Keeping Your House After Losing Your Job

Employee terminated from workSince childhood, you have nurtured the dream to own a lavish home in an upscale neighborhood. And so, you put time and effort into building a rewarding career path that affords you a cool lifestyle. You don’t spend more money than you make, limit your credit card use, and always pay your bills on time. As a result, you have a stellar credit score that made you qualified for a huge mortgage loan.

Now, you set your sights on getting that mansion on the hill. For a while, the going is good since you’re making the payments in time. Then out of the blue, disaster strikes and you’re out on the street and out of a job.

Rethink your expenses

Out of guilt, ego, and shame, many people tend to put up a façade and pretend that everything is well and good. Unfortunately, that only serves to dig you deeper and burn a bigger hole in your emergency fund. Instead of taking this dangerous route, approach the situation with a bit of sobriety.

First off, refinance your mortgage in Salt Lake City at a more affordable rate that you can manage. This way, you avoid the double tragedy that results when you accumulate debt on your credit card to save the house.

Rethink your career paths

Disruptive technology is largely responsible for many people losing their jobs. While this can be a bitter pill to swallow, don’t let it spell death on your carefully planned life. Rather, use the setback to reinvent yourself. Within these disruptive technologies lie many untapped opportunities that are up for grabs.

You only need to step up and you’re off to a fresh start. In most cases, it would mean garnering new information and learning new skills. While that might be an uphill task, it pays off in the end.

Getting laid off from your job can affect your carefully laid plans in life. However, that doesn’t warrant you giving up on your dream home.