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

After the recent crises in our country including the pandemic and economic instability, many people have faced significant challenges with their health, emotions, family, finances, and job. Some people have been able to bounce back rather quickly, but national studies show that a majority of families are still worse off than they were in 2019 before life became crazier.

Perhaps you are one of the many good, hard-working people in Pittsburgh who are still struggling.  Perhaps you have lost your job and cannot pay your mortgage.  Perhaps things are going backwards financially very quickly.  What are your options? We are not financial advisors, but we can make a few suggestions based on the work we do and the great people we have worked with who have found themselves in your type of situation.

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

1. Take Advantage of Your Benefits

After losing your job, the first thing you should do is visit your local unemployment office. If you qualify for benefits, they may assist you in balancing your finances while you look for work. It will almost certainly be less than your previous take-home pay, but something is better than nothing, right?

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 Pittsburgh for financial benefits in a job loss. Thankfully, we live in a country where we believe in and are able to care for our fellow citizens during difficult times. Most everyone goes through difficult financial hardships and taking advantage of help is the wise thing to do. You can follow this link to find out more about benefits in PA that may be available to you.

2. Make Some Phone Calls

Do not just cancel all of your services like cable, cell phone, and home internet. Make some calls to these companies and let them know your situation. Often, they will reduce your rate for 6 months or more, or even give. u a few months for free while you get back on your feet.  The same is true with major services like utility companies. The main thing is to communicate. Do not just stop paying. Do not just stop answering your phone when they call. They understand we are all in this together and they have innovative ways to help. Once you have made some calls, you will know what your new reduced bills will look like for the next several months.

3. Reexamine Your Personal Budget

After you’ve looked into your benefit options and calculated your new income, it’s time to take a hard look at your budget. Determine which items are non-negotiable and which can be trimmed. When you examine your finances, you may discover that you are spending more than you realized on items such as food and entertainment. If you are facing foreclosure, read this.

Spending cuts can be difficult, particularly if you have children, but now is the time for everyone in the family to dig in and make sacrifices. Even small expenditures such as ordering takeout 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

Regrettably, no one can predict how long you will be jobless. If you do have savings, determine how long you can safely withdraw from them without completely depleting them. You’ll need to plan ahead for the long term and consider any significant, unavoidable expenses that will arise in the next six to twelve months (homeowner’s insurance, school tuition, taxes, etc.) and how you’ll pay for them.

If you have depleted your savings and the job market continues to be a challenge in Pittsburgh, you may be in a sitatuoin where selling your home is your best option.  It’s extremely difficult to come to the conclusion that you must sell your home in order to meet your financial obligations. However, if you find yourself there, keep in mind that you are not alone.

What Happens Now?

If you believe you can budget and keep your finances together for up to a year, you could sell your home through a real estate agency. You’ll almost certainly need to make some minor repairs and deep cleaning to your home. Additionally, you should be prepared to show your home whenever a buyer requests it.

You should seriously consider how much profit you require from the sale to keep your household afloat, and determine whether you can afford to lose a portion of the sale price to listing fees and commissions if you are concerned about how much money you may receive at sale.

If you do have time, you can handle the sale yourself. However, do your homework on all necessary paperwork (which will be your sole responsibility) as well as how to handle things like inspections and buyer financing confirmation. Avoid putting yourself in a worse situation by suffering a significant loss as a result of overlooking an important aspect of the sale process.

At 717 Home Buyers, we get it. We know that life is typically unpredictable. Occasionally, we must forego the things we cherish in order to safeguard our future. In Pittsburgh, we buy houses 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 assist 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. You can read our Google reviews by clicking here or watch some videos of satisfied clients here. If you would like to talk more to one of our friendly professional experts, Call us at 717-639-2164 today. We can give you a no-obligation quote usually within 24 hours. If you accept the offer, we can close the sale and give you cash within just as little a one week. There are no fees, commissions, or closing costs. We hope the best for you. Let us know if you feel we can be of help.

About Josh Eberly

A native of Lancaster County, Josh’s roots run deep in his commitment to this community. He especially enjoys helping people find solutions through real estate. Josh is a seasoned investor with experience in many sides of buying and investing in real estate. Josh enjoys reading, listening to podcasts, digital marketing, and hanging out with his family. Feel free to connect with him here.

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