Steps To Take When A Job Loss Means You Can’t Pay Your Mortgage In Georgia

After the recent crises in our country including the pandemic and economic instability, many people have faced significant challenges such as financial instability, health, family, and employment issues. Some have been able to bounce back, however,  studies show that a majority of families are still struggling more now than ever. 

Maybe you are one of the many hard-working people in Georgia who are still struggling.  Maybe you are someone who has lost your job and cannot pay your mortgage.  Perhaps due to the recession,  things are going backward financially very quickly.  What are your options? We are not financial advisors, however,  we can make a few suggestions based on our experience and the amazing people we have been fortunate to work with who have found themselves in a similar situation.

Here Are Some Options If You Have Lost Your Job and Cannot Pay Your Mortgage

1. Take Advantage of Your Benefits

If you have lost your job, one of the first things you should do is visit your local unemployment office. You may qualify for benefits and receive assistance in balancing your finances while searching for work. It may be less than your previous take-home pay, but it’s a start, right?

You can also look into options provided by the local, state, and federal government agencies. Do not be embarrassed about applying for benefits. You can begin by looking at this website in Georgia for financial benefits during unemployment.  Thankfully, we live in a country where we believe in and are able to care for our fellow citizens during difficult times. Almost everyone experiences difficult financial hardships. Taking advantage of help is the wise thing to do. You can follow this link to find out more about the benefits in GA that may be available to you.

2. Make Some Phone Calls

Hold off on canceling all of your services like cable, cell phone, and internet. Many times you can call these companies and let them know your situation. Often, they will reduce your rate for 6 months or more, or even give you a few months to pause your services while you get back on your feet.  The same can be said for major services like utility companies. The point is to communicate. Do not just stop paying your bills. Answer the phone when they call and explain your situation. They will most likely understand and have innovative ways to help. Once you do this, you will have a better idea of what your bills will look like for the next several months.

3. Reexamine Your Personal Budget

Once you’ve looked into your benefit options and have calculated your new income, it’s time to take a hard look at your budget. Most people don’t like to look at a budget or make one, however, it is important you tell your money where to go, not the money or lack of telling you what you can do.  You should first determine which items are non-negotiable and which can be cut out. When you examine your finances, you may discover that you are spending more than you realized on items such as food and entertainment. 

Tightening your budget can be difficult, especially if you have children, but now is the time for everyone in the family to learn the importance of budgeting and becoming financially wise. Even limiting small expenditures such as grabbing that morning coffee or going to the movies can help you stretch your budget while you look for a new full-time job.

4. Take into Account Your Timetable

Unfortunately, no one will be able to tell you how long you may be jobless. However, if you have a savings account, determine how long you can safely withdraw from it without completely depleting your funds. You’ll need to plan ahead for the long term and take into consideration any significant, unavoidable expenses that will arise in the next six to twelve months such as insurance, taxes, and school tuition, and how you will pay for them.

If you do not have any savings and the job market continues to be a challenge in Georgia, you may find that selling your home is your best option.  It can be extremely difficult to come to the conclusion that selling your home may be the best option in order to meet your financial obligations. However, if you find yourself there, know that you are not alone.

What Happens Now?

If you feel that you can budget wisely and keep your finances in order for up to a year, you could sell your home through a real estate agency. You’ll most likely need to make some minor repairs and deep clean your home.  You will also need to be prepared to show your home whenever a buyer requests it.

You also need to take into consideration how much profit you will need from the sale of your house in order to stay afloat. You will also need to take into account that using a real estate agent will cost you a portion of the sale price to listing fees and commissions. Another option would be to sell your home at Auction. Learn more about this process here.  

If you have some time, you may be able to handle the sale yourself. However, do your research on all the necessary paperwork (which will be your sole responsibility) as well as how to handle things like inspections and buyer financing confirmation. When handling a home sale yourself, you must avoid putting yourself in a difficult situation by suffering a significant loss as a result of overlooking an important aspect of the sale process. You can compare all of your home selling options here.

At We Buy The Southeast, we understand. We know that life is can be unpredictable. Occasionally, we must give up the things we cherish in order to safeguard our future. In Georgia, we buy homes as-is, including those with mold, those in need of major repair, clean-up, and more. We can even move all of your unwanted furniture or items out for you. So, if you find yourself in need of selling your home due to a job loss, we can help you. Our knowledgeable experts are standing by to assist you in selling your home quickly for cash so that you can gain some breathing room, peace of mind, and the flexibility to find a great new job. You can learn more about how our process works by clicking here. If you would like to talk more to one of our friendly professional experts, Call us at 866-987-0072 today or fill out our form with your information. We can provide you with a no-obligation quote usually within 24 hours. If you accept the offer, we can close and give you cash in as little as one week. There are no fees, commissions, or closing costs. We hope the best for you. Let us know if we can be of help.

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