is a leader in the credit union industry.
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