When I was in 8th grade, I had a really good friend named Sean who lived up the street. I’ll never forget the Friday when he told me his family was moving to another town. His father had lost his job and was hoping to find work in another part of the state where he had professional contacts. They eventually moved away as expected, Sean and I slowly grew apart, and now that I’m older, I realize how many families have had to go through the same struggle over the years.
Unfortunately, this same struggle isn’t uncommon in El Cajon. El Cajon has higher unemployment rates than the national average of 6.3%; right now, it’s around 9.4%, but I’ve seen it go as high as 14% back in the summer of 2012. Sadly, people like Sean’s father are going to continue to lose their jobs through no fault of their own and just like his family, other families are going to have to pack their bags and relocate to another town.
Luckily, if you’re a homeowner, you may be sitting on your best bet to keep you from sliding into debt. Selling your home may be the perfect move to help you stay above water and provide you with cash to start over.
What To Expect Now
As if losing your job wasn’t bad enough, it’s often the tip of the financial iceberg. If you had health insurance through your work, that will disappear, too, which means medical costs can add up quickly. Before you know it, other bills like your cable and car insurance are stacking up and going unpaid. Your cell phone gets cut off. Groceries become hard to buy. Then collection agencies come calling.
But none of that will compare with missing your first mortgage payment.
Even if you’ve paid the mortgage every month for the past 20 years, missing just one payment can be catastrophic. You’ll fall into foreclosure proceedings in about three months, your credit will take a 200-300 point hit, and you won’t be able to borrow money from the bank in the future. Couple that with the fact that you’re going to get stuck with the late charge for your missed mortgage payment (about 5% of the monthly mortgage) and you might find yourself sinking quickly.
Now, you might think selling your house and relocating is rash because you’re probably expecting to find work pretty soon. But a study done by the government showed that only 10% of those who lost their job were re-employed after one week, and only 25% after one month, while another 25% were still unemployed six months later. The same study showed that in 2010, 44% of unemployed people had been jobless for 27 weeks or more.
That’s a very long time to go without any income.
Your House Can Help You Pay the Bills
As a homeowner, you’re sitting on a huge opportunity to earn a lot of cash. The average sale price for a 3-bedroom home in El Cajon is around $430,000 according to Trulia. The average rental for a 3-bedroom apartment there is around $2,360. So imagine how many months of rent you can afford if you sold your house in order to start fresh.
That financial freedom you’ll gain from that cash in your pocket is almost invaluable. That money can supply a down payment on a new home. It could allow you to go back to school to learn more skills. It could allow you to take part-time work until a better opportunity comes along. And now matter what your next step is, it ensures you can pay your bills and get a roof over your head.
Selling Your House Doesn’t Have to Be Time-Consuming
The problem is, time isn’t on your side. The average house sits on the market for 69 days when you list with a realtor. But that’s where Sell Your House Direct comes in. We can make you a cash offer within 24 hours, and we’ll buy your house as-is. That’s right, you could have money in your bank account in one week, without having to make costly upgrades, leaving you plenty of time to look for another job. And if you still owe a lot of money on your home, we can even take over the loan for you.
So reach out to us and tell us your situation. We’ve worked with hundreds of people in your very shoes and nothing makes us happier than helping a person in need. Call today and let’s get you back on track.Views: 7