ed mine for job searching), and made other cuts to my spending until I got back on my feet. For me, that also meant temporarily changing my dietary habits and purchasing cheaper food. I travelled less so I spent a lot less on gas and train
fare. If you can, cancel your registration and insurance on your car so you can save those payments. Little changes go a VERY long way. Remember, it's only temporary.
4. Rent Your Rooms I had three extra rooms in my house and immediately furnished and rented all of the them. This single step helped me save my home. I checked with my town to verify it was legal for me to do so. I used VERY little money to get this going. Once I was started receivng rent from my tenants, I was able to give more to the mortgag.company. The benefit of this is that you will get money without working and you can deduct your expenses as a business!
5. Have A Yard Sale Sell some of your things. I'm not talking about the family heirlooms here, I'm talking about extra pieces of furniture, used books, clothing, CDs, movies, etc. You'd be surprised how much money you can raise!
6. Spend Full Time Hours Looking For A Full Time Job I have to tell you, for me this step was very hard. I did not want to look for another job, but I had to in order to save my home. For some, this step may take longer than others your mileage may vary. Looking for a job is numbers game - network, post your resume on the job boards, look in the classifieds. It may seem like it will take forever, but you will find something. I promise.
7. If Feasible, Work Part Time Unemployment checks did not pay my bills in the slightest. In addition, receiving rent for your rooms and collecting unemployment may be prohibited under law. Check with your local unemployment office. In the meantime, find a part time job even if you are making only minimum wage and get some cash in your pocket. This will probably get you more than unemployment will give you anyway! Some part-time jobs have limited benefits as well. Plus, getting out of the house is a big energy booster. Having your home in jeopardy is very stressful and depressing. You NEED to get out of the house!
For some of you, health problems may prevent you from working, or you may have suffered some other unfortunate event that may not allow you to do all the steps above. At the very minimum, contact your mortag.company and try to rent your rooms. If you can find a temporary place to live, you may want to consider renting your house in full. You may find a smaller or cheaper apartment or you may be able to stay with family and friends.
If all else fails, you may be faced with the choice of selling your home. Before you call a real estate agent or speak with an investor, call around and check the references of any agents or investors you consider. Not all investors are out to steal your equity or your home, many can make incredible deals with you that may even allow you to still live in your home and purchase it back, if pus.comes to shove. You may in fact be able to sell your home to an investor and save costly realtor fees. Be careful! Never make any decisions on the spot. Now would be a good time to pay for an attorney's advice.
I made an agreement with my mortag.company and rented out my rooms. I found a job, and then kept my tenants to help "catch me up" on my other bills. Then, I just enjoyed the passive income that allowed me to pursue my other dreams. Unfortunately, to get to this point, I did spend money on services that didn't do anything I couldn't do myself and, in fact, they ended up not helping me at all. There are plenty of free resources and articles that you can read to help you make the right decision. Good luck. You will be fine. "
