Mortgage Options after a Job Loss

Keeping or Selling Your House After Job Loss

Eighty percent of workers in the U.S. live paycheck to paycheck, reports NBC. That leaves little wiggle room for a surprise as unwanted as a job loss. With food, electricity, gas, and other necessities hitting your wallet, paying your mortgage on top of it all can seem like too steep a hill to climb.

Even with some emergency savings in the bank, the one-two punch of losing your job and meeting your mortgage payments can quickly deplete them. So, what can you do when you lose your job and can’t pay the mortgage anymore?

Help for keeping your house after a job loss

If this is the situation in which you find yourself, understand that help is available. Your bank, the local government, and even federal agencies don’t want you to lose your house. Homeownership has proven to be an essential ingredient of stable communities that enjoy lower crime rates, improved health, and more charitable activity.

If you can’t afford your mortgage after a job loss, you may be allowed to modify your existing mortgage, temporarily lower your monthly payment to a maximum of 31 percent of your gross monthly income, or even get the loan servicer to suspend payments.

Programs available to unemployed homeowners include:

  • Home Affordable Unemployment Program (UP): UP provides a temporary reduction or suspension of mortgage payments for at least 12 months while you seek employment.
  • Federal Housing Administration (FHA) Special Forbearance: If you are having difficulty making mortgage payments because you are unemployed and have no other sources of income, you may be eligible for FHA’s Special Forbearance. A special forbearance might provide you more time to get caught up or begin making regular monthly payments while delaying repayment of the back payments owed.

Moving into the future after a job loss

Even if you proactively communicate with your lender, participate in available programs, and look for work every day, you might reach a point where selling your house is the best option. Selling your house after losing your job may allow you to select more affordable housing and make a fresh start, perhaps in an area with more jobs.

If you find yourself in this position, HomeGo will work to put your mind at ease and make the process as smooth as possible. We even make it possible to sell your house before any official foreclosure activity occurs and makes its way to your credit history.

In fact, HomeGo provides a remarkably fast path from financial distress to being free and clear of your mortgage by:

  • Purchasing the house in as-is condition, without requiring you to make any repairs
  • Sidestepping closing costs and other traditional real estate fees
  • Working on your schedule for a stress-free move

Selling your house fast when unemployed

Three straightforward steps allow you to sell your house fast when unemployed:

  1. Provide your address and tell us about your home. We buy homes as-is, so you don’t have to worry about putting more money into it.
  2. Schedule a quick, 10-minute walk-through of your property. We’ll come to you, often the very same day you provide your address.
  3. Accept our offer and consider your home sold. Then move on your timeframe, whether it’s today or in 90 days.

Overcoming a job loss and the financial fallout from such hardship can put a great deal of strain on anyone. At HomeGo, we understand that and are prepared right now to alleviate the stress you’re under. Contact us today to start the next chapter of your life tomorrow. Call 866-507-9030 to see how we can help you sell your house fast and at no cost to you!