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