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

Since the beginning of 2020, our country has faced plenty of crises including a pandemic and economic instability. These hardships have taken a toll on people’s health, emotions, relationships, finances, and employment. Some individuals rebound quickly after difficulties befall them but recent studies show that many families are worse off now than they were in 2019.

Maybe you are one of the many individuals in Clarksville who work hard but still battle. Possibly, you lost your job and can’t afford your mortgage. Perhaps things are quickly getting worse financially. What options do you have? We aren’t financial advisors, yet we can give a few suggestions based on our line of work as well as the amazing people we’ve worked with that were once in your shoes.

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

1. Take Advantage of Your Benefits

Your local unemployment office is a great place to start after you lose your job. If you qualify for benefits, the office may help you with maintaining your finances as continue your search for work. The amount of money will probably be less than what you’re used to, but it’s still better than nothing.

You can also check on the safety net provided by the local, state, and federal government. Do not be embarrassed about applying for benefits. You can start at this website in Clarksville for financial benefits in a job loss. We are fortunate to live in a country that looks after its citizens during difficult times. Nearly everyone will experience tough financial situations at some point, and it is wise to take advantage of help when it is available. You can follow this link to find out more about benefits in TN that may be available to you.

2. Make Some Phone Calls

Do not just cancel all of your major services like cable, cell phone, and home internet. Make some calls to these companies and let them know your situation. Often, they will be willing to work with you by reducing your rates or even giving you a few months for free while you get back on your feet. The same is true for major services like utility companies. The most important thing is to keep the lines of communication open. Do not just stop paying your bills or answering phone calls from them. They understand that we are all going through tough times right now and they have programs in place to help. Once you make a few calls, you will get an idea of what your reduced bill payments will look like for the next few months.

3. Reexamine Your Personal Budget

Once you know your benefit options and how much money you’ll be making, take a close look at your budget. See which expenses are essential and which ones can be cut back on. You might find that shaving some off of areas like food and fun may save more than expected.

Making spending cuts can be tough, especially if you have kids. But it’s important for everyone in the family to make sacrifices during this time. Try cutting back on small expenses like takeout or movie nights. This will help you save money while you’re looking for a new job.

4. Take into Account Your Timetable

While it’s hard to tell how long you’ll be unemployed, start by evaluating your savings. Determine how much you can withdrawal without depleting them entirely. You should also plan for any big expenses that may come up in the next year or so, like tuition or taxes. Knowing this information will help set you up for success during your job search.

If you have depleted your savings and cannot find a job in Clarksville, you may be forced to sell your home. It’s an extremely difficult decision to make, but keep in mind that you are not alone.

What Happens Now?

If you’re reasonably confident you can keep your finances together for at least a year, selling your home through a real estate agency might be an option. You’ll likely need to do some minor repairs and deep cleaning first, and be prepared to show your home on buyers’ schedules.

Decide how much profit you need from the sale to maintain your household, and contemplate if you’re okay with making less money at the sale by factoring in listing fees and commissions.

If you’re willing to put in the time, you can handle the sale by yourself. But, be sure to research all of the essential paperwork (which will fall solely on your shoulders) as well as how to manage other facets of the sale such as buyer inspections and financing confirmation. You can avoid losing money by making sure you understand all aspects of the sale process.

At Integrity House Buyers, we understand that typically, life is unpredictable. There are moments when we must cross out the things we love to ensure our safety in the future. For example, in Clarksville, we buy all types of houses- even those with mold or water damage. We will also haul away any unwanted furniture or items for you. So if selling your home has become a necessity due to job loss, let us help you ease into this difficult time. The last thing you want is to face foreclosure on your home so it’s important to act quickly in this type of situation. Some people wonder, will I get a fair price? At Integrity House Buyers, our knowledgeable experts are standing by to assist you in selling your home quickly for a fair price so that you can gain some breathing room, peace of mind, and the flexibility to find a great new job. We know how challenging it can be to sell a house fast, but we’re here to help! You can learn more about how our process works by clicking here. You can read our Google reviews by clicking here or watch some videos of satisfied clients here. If you want to talk to one of our professional experts, please give us a call. Our number is- 931-213-6951. We can give you a free, no-obligation quote usually within 24 hours. If you choose to accept this offer, the sale will be closed and you will receive your cash payout within 7 days. Keep in mind that there are zero fees, commissions, or closing costs associated with this deal. We only want what’s best for you, so please let us know if we can help out in any way.

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