Six one hundredths of one percent - .06 - is a low number that makes a big difference for State Employees' Credit Union (SECU) members.

It's the minimal increase the credit union has experienced in the number of foreclosures compared to total mortgage loans over the past five years, a recent news release said.

Even as the economy in North Carolina and the country suffers, SECU has managed to keep member foreclosures low because of its mortgage assistance program (MAP) - an initiative that has already helped more than 7,000 North Carolina families remain in their homes, the release said.

SECU originates and services all its mortgage loans, so the paperwork is accurate, the transfers of ownership are properly recorded and the payment processing and recordkeeping is timely, it said.

Implemented in early 2009, MAP was created to assist members facing job loss or a reduction in work hours, providing foreclosure prevention options that include mortgage extensions, modifications, refinances and partial payment alternatives.

Budgeting, financial counseling and overall debt restructuring are also included as part of the comprehensive MAP initiative.

Evidence of the program's success was noted as early as year-end 2009, when just 179 SECU foreclosures were filed for the year out of 121,625 loans in the credit union mortgage portfolio. The overall SECU foreclosure ratio is less than two tenths of 1 percent of mortgages outstanding, the release said.

The low foreclosure trend at SECU also continues in the current year, as staff members remain committed to helping members develop workout plans for any delinquent mortgages.

Mark Pearce, former chief deputy commissioner of banks in North Carolina and director of the FDIC's newly created Division of Depositor and Consumer Protection, spearheaded North Carolina's home foreclosure prevention efforts that have helped more than 14,000 homeowners in the State since October 2008.

SECU was an early participant in the N.C. foreclosure prevention effort through its financial support of the Fight NC Foreclosure media campaign.

"SECU's generous support has enabled us to inform homeowners of free resources to provide them with options to avoid foreclosure," said Will Corbett, the current director of the State Home Foreclosure Prevention Project in North Carolina.

Spencer Scarboro, senior vice president of mortgage lending, added, "State Employees' Credit Union always strives to put the interests of its members first. MAP is an excellent example of putting this member-focused approach into practice. Foreclosure is never a quick answer at our Credit Union.

"Bad things do happen to good people. That's why SECU is committed to exhausting every possible option to keep members in their homes and foreclosures at a minimum. It is the right thing to do for the member - prudent and compassionate - and the financially responsible course for their credit union cooperative."