Articles - Archived Expert Advice

Financial Hardships

My wages were significantly cut a few months ago, and I've depleted most of my savings so I can stay current on my mortgage and other bills. What can I do to stay in my home?

Many of our members are experiencing financial hardships due to the economic downturn. The place to start is your local branch to specifically address Credit Union mortgage concerns. LGFCU offers a Mortgage Assistance Program (MAP) through the branch network—a resource that can help explore which payment options are available for your mortgage and other loans.

Another resource available to all North Carolinians is the NC Foreclosure Prevention Fund, administered by the North Carolina Housing Finance Agency (NCHFA). It is designed to help bring eligible mortgage loans current and/or make mortgage payments while homeowners are seeking employment or completing a qualified retraining program.

Here are a couple of key eligibility requirements for this program:

• You lost your job or experienced a reduction in income through no fault of your own, or you are facing a temporary financial hardship and need to find new employment.
• You had a good mortgage payment history prior to your recent unemployment or income loss.

A third resource that launched in June 2011 is the NCHFA Second Mortgage Refinance Program, which assists borrowers with their second mortgage payments. To qualify, you must be:

• Earning less than you have in the past, or
• Facing a temporary financial hardship (for example, you lost income due to divorce, separation, serious illness or death of a co-signor)

For programs offered through NCHFA, you can apply directly through them or one of their approved financial counseling agencies. For additional information on NCHFA programs, call 888.623.8631. If you would like to discuss your situation first, an LGFCU financial planner is happy to assist you free of charge at 877.367.5428.