Also in this playlist...
This transcript is automatically generated
-- all lenders are not created equal and if you're facing foreclosure through a credit union.
It could be key differences in their process that may want you to consider.
Here to break -- held on his Bob -- -- Fox News legal analyst in real estate expert good morning to Bob.
-- morning Gretchen right from the start out with the first general question which is what's the difference between a general credit union and a lender.
Credit union have members so you -- a greater union would become members that -- use of the size is different and the capitals different.
And as a result of that credit unions as will discuss -- a minute.
Look upon things a little differently than a lender does when there's a deep ball than -- -- designed to help the community -- it's sort of let's help you let's get you good loans let's get you good rates so it's designed that's where it's always been -- for the people.
And that's why they're little unique when it comes a default.
All right so are credit unions more likely to pursue a member after foreclosure than lenders.
They really are.
Because were all members let's assume were all part of the credit union they have fiduciary responsibilities.
To their members -- -- important responsibilities of the members.
And as a result because of that the capitalization of them in the size.
There are more likely if you're funded by credit union auto auto loan to your house on a loan to a vehicle whatever it may be -- -- -- -- They are much more likely.
To go after you for the deficiency as opposed to a lender.
It's the nature of the way the credit -- set up and that's why tell people if you're gonna join a credit union I'm a big believer credit unions.
Ask a lot of questions.
What's happened Gretchen there's never been a time when -- -- to emphasizes to our viewers.
That you and I as homeowners you and I as buyers in America.
Have the right now and no excuse anymore not to ask questions when you're borrowing money.
Because what's happened in America right okay so if you're saying that their little bit more stringent then.
The question that begs to be asked is why would anyone want to be apart according.
Well because they do get better rates in many circumstances.
That give it credit unions have a sense of giving you.
That community -- it gives you a sense of war ownership if you will because you're a member so there's sort of a nice feel about being part of a credit union.
For example if you -- existing loan on a vehicle and you're paying 567%.
You could go to -- credit union and sometimes refinance.
That particular vehicle alone and get it for three and a half 4% dependent upon what's available -- time.
So I encourage people go talk to credit unions in your community find out what the benefits are.
Find out if they can help you but I understand they're more aggressive if you make it deep fault in the payment.
I'm expecting you're gonna have some sort of a big Easter celebration this weekend your grandkids.
Felt my my baby's four grand babies it's my whole life on Sunday will have little monster -- a little -- -- will have a good day.
All right I just heard about -- clues last night 23 of them when I hide the -- oh my god my legs I now had to start being creative because they're getting a little too -- little to break from.
All right Bob happy Easter Easter you to thank you -- -- you have housing questions you need answered email.
Bob -- right there and friends.
Filter by section