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How to Pay The Mortgage When You’re Between Jobs

How to pay the mortgage when you’re between jobs. Dealing with your mortgage is probably the last thing you want to do when you’re between jobs.

Published

2 years ago

September 29, 2019

Tracey Clayton

Pay the Mortgage When You’re Between Jobs

Being between jobs isn’t easy. Chances are you’re finding it difficult to cover the expenses you usually don’t have trouble covering, including your mortgage.

It’s easy to feel overwhelmed and go into panic mode as soon as you realize you don’t have enough to pay your mortgage.

Luckily, there’s no need to do so as there are ways to pay your mortgage even when you’re between jobs. With that in mind, let’s take a closer look at five options at your disposal.

Table of Contents

1. Contact your lender

Why wait until you start getting all those calls from your lender once they realize you’re late with the mortgage? It’s a much better idea to give them a call yourself and show responsibility and determination to pay it even though you’re between jobs.

Explain your situation to the lender and they might be able to offer you a deal that fixes it all. For example, they might be able to lower your mortgage, allowing you to pay it and still be left with some money even though you don’t receive a paycheck at the moment.

They might also decide to change the due date for your mortgage and give you enough time to get a new gig.

Pay the Mortgage Between Jobs

2. Make some extra money

If you don’t have a job, it doesn’t mean there’s no way you can make money. The web has made it possible for anyone to make some extra money and all it takes is a little bit of time and effort.

The best thing about it is that you can choose an online job that suits your skills and needs. For example, if you speak a foreign language, you can teach it online as long as you have a good camera and internet connection.

Some other online jobs include taking paid surveys and working as a freelance writer. Calculate how much money you can make and it might just be enough to help you pay the mortgage until you find a new job.

3. Apply for a payday loan

Being between jobs can be quite tricky and if you don’t find a way to make some extra cash, you’ll struggle to both pay your mortgage and cover your everyday expenses.

Luckily, there are special loans designed specifically for people who are in such a situation and could use some extra money as quickly as possible.

Companies that give payday loans can provide you with money instantly and let you repay the loan once your financial situation improves. There are numerous repayments available, meaning that you can choose the option that suits your situation the best.

4. Reduce your spending

Not always will you be able to get a better deal from the lender and exploring some other options is a must. Since you won’t be receiving a paycheck until you find a new job, you might want to reduce your spending until then.

The best way to do it is to calculate your living expenses and figure out how much you’re supposed to set aside in order to have enough to pay your mortgage.

Luckily, there are so many ways to save money and you just have to find the ones that work for you. For example, you could give up smoking or stop using your credit card and switch to cash instead.

5. Consider declaring bankruptcy

This isn’t necessarily the most favorable option but if you’re out of ideas, declaring bankruptcy might be a good way to get your financial situation back on track without having to worry about the mortgage.

It’s an option worth considering if you believe you’ll struggle to get hired. If you declare bankruptcy, you’ll be protected from creditors repossessing the house or anything else you might own.

This should give you enough time to get a new job and cover some other expenses before starting to pay your mortgage once again. The downside is that you can expect your credit to be seriously hurt for quite a long period of time afterwards.

Dealing with your mortgage is probably the last thing you want to do when you’re between jobs. Still, it’s something you simply have to do and finding the best way to do it should help you pay your mortgage and retain control over your budget before getting a new job.

Business

How to improve your financial situation quickly

If you are unhappy with your finances, you will discover in this article effective tips to bring more money into your bank account

Published

4 days ago

July 29, 2021

TwinzTech

Three things to consider before introducing remote working

If you are unhappy with your financial situation, you will discover through this article some effective tips to bring more money into your bank account at the end of the month. Apply all of these tips, and the first results will show very soon.

Table of Contents

1. Think about saving at all times

It is important to set an amount aside each month or even each week. You don’t have to regularly save a large amount of money at the end of the month.

All you ought to do is set an amount that you can save without drastically affecting your lifestyle.

Every little step counts. There is no need to sacrifice yourself to improve your financial situation. Even if this amount initially seems small to you, when all of its payments are accumulated later, you will have a substantial amount.

But you have to have some regularity in this process. So if you set an amount to save each month or each week, it’s important to stick to it and stick to it.

2. Set a budget

To know how to improve your financial situation, apart from saving we also have the budget. Indeed, many people mistakenly think that they can manage their expenses very well.

And even for some people, all the expenses they make are justified and have a good reason for being.

But if you take the trouble to sit down and analyze all of your expenses, you will notice that not all of them are justifiable. And that’s where the budget will help you.

By having a defined budget, you will immediately know which expenses to eliminate. And you should also know that the funding will help you better control all your costs.

3. Learn about personal finance

Despite all the theories learned in school, few people understand how to manage their finances. So it is only natural that the latter regularly find themselves in critical financial situations.

It would help if you then learned to manage your finances daily. You can use books that talk about finance, wise investment and many more.

Emergence of Self-Learning Mobile Apps

4. The web is your friend!

Many people don’t necessarily think about it. But know that with the Internet you can improve your financial situation too. There are so many free educational materials online for trading and investment. Your Forex broker could be your best partner in learning the ropes of investing while offering demo trading with no need to spare any money.

5. Save money on your purchases.

If you are looking for another solution to improve your financial situation, consider changing your shopping habits.

When you buy a second-hand product, you save a lot of money. And while some people think you have to buy new products, it’s also important to know that you can get really good deals in the used product category.

All used products are not necessarily damaged and nonfunctional products. On the other hand, the fact that these are second-hand products will save you several hundred euros on their purchase prices.

So the next time you want to spend on a product, you should first search the category of the used item.

6. Eliminate all unnecessary expenses

If you look into the expenses you make, you will see subscriptions that are not useful to you at all. The same goes for fitness cards. You pay off but don’t go to the gym at all.

If you can’t remember all of these, you can look at your bank statement. It’s that easy. You will then see all the fees deducted at the end of each month, and thus, you will be able to eliminate what you no longer want more easily.

So if you want to clean up your finances and especially know how to improve your financial situation, you must eliminate all unnecessary expenses as quickly as possible. Immediately you will start adding earnings to your account.