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Tech CU modifies 10M in distressed homeowners loans
SAN JOSE, Calif., (8/13/09)--Technology CU has modified more than $10 million in mortgage loans for homeowners since it accelerated its efforts two years ago to assist members in financial difficulty. The $1.2 billion asset credit union implemented a number of payment relief options for members and has helped modify nearly $2.2 million in auto loans. Its team of specialists are 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. The number of default notices issued in California increased 2% in the second quarter, compared with second-quarter 2008, according to DataQuick. That indicates the number of homeowners falling behind on their payments is still rising. Foreclosure resales accounted for more than 50% of all California resale activity during second quarter--up from 40% for the same period in 2008, DataQuick said. "We know that many families are in crisis in terms of their ability to pay their bills," said Luu. "Tech CU is committed to preserving home ownership for members when it is legitimately possible to work out a payment reduction plan." He noted the credit union's courteous and prompt response is in contrast to many large, national financial institutions that are backlogged with borrowers requesting loan modifications. Members do not have to make repeated calls trying to get through to the credit union, and the team adheres to a philosophy of treating every inquiring member with dignity. The loan modifications are free. The Tech CU blog, www.techcublog.com, offers tips on avoiding foreclosure rescue schemes and other resources.
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