Consumption and Real Estate
Live in MIchigan, unemployed with no work availiable,and about to fall behind on my mortgage, what can I do?
Question : Live in MIchigan, unemployed with no work availiable,and about to fall behind on my mortgage, what can I do?
I have been laid off for 2 years. Worked for tool and dye shops before they all went overseas. I am in school now but my unemployment has ran out. I have kept current with my mortgage, but I don’t think I can do it much longer. I don’t know what to do. Keep searching the internet but feel lost and confused. What should I do?
mortgage tools
Best answer:
Answer by kemperk
rent out the house
or sell it–part of it
First, call your lender and tell them your situation. You may be able to defer a portion of your payments until you are out of school or qualify for a loan modification to keep you in the house longer.
Next, find a revenue stream. I like the ebay suggestion. I know a few people that work from home via ebay. One sells custom ceramic tiles, another buys baby clothes at yard sales and sells them in “outfits” or bulk lots by size. She knows the brands that are desirable and works that angle. Someone I know has a vinyl sign business, things are very slow locally, and ebay is keeping the lights on. You just have to identify what it is that you know and can monetize.
Lastly, don’t give up hope. I am a firm believer that everything happens for a reason, so good things should be around the bend.