Thursday, November 1, 2007 – 12:00
Credit unions have to start trying a new approach. Foreclosures and repossessions are at an all time high and it is going to get a lot worse before it gets better. Member’s payments, especially with sub-prime lenders, are going to increase dramatically over the next 12 months. The rate of foreclosures are already higher than they have ever been. It is a buyer’s market; the marketplace is saturated with homes and if you are not careful you are going to lose a lot of money. We Will Discuss: o How to cut your losses dramatically o How to recognize you have got a problem early on o How to make sure you are going to get your money back when others aren’t o How to dispose of the collateral without taking a loss o The importance of being creative in dealing with these members