By Eric Nelson
There's no place like home. That's true whether you save for a rainy day or live paycheck-to-paycheck. But, you risk losing your dream home if you don't have some kind of back-up plan.
Today, unexpected life events like losing a job or experiencing a disability or death in the household are top reasons for mortgage default, but they don't have to be.
That's because of services like Mortgage Payment Protection (MPP). It helps credit union members make their mortgage payments for a critical period of time following serious life events like these. And, it helps credit unions guard against mortgage defaults and expensive foreclosures.
So, as home buying season heats up, it's the perfect time to keep these services in focus. According to Penny Pascolini, Mortgage Originator at Educators Credit Union, the benefits deliver on its promise.
“MPP is a win-win for both Educators Credit Union and our members." she says. "We know that the mortgage payment is covered, and that alone causes fewer foreclosures by giving members time to restructure their loan, get a better paying job, sell the property, or downsize. At the same time, our members don’t have to worry that they may be out on the street because they can’t afford their payments. It gives them time to adapt to their situation.”
Members can select MPP when they apply for a mortgage or refinancing for their homes by answering a few quick questions. It's designed to fit most family budgets.
For more information on MPP, click here.