How to Handle Job Loss
One of the most important components of managing job loss is dealing with your finances, specifically your mortgage. In April of 2018, there were 1.7 million discharges and layoffs in the United States? More so, this is about average for the month, which indicates job loss is not something that happens only to some people. It can happen to anyone— and it does.
Take a Deep Breath
The first step in the process is to focus. Losing your job is difficult, but it isn’t something that has to stay that way. You can get another job. Most people will lose a job in their lifetime at least once, and that’s okay.
It’s always going to be important to have a bit of worry in the back of your mind. It helps you to realize that you need to do something to get things back to a normal level. What’s important for most people who have just lost their job is to pull themselves together to focus on the future. The good news is the job market is highly competitive and new opportunities are out there to help you to make a change.
Take a deep breath. Recognize your reality.
Job loss is something most people face every few years. It happens to everyone.
Now, realize you don’t have to just sit there. You have new opportunities to explore!
View Job Loss As An Opportunity
Most men and women spend a lot of their time unsure about what to do once they’re blind-sided from losing a job. However, you can view this as an opportunity to move yourself and your career forward.
You may be able to find a job in an area that you enjoy more thoroughly. What if going to work each day could be rewarding for you? You may like the work you were doing, but what could make it a bit better and more exciting for you? Look at this job loss as your chance to explore something new that could achieve these goals.
You may, on the other hand, find work that allows you to do something new that you love. Many people leave jobs because they simply hate the work. They may struggle with the day-to-day tasks, or they may have no trouble at all with the work. They just don’t like doing it. If it doesn’t excite you to get up each day, why do it anyway? Now, you have the perfect opportunity to explore something new.
While job loss seems like the end, it could very well be the beginning of something better for you. What could this mean for you and for your future? The options are endless!
Talk to a licensed HomeGo agent today.
What To Do After a Job Loss
Right now the goal is to shore up what you own and minimize any further loss. Remember, you have to be focused, determined, and wise when it comes to protecting your family after a job loss.
This may give you some financial support while you are unable to work. Unemployment can be available to many people who lose their job, depending on the reason for it.
What are you paying each month? What can you reduce from your budget? Think about savings, retirement accounts, and those extra services you are paying for that you don’t really need right now.
When you have job loss, mortgage payments are still due. You’ll need to work closely with your budget to ensure you don’t fall behind on them. Should you keep making these payments? Is now the time to get out from under a loan you cannot afford? Start thinking about a plan here.
The company’s human resource manager can give you some insight into the options you have. Generally speaking, you’ll have some time to find a new insurance plan or to enter into COBRA. Maintaining your health insurance is a critical step.
Start Building on Your Career Goals
You have a variety of opportunities to do this right now, though. Think about your resume – when did you last update it? Have you placed it on the job boards online? What about LinkedIn? Updating this can give you an important opportunity to begin networking to find the job of your dreams.
You may be able to work part-time for a bit to keep money coming in. This can also be a great way to get into a new career or area that you may not have a lot of experience with just yet. Volunteering is also fantastic – it helps you find paid positions in areas you’re interested in.
Bring Yourself Back to Health
This is also a good time to focus on your physical and mental health. When you walk into a job interview, you don’t want to be the person desperate for a job – you want to be the one ready and motivated to work hard. That shows in your mental state.
A Homeowners Options After job Loss
In the meantime, there are a few ways to generate income from your home that could give you some of the support you need right now. The sooner you take action to do this, the better. For example, you may want to rent out a room for a few months to generate a few extra dollars to pay toward the mortgage payment.
There are programs available to help those in need. Some lenders are more than willing to work with you on this. Then there’s the risk of having credit card damage and trying to rebuild your credit after a significant blow to your income. It doesn’t always work out well.
When it comes to job loss, mortgage loan payments are going to be hard to make now, but they will also be harder to catch up on later. For this reason, think clearly about this. If you don’t have the ability to get caught up, it may not be an option for you to use any of these programs. Still, it is worth talking to your lender about if you believe you will be in a job soon.
However, foreclosure can get rid of a lot of your legal liabilities and can help you to move on. There’s no doubt that foreclosure can be a difficult situation, but for some, it may be necessary.
Bankruptcy can offer some help if that happens – you’ll be able to get rid of a lot of debt, may get rid of some of the fees and extra costs on your mortgage and you get a fresh financial start.
What options do you have? After job loss, your focus must be on improving your financial health. Selling your home may be one route to take to make this happen, especially when you have a buyer ready to go.
Schedule a no-obligation home tour, or talk to a HomeGo agent today.
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