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Michigan CUs regulator educate about avoiding foreclosure
LANSING, Mich.(2/29/08)--Michigan credit unions and the Michigan Office of Financial and Insurance Services (OFIS) are striving to educate consumers on ways to avoid losing their homes. The state has the third-highest foreclosure rate in the U.S. Though credit unions and other financial institutions that emphasize responsible lending have not contributed to the housing and mortgage crisis, they are working to keep homebuyers from entering into mortgage agreements that should not be made in the first place, regardless of their lender. “Consumers should always look to a trusted financial services partner for help with major financial decisions,” said David Adam, president/CEO of he Michigan Credit Union League (MCUL). “Credit unions generally will give basic advice to those who need help, and OFIS and other state agencies also have resources for borrowers with questions. In all cases, when facing a loan default, borrowers always should contact their lender for assistance.” Credit unions offer members the opportunity to talk one-on-one about their loans. This gives the members the opportunity to possibly have their loan rewritten or modified to meet their needs, MCUL said. Michigan credit unions and the state also offer seminars on whether refinancing is an option or on how to buy a home in today’s market. “Consumers armed with good information before they get to the closing table are less likely to enter a situation that could result in foreclosure down the road,” said Ken Ross, OFIS commissioner. “Homeowners unable to make ends meet should talk to their lender before payments are missed--ask if a loan modification is possible.”
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