Treat your Mortgage like the guy (or gal) you pay first!

And 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 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, you’ll find that there are several options to consider that will make it easier 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 short time period) 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 New Dimensions Federal Credit Union, 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 new service, simply call (877) 337-3399, visit, or you may contact Tanya Verzoni, NDFCU’s Director of Financial Education at (207) 872-2771 during normal business hours.  At New Dimensions, it is our goal and mission to assist while you successfully navigate your financial journey.