Articles - Archived Expert Advice

Behind on the Mortgage

My company restructured, but I survived. I am concerned about the security of my job because I am a single parent with two children. I am also nearly two months behind on my mortgage. What can I do?

Unexpected events, such as loss of employment, can happen to anyone. Losing your home due to the inability to maintain required monthly payments can be a frightening experience that may lead to foreclosure; however, you have several options.

First, as a local government employee, you can join Local Government Federal Credit Union (LGFCU), which is committed to improving your life. A few months back, we launched the Mortgage Assistance Program (MAP) with the primary purpose of helping members remain in their primary residences when they are facing delinquency, foreclosure or possible loss of income. With MAP, members work closely with local branches and LGFCU's financial counselors to create personalized strategic plans to address mortgage needs. Some options may include, but are not limited to, partial payments plans, loan extensions, mortgage refinancing and/or modifications. Our goal is to stabilize member's immediate financial situations.

Second, if you lose your job due to changing economic conditions, you may be eligible for the Home Protection Program funded by the State of North Carolina. This program helps those that currently have a mortgage with a satisfactory mortgage and credit payment history prior to losing your job.

Lastly, we encourage you to take full advantage of our complimentary financial wellness services. We have certified financial planners and counselors on staff to help you determine your overall financial standing.

To learn more about MAP—and how this program may prove beneficial to you—please visit the following link www.lgfcu.org/lending/mortgage_assistance_program.php.

And, as always, please give us a call at 877.367.5428 if we can help.