Lose your job? Don't lose your home! Losing your job can be devastating, particularly if your mortgage payment takes a significant portion of your pay cheque.
And if your partner is still employed, paying your mortgage can be tough when your total household income is suddenly cut in half. According to a recent study by Manulife, four in 10 homeowners couldn't last three months if they were laid off from work. But, take heart – you do have options!
First, write out a list of whatever money you do have coming in or whatever funds you have in savings. Then take inventory of your monthly expenses. Prioritize your bills, with your mortgage payment at the top of your list. Consider your mortgage payment as part of your living…
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