The financial responsibility of a monthly mortgage payment can be stressful on its own, but you may be even more concerned about your home investment if you've recently lost your job. Fortunately, there are some things you can do and places you can turn if you're not yet certain where your next paycheck will come from. If you're struggling with newfound unemployment, here are some important steps to take.
Shake The Piggy Bank
Most people struggle to save, and that means they don't necessarily want to dip into savings when it comes to financial difficulties. Unfortunately, if a job does not appear quickly, you may have to rely on the money you've accrued to help you out. It's important to look at how much savings you have and determine how long it will last. Instead of just calculating your monthly payment and leaving it at that, be realistic and include all your applicable living expenses to see how much leeway you have.
Reach Out To Your Lender
It may seem like mortgage lenders will not be concerned with your plight, but it can be to your benefit to reach out as soon as you think there might be a lapse in payment. While it's possible your lender may be able to offer you some type of payment plan if they're provided with a timeframe for payment, they will be impressed with your ability to communicate effectively. If you have a solid credit history and have made all your payments on time, contacting your lender may buy you a little bit of more time.
Contact Your Government Agency
If you've used a government agency to secure your mortgage, there's a good chance there may be a program available that will assist you in getting through this financial time. Whether you've worked directly with the Federal Housing Administration (FHA) or Fannie Mae and Freddie Mac, you may be able to find an opportunity in your unemployment that will cover your loan amount for you. It's just important to be aware of any financial consequences once you're back on your feet.
It can be very stressful to pay down your mortgage while you're out of work, but you may be able to get through it by being aware of your financial picture and communicating with your lender. If you're currently struggling with your mortgage, you may want to contact one of our local mortgage professionals for more information.