Credit Union Loan Mod - Loan Modification Forum

hamletsdead · 03-11-2009, 03:23 PM

I submitted a loan modification request to our credit union on February 12, 2009. A week later I got a proposal that didn't really work, and then last week a VP called me and offered to change the terms of my existing loan to 40-year jumbo at 4.875%. Lowers my payment a good bit, and I only have to make 2 good faith payments (March/April -- already paid Feb) to sign the docs. Thank God somebody is reasonable in all this mess!!

Olypentax · 03-11-2009, 05:03 PM

I love Credit Unions and you are explaining one of the many examples of why they are better than banks. They are generally small enough so you can talk with someone in person. They are not for profit, member owned with no shareholders so they have your best interest at heart.

classicgk · 03-17-2009, 10:55 PM

Careful careful!

Your credit union has its best interest at heart, not YOURS!

I am learning this the hard way.

My best, Joe in Mpls
I learned this the hard way.

classicgk · 03-17-2009, 10:57 PM

Also, on bankrate.com you can look up the financial strength of your bank or credit union. Their financial health (or illness) can explain a lot in how they may deal with you.

03-11-2009, 03:23 PM	#1 (permalink)
hamletsdead Member Join Date: Feb 2009 Posts: 10 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Credit Union Loan Mod I submitted a loan modification request to our credit union on February 12, 2009. A week later I got a proposal that didn't really work, and then last week a VP called me and offered to change the terms of my existing loan to 40-year jumbo at 4.875%. Lowers my payment a good bit, and I only have to make 2 good faith payments (March/April -- already paid Feb) to sign the docs. Thank God somebody is reasonable in all this mess!!

03-11-2009, 05:03 PM	#2 (permalink)
Olypentax Senior Member Join Date: Jan 2009 Posts: 55 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Union Loan Mod I love Credit Unions and you are explaining one of the many examples of why they are better than banks. They are generally small enough so you can talk with someone in person. They are not for profit, member owned with no shareholders so they have your best interest at heart.

03-17-2009, 10:55 PM	#3 (permalink)
classicgk Senior Member Join Date: Jan 2009 Posts: 58 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Union Loan Mod Careful careful! Your credit union has its best interest at heart, not YOURS! I am learning this the hard way. My best, Joe in Mpls I learned this the hard way.

03-17-2009, 10:57 PM	#4 (permalink)
classicgk Senior Member Join Date: Jan 2009 Posts: 58 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Union Loan Mod Also, on bankrate.com you can look up the financial strength of your bank or credit union. Their financial health (or illness) can explain a lot in how they may deal with you.

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