UNEMPLOYMENT ISSUES
Are you facing unemployment issues? I have solutions that include FREE help, professional help and reduced monthly payments!
You may be facing challenges with unemployment, hour reduction or even wage reduction; all of which can cause havoc with your finances. To make matters worse is the fact that there is nothing you could do to prevent what happened! You can be part of the solution though.
There are so many personal situations that I could never cover all of the solutions here. I will, however, give you some of the common solutions to employment issues, but please know your situation deserves personal attention.
The two questions you need to ask yourself are:
- Do I want to keep my house?
- Do I know I cannot afford my home any longer?
Most people want to keep their home so we will start here. If you want to sell your home even if you are up-side-down with your mortgage click here.
FOUR COMMON STRATEGIES TO KEEP YOUR HOME
- Modify[1] your loan to reduce the payment amount and/or put all the missed payments on the back end of the loan. The beauty of this is strategy is that you can live in your home for months with no house payment while we negotiate a lower payment with your bank. You can even rent your home out & collect rent if you have or want to move!
- Forbearance [1] is a process that involves getting the bank to reduce your house payment to around 31% of your gross income.
- Bankruptcy[1] is an option but must be considered carefully and your selection of a lawyer is critical to your success.
- Lease Option[1] is an option that will work if you have some equity in your home.
COMMON ISSUES
You or your spouse have lost their job and have not been able to find another job.
A modification[1] will most likely not work because your income has to meet certain debt to income ratios. A forbearance may or may not work depending on your income level and your ability to gain employment. A chapter 13 or 7 bankruptcy may work if your income levels support what the outcome of the bankruptcy would be. A Lease Option is always available if you have equity in your home. Always remember that using a modification and forbearance combination can stall a foreclosure for months and even more than a year.
You or your spouse have lost their job and have been able to find another job.
A modification[1] has a chance to work if your debt to income levels support your bank’s modification guidelines. Forbearance also has a good chance to work because the situation that caused your payments to be late has been corrected. A Lease Option is always available if you have equity in your home. Always remember that using a modification and forbearance combination can stall a foreclosure for months and even more than a year.
Your employer reduced your wage and or you lost your overtime.
A modification [1] has a chance to work if your debt to income levels support your bank’s modification guidelines. A forbearance also has a good chance to work if you can show that your income levels will go back up or that your overtime will return. A Lease Option is always available if you have equity in your home. Always remember that using a modification and forbearance combination can stall a foreclosure for months and even more than a year.
There are many more employment situations that could apply to you. I am here to help you sort through all of it.
As you can see each employment situation is unique to you. Weather you choose to have me help you for no cost or you hire a professional I personally recommend for your modification, forbearance or lease option, I am here to listen to you and help you with the best solution out there.
