If I get cut (I hope not), do I have any options as it relates to my mortgage. I am a sole provider in my family and I have a sizable mortgage payment, can I buy insurance or other kind of mortgage instrument that may buy me a few months of lower or no payments until I find job/income. Please let me know what you think!
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Hello my Target friends, I am the original poster and I'd like to thank all for the great input. It's very much appreciated, I will start researching this. I know it's hard for all of us but this board gives me some kind sense of community and support as I go though a very difficult period together with all of you.
Not trying to be a jerk, but generally the recommendation is to have savings to cover 6 months of expenses in easily accessible money just in case. I know it's not always possible, but if you can save that it gives you a reasonable emergency fund. Thanks to everyone else for the good advice.
If you buy protection/insurance, read the terms carefully. It probably isn't going to apply if you are laid off within a specified period after you enroll.
Anonymous74305 is right 100%... Also see this Fox Business Article on home mortgage job loss insurance - http://www.foxbusiness.com/personal-finance/2011/05/06/job-loss-insurance-pays-mortgage-layoff/
Mortgage Protection Program is free for fist time home-buyers. Genworth also has a policy for buyers, but you need to have mortgage with them, Prudential too. It's called Job Loss Protection Plan. Search for it.
Yes. I worked in collections for years and most lenders have a hardship program that can reduce your payments, and even send your interest rate to 0% for up to 6 months. Shit, even Target does this for the REDcard and Target Visa when people encounter a hardship. Hardships include death of a spouse, loss of job, divorce, any major injury or health issue, among a few other things. Contact your lender, tell them you lost your job and need options. If the person on the phone can't help you, ask to talk to the manager.