Other than a life-threatening illness, the end of a relationship or the death of a loved one, there are few things in life that can cause more stress and emotional pain than losing your job. If you’ve suddenly found yourself without a steady income AND you’re a homeowner, you’re undoubtedly dealing with some additional anxiety related to potentially losing your home.
Know Your Options
Finding yourself in a situation whereby you no longer have the financial means to continue making your mortgage payments can happen quicker than you think so if you find yourself in this scenario, your initial order of business is to know your options.
The first and most logical thing to do is to contact your lender. This is especially important if you have already fallen behind on your payments. Don’t wait for your lender to contact you. Reach out immediately and advise your lender of your current situation. Upon doing so, you may discover options available to you such as entering into a Forbearance Agreement or your lender might offer you a loan modification. If you have an FHA loan, you may also have additional options.
Be advised though that some options are only available to you while your mortgage is still current. If you start missing payments before you contact your lender, your options dwindle. Most lenders would prefer that you retain your home rather than lose it so the key is to speak to your lender immediately.
Aside from your lender, the Home Affordable Modification Program may be another option to provide you with financial relief. Its various programs are administered through Fannie Mae and have strict criteria regarding the eligibility of homeowners. To determine if you qualify, please visit the Home Affordable Modification Program website.
If you’ve exhausted all of your options and your employment status has not improved, the only practical remaining choice is to sell your house. This may be a difficult and unhappy reality but selling your home is better than losing it to foreclosure. Given your present situation, selling your home through a real estate agent can be an expensive and time-consuming process once you take into account the costs of repairs, potentially dealing with contractors to prepare the home to be listed, realtor commissions and other fees. There is also no guarantee that your home will sell quickly.
All Cash For Homes PGH takes a different approach to provide a faster solution. Contact us for a free, no-obligation offer to buy your home. We’ll purchase your home as-is so there is no need for repairs. We also don’t charge realtor commissions or other fees and cover all closing costs. Finally, we’ll pay with cash and close within 30 days.
Selling your home due to loss of employment may not be a pleasant experience. All Cash For Homes PGH is simply an option to consider as you continue your job search and begin rebuilding your financial life as soon as possible.