Options If You Are Unemployed but Have a Mortgage

Losing your job is stressful for many reasons, but maybe the worst is the thought of it costing you your home. But that can happen very easily if you are out of work for several months and have no other source of income. Your bills are piling up and even if you had an emergency fund, that money goes quickly. So you will want to be sure to know what your options are and act fast.

It can be very easy to tell yourself that you are going to take a day or two to get over the depression of losing your job. But the truth is that you have not a minute to waste. You need to begin looking for income immediately. Sure, you might not be able to get a job the next day but you can start getting some money together from other sources. You can buy yourself some time by selling unwanted or unneeded items. If you have a second vehicle then sell it to keep your mortgage paid. If you have a boat or ATV sell that to pay for food, insurance and utilities. All of the items that you sell are things that you can replace after you are back to work and your home is not at risk of being foreclosed on.

You can also look for ways to make money using a part of your home. See if you can find someone to rent an extra bedroom. Having a roommate might not be a perfect solution but for a short time it is a small price to pay to save your house. You might also consider renting out storage space in your attic, basement or garage. Every little bit that you can earn and save is a little bit longer you can avoid foreclosure and the loss of your home.

In addition to finding creative ways to earn money, you will want to reduce your living expenses as much as possible. This might mean giving up some expensive cable channels, cancelling a gym membership or giving up nights out at expensive restaurants, but the savings can help you to pay your bills and keep your home. When you feel like you need a treat then rent a movie and order a pizza but keep saving and working to find ways to be frugal.

If you are not able to find employment in a month, then you will want to consider how long it could be before you have a job and decide if you will be able to keep up on mortgage payments. If you are not sure that you can make the payments then you need to consider a fast sale of your home before you lose it and all of the equity that you had built in it. Visit our website to learn about your options of selling quickly to an investor to avoid foreclosure. The team of realtors can assist you in making a smart choice that will meet your needs now and in the future.

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