What To Do When You Lose Your Job and Can’t Pay A Mortgage
Losing your job is certain to be one of the most upsetting and difficult events that many people face in their lives. But this challenge becomes even more devastating when you realize that you can’t pay your mortgage and could also be facing the loss of your home. There are some important steps that you need to take as soon as possible in an effort to save your home and your credit rating.
Any time you have a financial issue that will impact your ability to make a mortgage payment, the first thing you should do is contact your lender. Many lenders will offer a forbearance agreement which will allow you more time before the lender begins the foreclosure process. This can be enough time to find another job or to make other arrangements without suffering the foreclosure.
If you have a good chance of getting a job within a month or two, you can use credit card advances or other loans to help pay your mortgage and other bills so that you don’t lose your home and decrease your credit score. In addition, there is always the option of selling items such as a second car, collectibles or other household items to pay your mortgage.
If you are facing long-term unemployment, you are far better off to sell your home than to wait for it to go into foreclosure and lose any equity that you might have. Selling to a traditional buyer can take months and could require an investment to make repairs, clean and prepare the house for pictures and an open house. And even after making that investment, there is no guarantee that your house will sell quickly or for your asking price.
When time is critical, your best option is to contact the buyers at Higher Offer to secure a cash offer for your home. This real estate investment firm can make you an offer and complete the deal in just days or weeks as opposed to waiting months for your home to sell to a traditional buyer. And you are under no obligation to sell to Higher Offer after we quote you an offer amount.
When you choose to take our offer we will provide all of the documentation, and all you do is sign the agreement and take your money. You have no out of pocket expenses for a realtor or a broker. The money that we pay you for your home is yours. Contact Higher Offer today to learn about our process and how you can make the smart choice to sell your home and protect your financial future.