Steps To Take When A Job Loss Means You Can’t Pay Your Mortgage in St. Louis

Following recent crises in our country, such as the pandemic and economic instability, numerous individuals have encountered substantial challenges in various aspects of their lives. Health, emotions, family, finances, and employment have all been significantly affected. While some have managed to recover swiftly, national studies reveal that a majority of families are still in a worse position than they were in 2019, before life became more chaotic.

If you’re one of the hardworking individuals in St. Louis facing challenges, you’re not alone. Perhaps you’ve encountered the loss of a job and are struggling to meet your mortgage payments. Financial setbacks can happen swiftly, but there are options available to you. While we are not financial advisors, based on our experience and the inspiring individuals we have assisted, we can offer a few suggestions for navigating your current circumstances.

Options If You Have Lost Your Job and Cannot Pay Your Mortgage

1. Take Advantage of Your Benefits

After experiencing job loss, your first step should be to visit your local unemployment office. If you meet the eligibility requirements, they can provide assistance in managing your finances while you search for new employment. Although the benefits may be less than what you were previously earning, having some financial support is better than nothing, wouldn’t you agree?

It is also important to consider the safety net provided by local, state, and federal government agencies. There is no need to feel ashamed or embarrassed about applying for benefits. If you have experienced a job loss, you can start by visiting this website in St. Louis to explore available financial assistance. Fortunately, we live in a country that values and supports its citizens during challenging times. Many people face financial hardships, and seeking help is a wise decision. For more information about the benefits in Missouri that may be accessible to you, you can follow this link.

2. Make Some Phone Calls

Instead of abruptly canceling your cable, cell phone, and home internet services, consider reaching out to these companies to explain your situation. Often, they are willing to reduce your rate for an extended period or even provide a few months of free service while you get back on your feet. This same principle applies to major utility companies as well. The key is to communicate rather than simply ceasing payments or ignoring their calls. Remember, we’re all in this together, and these companies have innovative ways to assist. Once you’ve made these calls, you’ll have a clearer understanding of what your reduced bills will look like for the upcoming months.

3. Reexamine Your Personal Budget

Once you’ve explored your benefit choices and calculated your updated income, it’s crucial to carefully evaluate your budget. Identify the essential expenses that cannot be compromised and determine areas where you can make adjustments. While reviewing your finances, you might uncover surprising expenditures on items like food and entertainment. If you’re currently experiencing the possibility of foreclosure, we recommend reading this article.

Implementing spending cuts can be challenging, especially when you have children. However, now is the perfect time for the entire family to unite and embrace making sacrifices. Even small expenses like ordering takeout or going to the movies can help stretch your budget while you actively search for a new full-time job.

4. Take into Account Your Timetable

Unfortunately, the duration of unemployment is uncertain. If you have savings, it’s important to determine how long you can responsibly rely on them before exhausting them completely. It’s crucial to plan for the future and anticipate any significant and unavoidable expenses that may arise in the next six to twelve months, such as homeowner’s insurance, school tuition, taxes, and so forth, and devise a strategy to cover them.

If you’ve exhausted your savings and are facing challenges in the St. Louis job market, you might find yourself in a situation where selling your home is the most viable option. Coming to the realization that you have to sell your home to meet your financial obligations is undeniably difficult. However, it’s important to remember that you’re not alone in this journey.

What Happens Now?

If you have confidence in your ability to manage and maintain your finances for an extended period of time, selling your home through a reputable real estate agency could be a viable option. However, it is important to note that certain minor repairs and thorough cleaning may be necessary before listing your property. Furthermore, it is essential to be prepared to showcase your home whenever a potential buyer expresses interest.

It is crucial to carefully evaluate the desired profit needed to sustain your household when contemplating a sale. Additionally, you should assess whether you can accommodate potential deductions from the sale price due to listing fees and commissions. If you have concerns about the final proceeds, this assessment will provide clarity.

If you have the time, you can take care of the sale yourself. However, it’s important to thoroughly research all the required paperwork, which will be solely your responsibility. Additionally, familiarize yourself with how to handle tasks like inspections and confirming buyer financing. By avoiding overlooking any crucial aspect of the sale process, you can prevent finding yourself in a worse situation and suffering significant losses.

At Fast Lane Real Estate, we understand the unpredictable nature of life. Sometimes, we must sacrifice things we hold dear to secure our future. In St. Louis, we specialize in buying houses as-is, even those with mold, extensive repairs, or in need of thorough clean-up. We can even handle the removal of unwanted furniture or items for you. So, if you’re facing the need to sell your home due to a job loss, we’re here to help.

Our team of knowledgeable experts is ready to assist you in quickly selling your home for cash. This will provide you with the breathing room, peace of mind, and flexibility to pursue a great new job. Fast Lane Real Estate purchases houses throughout Missouri, including areas like St. Peters, Fenton, St. Charles, and more.To learn more about our process, click here. You can also read our testimonials here or watch videos of satisfied clients. For a more personal touch, feel free to contact one of our friendly professionals at 314-310-8338. We can provide you with a no-obligation quote within 24 hours. If you accept our offer, we can close the sale and give you cash in as little as one week. Best of all, there are no fees, commissions, or closing costs. We genuinely wish you the best and please let us know if we can be of assistance.