Keeping Your Home After a Job Loss
You love your home. You want to remain in it long term. When it comes to job loss mortgage payments have to be a top priority in this situation. That is, you simply cannot miss a payment if you want to remain in the home. This means thinking creatively to find ways to reduce your costs, but also ways to increase your income. There may be some tools available to help you to get your income up to help cover your mortgage costs.
Duration of Unemplyment in the United States
After a job loss, money becomes a critical tool. To remain in your home, you’ll need to find a way to keep paying the mortgage without your employment income. This means finding new ways to generate money from your property.
• Your home is modern and updated enough to attract visitors.
• Your home is located in a popular area or destination for either business or personal travel.
• You are able to find a place to stay while you have people visiting.
This type of home share setup can be very successful for many people because it gives them a nice chunk of money for each stay. However, you’ll have to compete with others in the area for a place to stay and have a place to go while they are visiting.
• You have a basement or larger space you can rent out. This is even better if that space has a separate entrance.
• You can provide a person like this with privacy. A separate bedroom is essential, for example.
• You have enough space to allow another person to comfortably living within your home.
If you have these features, renting a portion of your home can be an income-producer for you. It may allow you to charge enough to make your monthly payments. However, it is important to check with local law about codes that may restrict rental properties in your area.
The Emergency Homeowners’ Loan Program is available to those eligible homeowners who experience a drop in their income of at least 15 percent. That income drop must come from underemployment due to economic conditions or a medical condition or due to an involuntary loss of unemployment. If you qualify for it, you may be able to get all of your past-due mortgage payments caught up. It can also pay the property owner’s mortgage payment for as long as 24 months with a maximum payout of $50,000. The program is available in many states.
Some limits apply, such as being at least three months behind on your mortgage payments with the likelihood that you will lose your home to foreclosure. Here’s the hard part, though. While you may be facing foreclosure, you have to have the means to resume making payments. That means you need to be working towards getting a job.
HomeGo Can Help.
For many people, selling their house in as is condition is the simplest, most straightforward solution to job loss.
HomeGo is the nation’s largest home buying company, and we’re bringing professional experience, transparency, and assurance to homeowners who want an easier way to sell.
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Check out more of our information on job loss.
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