I Lost My Job & Cannot Afford My Mortgage: What Should I Do?

I Lost My Job & Cannot Afford My Mortgage: What Should I Do?

Job loss can happen to anyone at any time. With inflation through the roof and layoffs happening left and right, it’s no surprise more and more people are finding themselves unable to pay the bills. And when you can’t pay your mortgage, it can feel like the world is caving in around you.

If you’ve just purchased your dream home, dealing with job loss can be challenging. You might wonder: “Should I just sell my house fast in Polk County, FL and use the proceeds to pay outstanding debts and get back on my feet?” If you want to get out from burdensome debt, this certainly might be a good idea.

In the end, facing job loss can be tough. Here’s what you should do if you’ve lost your job recently and you’re wondering how you will pay the bills:

1.Figure Out Your Benefits

The first thing you need to do after getting laid off is visit your local unemployment office in Polk County. If you qualify for benefits, they will give you an amount that you can work with while you find a new job. While the unemployment benefits will be significantly lower than your previous take-home pay, they’re better than nothing.

And don’t let go of your health coverage. Out-of-pocket expenses can be quite high if you don’t have insurance, especially if you get hurt or fall ill. So no matter what—ensure that you’re still paying for your health coverage.

2. Take A Look At Your Budget

Take a hard look at your budget. Identify your essential and non-essential expenses. Look for ways to trim your budget. For example, if you notice that a large portion of your monthly income is spent on eating out, you can switch to cooking at home to save. Trimming your budget might be complicated, especially when you have small children in the house. But when the adult at home loses their income, it’s time for everyone to tighten their belts and make sacrifices. Even small things like avoiding going to the movies can help you stretch what you have until the next paycheck.

3. Plan, Plan, Plan

It’s difficult to predict how long you’ll be out of work. Make note of which expenses are unavoidable and draft a plan for paying these expenses. Understand what you have saved and figure out how much you can spend incrementally before you’re wiped out.

Even after careful financial planning, you might still be in a situation where you cannot scrape together enough to keep your household functioning. This is when you might even consider selling your home in Polk County, FL to pay outstanding bills. It’s a hard decision for sure, but it might be one you have to make.

If you’re looking to sell a house fast in Polk County, FL without spending thousands on repairs and agent commissions, you should reach out to cash home buyers near you.

At Central FL Houses, we understand that life is unpredictable. This is why we buy houses in Polk County, FL regardless of condition or location. Our experienced real estate investors can help you sell your home quickly, and we’ll pay in cash so you have some breathing room and flexibility while you look for your next job. Give us a call to sell your house the easy way.

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