How to keep paying your mortgage, even if unemployed

Man using calculator on a desk

Losing a job can make it hard to keep up with your monthly expenses. The stress of being out of work can get compounded when you’re trying to keep up with mortgage payments and stay in your home. If you find yourself part of a reduction in force, let the Credit Union help you find ways to ease your mortgage load and reduce possible damage to your credit.  

Talk to us first

The Mortgage Assistance Program (MAP) is designed to help members having trouble paying an LGFCU mortgage due to financial difficulties. A financial counselor at the branch will perform a financial assessment. From there they may be able to develop a mortgage repayment plan with revised loan terms to meet your needs. The goal is to find an option, such as payment reduction or refinancing, to make your monthly payment more affordable. It may also help keep you from falling behind. So, come see us sooner to prevent the situation from getting worse.

Monthly payment reduction

Another option is to see if you qualify for refinancing your mortgage. The Credit Union may be able to help you keep more money in your account each month and make your payments more affordable long term.

Refinancing extends your loan terms and ultimately helps keep you in your home. However, you don’t have to continue to pay the smaller monthly payment for the entire length of the new loan term. Once you’ve returned to the workforce, try making the old monthly payment to get closer to the original loan term.

When you refinance, you may have to pay new closing costs. To get an idea of the costs, use our Time to Refinance calculator to compare your current loan with a new one.

Special North Carolina programs

In situations where you’ve lost your job, you may be eligible for the Home Protection Program funded by the State of North Carolina. This program helps people who currently have a mortgage, and have had a satisfactory mortgage and credit payment history prior to losing a job. For more details, read the Home Protection Program brochure and NCHFA Foreclosure Flier.

To qualify for any of the above programs, you’ll be required to show proof of job loss or hardship. You may also need to have your home re-appraised if some time has passed since your last one.

Additional resources

For general help during a period of unemployment, look for resources in your area. Making Ends Meet is helpful guide with information on emergency services (food, housing, clothing) and meeting other basic needs such as healthcare, childcare, and more.

Help for now and later

Contact your local branch to see how the Credit Union can help with your mortgage now. Then later, once you’ve gotten another job, come see us again for a review of your finances to get you back on solid footing. The Credit Union is here to help.

The advice provided is for informational purposes only. For specific loan guidance talk to your mortgage lender. 

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