... what about hurricanes?
👉 1-21-2025: "California Governor Gavin Newsom announced commitments from major lenders to provide firestorm survivors with mortgage relief. [CUToday]
"These institutions have committed to offer their customers who are impacted homeowners a 90-day forbearance of their mortgage payments, without reporting these payments to credit reporting agencies, and the opportunity for additional relief, Newsom’s office stated."
"The commitments were made by the following banks: Bank of America, Citi, JPMorgan Chase, U.S. Bank, and Wells Fargo. Newsom’s administration said it is also engaging with other financial institutions,..."
- 90-day mortgage payment forbearance periods, streamlined processes for requesting initial relief without submitting forms or documents,
- Relief from mortgage-related late fees accruing during the forbearance period for 90 days
- Protection from new foreclosures or evictions for at least 60 days
- Institutions will not report late payments of forborne amounts to credit agencies
✅ There was hope that our "locally"- owned, "locally"-led and "locally"-focused SECU would act to help solve the financial problems our members are now enduring and will in the future incur from the catastrophic destruction caused by Hurricane Helene to their credit scores... no such luck.
... know the SECU Board is "busy with more important things" ... but help to WNC is now 90 days past due!
These people lost everything ... it will be years before they recover, if ever out in la-la land ...
ReplyDeleteOur folks face the same situation, trust me the vultures are circling above ... they don't "really" care ... if you think so you are fooling yourself.
“You never want a serious crisis to go to waste. And what I mean by that is an opportunity to do things that you think you could not do before.”
― Rahm Emanuel
yeah maybe swoop in and take away precious resources, or some of the finest property on earth ... all for a $200 payout ...
Could it possibly be that SECU as a unicorn, has already done these same things and more without any pomp and circumstance????....Guess you would rather allude that The Board has done nothing and stir the pot than to actually know the truth....standard practice for reporting to the credit bureaus....wait for it....loan accounts that are in forbearance are reported as current during the forbearance period, which has been in place well before even COVID....."It is error only, and not truth, that shrinks from inquiry". Thomas Paine
ReplyDelete11:01 Think the more correct quote might be "Get your facts right first, and then you can distort them as much as you please." - Mark Twain.
DeleteThe concern is that the CU hasn't stepped up directly to assist - least its very hard to tell - and missed "the unicorn moment" as a credit union.
You'll note the non-unicorn Ca. banks clearly listed 4 things they were doing...
But, not to argue - don't you think it would be smart to at let our WNC members know.... even at this late date...
Have you provided "forbearance" on mortgages? How about auto, personal and credit card loans? Did you do so automatically? Have you waived all late fees?
Will you also refund any late fees assessed if the members didn't know to call to request? How were they to know w/o electricity. cell service, etc in the midst of a disaster?
And did you or did you not report delinquency on WNC loans to the credit bureau in November and December?
Now tell the truth because its easily checked - unicorns don't need to make stuff up. You did say you were a unicorn, didn't you?
So? Has SECU done anything for the hurricane victims? Members know about the Foundation which SECU trumpeted loudly when SECU offered that aid, as SECU should! Free excellent favorable publicity. Has the Board taken action along the lines of the California Banks? Please show us the announcement, the press release the small item on the web page. Where can the members find this information? Members want to help their fellow members!! Members want to know when the board does the right thing!!!
DeleteThis pretty much lays it out ...
ReplyDeletehttps://www.ncsecu.org/hurricane-helene-relief-and-resources
Yep, that's about it... no answers.
DeleteLooks like SECU may be able to provide a personal loan, auto loan, or help members get some FEMA (a federal program) assistance. Don't see anything at all about not reporting or any special assistance that SECU is making. What assistance is missed in this reading? Please explain. Very difficult to see where members have stepped up to help other members here---ie some particular board help for member victims of hurricane Helene damage in western NC.
DeleteOne Ca. CU's direct answers:
ReplyDeleteCU SoCal relief loan options include:
* Emergency Essentials Loan: Those impacted by the fires can borrow $1,500 at 0% interest for six months with no payments for 60 days and no credit history requirement
* Wildfire Relief Loan: Members can access up to $5,000 per household at 0% interest for 12 months with no payments for 60 days
* Loan Deferrals: Defer payments on existing loans are available to free up funds for urgent needs like temporary housing or other critical expenses
And another Ca. CU actually contacted its members!::
ReplyDelete“Last week we proactively sent a message to our members offering our assistance, providing them a link to a dedicated landing page on our website with all of the resources we have available—which include:
* payment assistance for our mortgage holders,
*skip-a-pays
*penalty-free certificate withdrawals.
We've provided direct lines to staff so members can reach them easily,” she said.
How unicorn of them ... ;)
DeleteSECU's Board and ELT should be embarrassed at their response. Zero leadership.
ReplyDeleteSECU Board response to the biggest natural disaster to ever hit the NC mountains is
Delete