To all the talented journalists and Dallas Morning News employees that were handed pink slips recently: I know how overwhelming this feels. When I was suddenly laid off from the same publication in 2009, I felt unmoored and somewhat lost. You will find a way to move on, though, so hang in there.
The advice offered by human resources that morning was very basic: I was instructed to file for unemployment as soon as possible and given information on COBRA benefits. While the information I received was far from comprehensive, one thing that was missing was information on how this sudden loss of income would affect my repayment of student loans, credit accounts, and most important of all, my mortgage.
What do you do if you’re a federal employee that has been furloughed due to the government shutdown, or you’re a worker who was just laid off, and you have a mortgage?
“If you see that you’re not going to be able to make your payments, call your lender and see what options are available to you,” said Lisa Peters of Caliber Home Loans. “The bottom line is this: don’t put it off.”
Not every lender is the same, nor is every mortgage or change in employment, so it’s crucial to contact your lender immediately if you think your employment situation might cause you to get behind on your mortgage. Sometimes a lender may be able to offer a loan modification or a forbearance to ensure that you pay as much as you can on your loan until you get back on your feet.
Important note: When your lender reaches out after a missed mortgage payment, you cannot stop the process of foreclosure by ignoring the mail notices.