As for Credit Unions vs Banks.
Well yeah, Credit Unions are better.
Assuming you can pay your bills they look out harder for you then banks by a long shot.
What's overlooked though, especially by anyone in OWS mad about foreclosures... is that Credit Unions will be on your shit WAY harder then commercial banks.
They have less foreclosures because people are more likely to pay their bills on time which largely tends to have to do with who does business at credit unions... but if you go bankrupt they're FAR more likely to put a lean on you after they foreclose on your house... because they need to look out for ALL of their customers.
It's like the difference between a supermarket and a communal market. One is owned by some guys trying to make money, the other is owned by a lot more guys, who are trying to get cheap fruit. You benefit more, but if your not doing your share you get the book quicker because quite frankly... they can't afford it.
(Although credit union pay is still pretty awesome i hear.)
Banks can afford to give you some more leeway on distressed loans BECAUSE of the fact they gauge customers elsewhere, and will, espiecally if your property value is really low now, because they can afford to wait to see if you can turn it around, or at least throw them some pore payments... rather then sell the property for dirt cheap.
While Credit unions need their money and will not only forclose, but where the law permits, still bill you for whatever the forclosure sale didn't make up.
