We've heard so much about how the big banks misuse loan modifications to foreclose on homes, but how do credit unions handle these situations?
I have a sweet and sad story to share, but I don't have permission to identify the individuals involved or the specific institution.
An employee at the credit union sent the following message to the loan officer:
"So I have this member that really needed our help. She is a teacher who pretty much lives on her own. She has her home loan with us. Five years ago, she was the happiest person in the world when we gave her the home loan that got her into home.
Two years ago, she was diagnosed with cancer and over the next several months, between an 8 hour surgery and very aggressive chemotherapy and radiation they felt that they had gotten it.
Several months ago she went in for her routine (they really never are) follow-up check up and darn if they didn't find that it had gotten into her lymph nodes and spread into her liver. Three spots...she is down 45 pounds, but not down in spirit and what that crummy chemo. took from her, it couldn't take her smile. She is so positive.
AND GRATEFUL....she requested a modification to help her get through the next couple of years...though still teaching, between her co-payments (and boy do they add up)and her loss of energy it is a struggle."
The credit union loan officer replied:
"We and I emphasize WE, just modified her note, cut her payments by 2/3 for the time being. She is not a victim of a down-turned economy like many of others we have helped, but she is a victim of life's circumstances."
I am a long time member of this particular credit union. I have a mortgage, checking account, savings account, credit card and an IRA with them. I left the big banks behind years and years ago and I'm pleased to support a fine institution like this.
I'm a long-term lurker here at Daily Kos (don't have much to say) but I appreciate this community very much and although my spare time is very limited, I read several diaries each day. Thank you all for being here for me.
I love being part of the credit union community as well as the Daily Kos community and hope become more active here. Thanks to you all and happy holidays.