'I Lost My Job, Have No Savings And Can’t Pay The Mortgage'

Losing a job while having a mortgage and no savings can be a terrifying experience. If you act carefully, you can make it through the other side without losing your house. However, if you don't take the right steps quickly, you could end up in a foreclosure situation.

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[CalvinMorris-cfjk]

one thing I found out in life and I am a old man, when you start seeing garage sales popping up all over the place, times are starting to get hard.

[frankrusso]

Canada is experiencing the same as the US. Bad leadership, over taxation and reckless spending.

[GOPETSCOOTER]

Me and my wife just paid off our house and it feels so good. I just don't know how people are paying these crazy mortgages these days.

[HPM]

As an employer, I have had a lot of employees ask for advances in the last few months. Definitely a sign of impending doom.

[markphillips]

Affording the house is no problem. It's the insurance and property tax that you can't afford.

[gregabrams]

Its really tough everywhere. I am a plumber by trade and my company is doing mass layoffs. Everything is slowing down!

[laqutis]

I cashier at Walmart. I see people using 2 credit cards to pay for staples everyday. Worse, all their cards are declined. Prices are up from what I see.

[jackblack]

Our downsized home is paid off but increased taxes & insurance now same as old house payment .

[xsmokebeersx]

I work in the steel industry. Started at my company end of 2020 and regularly worked 48-56 hour weeks. Mid 2023 we got cut to 40. Just got the notice my department is down to 32 hours for the remainder of 2024, and potentially all of Q1 2025. Not feeling too optimistic about 2025 right now.

[patriciamay]

My husband and I have owned many homes. My best advice to everyone is if you’re trying to buy one but have not been able to thus far, pay off all other debts that you can and save like crazy. This is great preparation and you will be able to buy a house eventually.

[SonnyL]

I'm hearing a lot of this. Honestly I saw the writing on the wall, well over 2 years ago. Between lay offs, illness/death and higher prices, there's just non-stop stress and worry on your body. I NEVER wanted to move back to my small, rural Midwestern hometown, but we had an opportunity to take profits from a house on the East Coast, to buy a home straight cash here in the Midwest, so we did it. My wife can stay at home with the kids, we don't have to worry about losing the home(property taxes are killing us though). It's just always something, and it's all piling up on so many Americans these days. We know a family who found out the head of their household 40 year old has terminal cancer. He can't work!! So many horrible stories out there of people losing a loved one or being laid off, or children sick all the time. It's extremely tough out there, so although I never wanted to move back to my hometown, I'm glad we have a few less stressors than most Middle Class families like ours are going through.

[knoxfamily]

We are in flooring and business has been horrible for the last year and a half.

[violetlightburst]

My uncle told me when i was a teen ager don't buy anything til i have the cash. He used to own a bar

[shah]

US is very materialistic. You should be happy that you have health and your family with you.

[tjlarson]

The mortgage service doesn't care. I was given the same advice during the pandemic and they said don't call us until you are 6 months behind.

[cluelessinky]

The day I sold my house and started renting was one of the happiest in my life. If there is something wrong with any thing in the rental I call maintenance and they handle it. And while I’m not realizing equity I’m also not exposed to any real estate tax increases. I have more cash in the bank and my investments. Aside from my monthly rental payment I have no debt. What a great feeling.

[Cherrysmith]

People think it is great when a state does not have state income tax, but the state just gets you in other taxes, like in Florida with the huge property taxes. Those get passed on to renters too. You have to compare state tax structures to see which one benefits you and your situation.

[Jordaboski]

So I'm this person at 14:22 in the video and this is a relief to hear. As a single income small family in an apartment that has held out on buying an overpriced dilapidated garbage home, we weren't letting the fomo get to us. Although the walls seem to feel like its closing in on a daily basis, its good to hear some reassuring words from you that we are on a decent path. :) Thank you

[ferretapocalypse]

I stopped paying my CC’s. I racked up a lot of debt when caring for my Mom 24/7 for 4 years. Now I can’t make enough money to pay it. I can barely pay rent, phone, food, vehicle insurance.

[Francisco-pocf]

I’ve lost my job plenty of times when I’ve owned my place. Thankfully I have a cheap mortgage that’s cheaper than rent.