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Union benefits that could save your home

03.17.15

By David Tindell, Marketing Assistant at Union Plus. Sign up for the FREE Union Plus E-News to find out about new and updated benefits for working families including scholarships, discounts and financial services.

One out of every 200 homes will be foreclosed according to the Federal Deposit Insurance Corporation. For a city the size of Washington, DC, that’s as much as 3,000 homes per year. And what does foreclosure look like?

According to the Homeownership Preservation Foundation:

–32% experienced a job loss.
–25% experienced a health crisis.
–85% have already missed one mortgage payment.
–Most have no savings, no available credit, and extended families have limited resources.
–Most have first-time loans, less than three years old.

These are scary situations, but not necessarily uncommon ones. Although foreclosures and delinquencies have dropped to pre-2007 levels, knowing what to do can be the difference that saves your home. If you are a union member, you have resources available when things go bad, and to help make sure things don’t get worse.

1. Union Plus Save My Home Hotline: This program is provided through the non-profit Money Management Institute (MMI), and is accredited to provide counseling for labor union members facing foreclosure. This program has the largest network of local offices, for those who don’t prefer counseling by phone.

2. Union Plus Mortgage Program:The Union Plus Mortgage program can help you purchase a home while also receiving special benefits by virtue of your union membership. Once you have a Union Plus mortgage for a year or more, you’re protected by a unique mortgage assistance program administered through the AFL-CIO Mutual Benefit Plan. The Union Plus Mortgage Assistance provides interest-free loans and grants to help make mortgage payments when you’re disabled, unemployed, locked out or on strike. The program has provided over $10.6 million in assistance to union members.

3. Foreclosure resources from the AFL-CIO: Knowledge is power when it comes to saving your home. The AFL-CIO’s website has a robust list of information regarding what to do in this situation, including:

–Rights during foreclosure
–Federally approved housing counselors
–Legal Assistance
–And information regarding negotiating a mortgage modification with your bank

4. AFL-CIO Community Services Network:The AFL-CIO Community Services Programs were established to improve the lives of workers and their families by connecting to their human and social services needs. Some of the services they provide include an emergency assistance fund, information and referral services, lay-off & strike preparation, and educational workshops.

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