In the aftermath of our nation’s recent traumas, such as the pandemic and financial upheaval, individuals have been confronted with numerous crises in their health, relationships, pocketbooks, and careers. Although some individuals were able to recover quickly, national studies reveal that a majority of households are still in worse shape than they were prior to life becoming chaotic in 2019.
Are you one of the many industrious people in Houston who are still striving to make ends meet? Have you been laid off and can no longer afford your mortgage payments? It seems like financial setbacks are happening faster than ever. In this kind of situation, what are your alternatives? Although we aren’t financial gurus, our team has collaborated with many folks in similar positions and can offer some recommendations based on our experience.
Options If You Have Lost Your Job and Cannot Pay Your Mortgage
1. Take Advantage of Your Benefits
After facing a job loss, the first step is to head to your local unemployment office. If you are eligible for benefits, they may provide aid in balancing your finances while searching for new employment opportunities. Even though it likely won’t match up with what you were taking home previously, something will always be better than nothing!
Do not feel ashamed to tap into the safety net provided by your local, state, and federal government. You are entitled to these services so take advantage of them as soon as possible. If you’ve experienced job loss in the Texas, this website can provide financial relief and assistance. We are incredibly fortunate to live in a country that prioritizes the care and wellbeing of its citizens during hard times. Everyone experiences tough financial moments at some point, so it is wise to seek aid when needed. You can follow this link to find out more about benefits in Houston, TX that may be available to you.
2. Make Some Phone Calls
Rather than canceling all of your services such as cable, cell phone, and broadband internet at once, get in touch with the companies directly. In many cases, they will be willing to reduce your rate for a period between 6 months or more without charge while you rebuild yourself financially. Moreover, principal utility suppliers can offer a sense of relief if you reach out to them. The most critical aspect is to stay in communication with them. It’s essential not just to stop paying your bills or answering their calls – they acknowledge that we are all facing this together and have inventive ways to assist us through it. After making the necessary phone calls, you’ll be aware of the amount for reduced payments over the next few months!
3. Reexamine Your Personal Budget
Now it’s time to analyze your budget in-depth. Decide which items are absolutely essential and what can be eliminated from the list of expenditures. You may find that you spend more than expected on food, entertainment or other costs when you examine your finances closely and make adjustments accordingly. After investigating benefits options, calculating new income and reviewing spending habits objectively – you’ll be able to gain financial control over your life! If you are facing foreclosure, read this.
Cutting back on costs can be hard, particularly if you have kids to look after. Now is the time for everyone in your family to put forth some effort and make certain sacrifices – even small expenses like ordering take-out or going out to the movies can assist you in stretching your budget while searching for a new full-time job.
4. Take into Account Your Timetable
Unfortunately, is no way to anticipate the duration of your unemployment. If you have money saved up, think about how much you can withdraw without draining it all away. You need to plan ahead for the long run and consider any unavoidable expenses that will come up in the upcoming 6-12 months (like property insurance premiums, school tuition fees, taxes etc.) and be prepared to cover them.
Running out of savings and facing a difficult job market in Houston can make it feel like selling your home is the only way to meet financial obligations. It’s never easy coming to terms with this conclusion, but take comfort knowing you are not alone. If you find yourself at that point, remember there are resources available to help support you through the process.
What Happens Now?
Do you have the financial means to sustain yourself for up to a year? If so, selling your home through a real estate agency is an option. However, bear in mind that minor repairs and deep cleaning may be required before doing so. You should also expect potential buyers to request viewing of your property at any moment’s notice.
It is imperative to determine how much profit you need from the sale to maintain your household, and if that number includes what may be lost in listing fees or commissions. Consider whether such a decrease would still secure enough income for you before putting it up on the market.
If time permits, you can manage the sale yourself. Nonetheless, it is essential that you do your research on all imperative paperwork (which will be solely your responsibility) as well as how to approach inspections and buyer funding confirmation properly. Don’t put yourself in a vulnerable position by bearing excruciating losses due to neglecting an integral part of the sales cycle.
Here at Sound Homebuyers, we understand that life can be full of surprises. Often times, it’s necessary to sacrifice what we hold dear in order to ensure a secure future for ourselves and our families.. In Houston, we buy houses as-is, including those with mold, those in need of major repair, clean-up, and more. If you suddenly need to sell your home due to a job loss, we can help. Our experienced professionals are ready and willing to provide cash for your house on short notice so that you can reclaim some breathing room while searching for the perfect new opportunity. We even offer furniture removal services – just point us in the right direction and watch as all of those unwanted items disappear! Let our experts make selling your home during these trying times simple, swift, and stress-free. Discover how our process works and get started now by clicking here! You can read our Google reviews by clicking. If you’d like to discuss your needs with one of our knowledgeable professionals, don’t hesitate to give us a call at 832-966-3533. We can provide you with an obligation-free quote usually within 24 hours and if it meets your approval, we’ll finalize the sale quickly – just in 7 days! Moreover, there are no additional charges, commissions or closing costs involved. So why wait? Reach out today and let’s see how we can help make things easier for you.