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If you lose your job while on a mortgage, what do you do?

20 Answers

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  • L
    Lv 5
    2 months ago

    Look for another job A.S.A.P.  Miss 3 payments - and you get kicked out by the mortgage company.

  • 2 months ago

    If you pre-planned and have income insurance, you claim on that.

    If you have no income you see if you can take a payment holiday while you find a new job.

  • Rita
    Lv 6
    2 months ago

    Steps you can take if you lose your job while buying a house

    Pause your application. The most important thing to do after you lose your job is contact your lender. ...

    Secure a new job. Launching an aggressive job search is critical. ...

    Reduce your loan amount. ...

    Look for alternative income sources.

  • Kate
    Lv 7
    2 months ago

    First, speak with your bank or mortgage lender and advise them so you can make a temporary arrangement until you are re employed.

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  • Anonymous
    2 months ago

    Sell the real estate and live on the equity until you can find another job.

  • garry
    Lv 6
    2 months ago

    call the bank to differ the loan for a month or 2 , depends on your circumstances , banks hate foreclosing now , market price is down .

  • 2 months ago

    You use your savings, if you have any--while you look for another job quickly. Try not to use your credit cards. If you don't get a job within a month, notify your mortgage company and ask if there is a way to keep your mortgage current without making full payments--i.e., paying interest only. And for crying out loud--don't spend any money if you can help it. Buy ONLY the necessities. Ask your gas and electric company for help paying monthly bills. Buy VERY cheap groceries--eat a lot of spaghetti or rice. Don't eat out. Don't drive more than you absolutely have to. Don't buy clothes, shoes or jewelry. Apply for unemployment if you were laid off or let go for something that was not in your control. 

  • Ivan
    Lv 6
    2 months ago

    You get out and find other work tto keep the bills paid.

  • Anonymous
    2 months ago

    Schit yourself until you find a way to pay it. If you can't, the bank will foreclose on you eventually.

  • 2 months ago

    Find another job......A wise person has at least 6 months of income saved in case of a situation like that.

    If the job loss is due to covid-19 government insured mortgages will postpone payments.  You just have to fill out a declaration and submit it to the lender.

    In addition, in my state, California, evictions and forclosures are halted if caused by a covid hardship.  SB-91

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