Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Struggling homeowners have access to resources help
McLEAN, Va. (2/4/08)--Last week’s housing reports painted a bleak picture for homeowners already struggling as subprime rates begin to adjust upward, but there are resources available to help (USA Today Jan. 30). More than 1% of homeowners faced foreclosure in 2007, up 79% from 2006, according to a report from RealtyTrac (Jan. 29), a real estate marketing company based in Irvine, Calif. As home prices fall, homeowners discover that the mortgage exceeds the value of the house. To make matters worse, U.S. Census data put the home vacancy rate at 2.8%, with 2.18 million homes on the market in the fourth quarter. Refinance inquiries have spiked since the Federal Reserve lowered interest rates twice last month, ABC News reported Jan. 30. However, many borrowers are stymied by lower appraisals that prevent them from refinancing into loans with easier terms (Reuters Jan. 29). What’s a financially strapped homeowner to do? Seek help immediately:
* Contact your loan servicer. Don’t wait, and don’t be embarrassed. Provide detailed information about your income and expenses. Foreclosure is a cumbersome, expensive process, and reputable servicers prefer to avoid it. * Check out online resources. One excellent website is, which recently added new resources for homeowners facing foreclosure, according to the Credit Union National Association's center for personal finance. Click “Home Ownership” and then “Foreclosure Resources for Consumers” for links to agencies and organizations that can help. * Call the HOPE Now hotline. Dial 888-995-HOPE for access to Department of Housing and Urban Development (HUD)-approved credit counselors. The hotline was established by Treasury and HUD officials in August 2007, at the direction of President Bush. * Be on the lookout for scams. Predators are stalking distressed homeowners, hoping to cash in on the mortgage mess. So-called rescuers may trick you into selling your home for a fraction of what it’s worth, or dupe you into signing documents that transfer the title out of your name.
If you’re thinking of refinancing, contact your credit union, and take advantage of online mortgage comparison calculators, such as For more information, read “Calculator: Do I Want a Fixed or Adjustable Rate Mortgage?” in Home & Family Finance Resource Center.
Other Resources


News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda
1 day ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief.
1 day ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today:…
1 day ago
Seriously underwater homes rise, new-home sales tumble News Now:
1 day ago
#NewsNow Cornerstone Foundation awards $71K in grants
1 day ago
150x172_Sign up for election newsUnite for Good Share your Stories100 Million CU Memberships