Job loss: What can you do to stay in your home if you are not working or earning any money?
Job loss can be a very emotional process to live through, and it causes a broad range of practical issues that need resolving as quickly as possible. How are you going to pay your essential bills? How can you put food on the table? And perhaps most urgent if all: how are you going to keep a roof over your head.
If you do not receive any warning about the job loss, the need to act quickly is of paramount importance. Several issues need to be considered right off the bat, including whether or not you’re able to find help with paying a mortgage when unemployed.
Make your mortgage repayments your priority
The chances are your mortgage repayment is your single largest monthly commitment. It, therefore, makes sense to make this your top priority. Unless you have insurance that covers unemployment and pays your mortgage for you, you will either need to find the money to cover your repayments, reach an interim agreement with your loan provider or find a different solution.
What should I do first if I lose my job? Talk to your mortgage provider
Call your loan provider and tell them that you’ve lost your job. You might be able to arrange an interim solution, such as a payment holiday. The provider will give you advice on what to do next, and how to avoid losing your home further down the line. Financial institutions have a legal responsibility to help you keep your home, so be completely upfront and honest.
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