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 unemployed, 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 the counselor 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 rather than later, to prevent the situation from getting worse.
Monthly payment reduction
As noted, one 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. Once you’ve returned to the workforce, you can try making the old monthly payment to get closer to the original loan term, or continue to pay the smaller monthly payment.
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 program
If you have lost your job, you may also find free mortgage counseling and resources through the State Home Foreclosure Prevention Project, which is administered by the North Carolina Housing Finance Agency.
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.