Article courtesy of GreenPath(TM), a partner of ECU, offering ECU members access to free and confidential financial wellness counselors and resources. 

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Don't allow fear to rule your finances. If you're delinquent in your mortgage payments -- or expect to be -- the best thing to do is to contact your mortgage servicer right away. 

While it can be stressful and overwhelming to contact your lender, early communication puts you in a positive light.  Foreclosure is very costly for a lender, and they would generally prefer to help you get back on track to keep your home.  When contacting your lender be honest.  Describe your situation and know how much money you have available to make payments – do not agree to a payment that is not feasible with your current budget.  As you work with your lender, there are several options to consider to bring your loan current:

Reinstatement – This is a lump sum payment that brings your account current by paying everything you owe including missed payments and fees.

Forbearance – The lender agrees to a lower payment or no payment for a short period of time in return for higher payments thereafter or an extended loan term.

Repayment Plan – Under a written agreement, you pay more than the minimum monthly payment over a period of time to bring the account up to date.

Loan Modification – A permanent change to one or more of the terms of the loan including the interest rate, type of mortgage, or extending the time to pay the mortgage balance.

As a member of ECU, you can take advantage of the GreenPath Financial Wellness program, a free financial education and counseling program.  GreenPath counselors are available Monday through Thursday 8 a.m. to 10 p.m. (EST), Friday 8 a.m. to 7 p.m. and Saturday from 9 a.m. to 6 p.m. To use this service, simply call 1-877-337-3399 or visit them on the web at www.greenpath.com.