Lost Job- Cannot Pay Mortgage?

Hi,
I had bought a condo in early 2007. I recently lost my job and cannot make mortgage payments anymore. I do have some savings but need that for my living expense now.

I tried selling the condo and it has been in market for past 3 months with no offers (even at a significantly low price compared to market value). I tried putting it on rent and no luck there either.

I haven't spoken to my lender yet, but before I do so, I was wondering what are my options now? Any ideas/suggesstions would be useful.
Additional Details
Thanks for all the responses. Few other details that i missed. I will be going to graduate school for next two years, so will be unemployed for at least that duration. Also, I have moved out of my condo now. But still no luck with renting or selling.

If you took out a mortgage you most likely have Mortgage insurance, something your lender may have insisted upon...such coverage may very well take care of your mortgage payments for a set period of time while you look for and obtain employment...some lender policies cover 3 months while others a full year or anything in between, depending on the policy.

Before things get too dire, talk to your lender and look to them for the first option...you may find that your worries will be lessened once you do. If on the off chance there is no such coverage on your mortgage...do you have life insurance under which such a 'loss of income' might be covered? Are you entitled to obtain payments from Unemployment benefits that you may have paid into?

While you are trying to sell the condo...worrying about where you'll get the money for mortgage and living should be put into perspective and if you have skills that you can transfer into something such as a business idea you might want to look at that as an option for getting a bit of income generated while you seek out a full time position...business ideas don't have to cost mega dollars to start up...simple concepts that involve such things as Consulting, writing, sales, management etc., are all viable opportunities....many thanks to the wired world, are very doable right from home. If your employment was a loss due to closure or downsizing, are there others in your field who were also let go...pooling your knowledge and resources together, is there any options that might work into an opportunity to start up your own business based on what you were doing? Each of you bringing skills to the table that could result in the development of an excellent venture.

Let your lender know the situation...they may very well have more guidance for you than you realize...they don't want to see you lose your home any more than you do (hopefully)...most will work with you in times like this. If you've kept your payment up the past 3 months despite no job...that will work in your favor as well...notifying them before you get into a non-pay status or late pay...is much more convincing to them to try and help you, than if you walk in 6 months down the road and 4 months in arrears before you've decided to do anything to avert it.

Good luck...we've been in a similar job loss situation and it can be very tough...don't 'knee jerk' your reactions or make on the spot decisions that later you will wish you hadn't done...go about it with a straight forward, head on approach and believe in yourself that it will all work out...then move towards those solutions that will get you were you need to go. All the best!

Alot of people are just walking away from there homes and renting apartments.Its becoming a problem.I dont blame these people that do that .(Kids gotta eat,and so do you).

Focus on getting a new job, and in the meantime sign up for unemployment.

get a roommate,
get any job until you have a full time job
cut back on expenes - big time

Hi there , if you try placing adds , on the internet, or radio , what about telling all of your friends, word of mouth is one of the best
way to getting a buyer or a rental for your home.

People always want and looking for place to rent an buy, so don't give up , but in the mean time try finding another job, talk with some that y know can help you ,financially .

why don't you rent it and move in with somw relatives until you get your feet back on the ground

Continue doing what you are doing but contact your lender IMMEDIATELY.

I'm sure they will try to work something out with you.

In this market the last thing they want to do is get stuck with another bad mortgage.

Good Luck

First you need to find a job. Find something to at least hold you over until a job in your field. A second job is also an option. Many people work two jobs for a while to get ahead or to maintain. Things will come around. Layoffs are normal. Most move on to a better job in a relatively short time.

Where are you living now? if you are still in the condo, you likely will have to pay rent when you move, so holding the condo might be better if you can make it work. What about a room mate to help with the mortgage. Getting through the tough time, should pay off in the long run but allowing you to keep the place until the market picks up.

Talk to the lender. I don't know what they can work out with you.

get short term roomamtes or went out place as storage
thats what i did it is temporary but it is allowing me to save up a little until my feet find a new job

Call your lender ASAP.

Also, go see an attorney - not necessarily to declare bankruptcy, but just to get some ideas. (Most attorneys will let you make payments.)

Along with the lender, talk to debt counsellers about reducing your other bills. I cut out cable TV, internet, cell phone, movies and dinners out etc to pay off the dentist, childcare, keep hydro all winter, etc. but no interest kept building while I did it and I kept my house.

Seriously they'd rather hear from you right away than just assume you're a willfull deadbeat. Discuss it honestly ASAP.

sometimes (depending on state law) if you file for banruptcy protection you can keep your home, and normaly talk the lending down to a reduced monthly payment. good luck

i loss my job too, but luckily i paid my house in cash. still have all the bills to pay tho. :(

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