{"id":22272,"date":"2025-11-20T14:31:07","date_gmt":"2025-11-20T14:31:07","guid":{"rendered":"https:\/\/budgetadirect.com\/?p=22272"},"modified":"2025-11-20T14:31:09","modified_gmt":"2025-11-20T14:31:09","slug":"laid-off-with-a-monthly-mortgage-payment-how-do-you-manage","status":"publish","type":"post","link":"https:\/\/budgetadirect.com\/?p=22272","title":{"rendered":"Laid off with a monthly mortgage payment. How do you manage? |"},"content":{"rendered":"
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\n Illustration by Hunter Newton\/Bankrate\n <\/p>\n<\/p><\/div>\n

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You\u2019ve lost your job. Who are you going to call?\u00a0<\/p>\n

It might have to be your mortgage lender.<\/p>\n

A cooling job market is colliding with high homeownership costs, putting many people into a particular new squeeze: a loss of income and a monthly payment that was already hard to manage. At the same time, 42% of homeowners report expensive hidden costs and 16% say their mortgage payment is too high in Bankrate\u2019s 2025 Home Affordability Report. Bankrate talked to recently laid off homeowners to find out how they\u2019re dealing with it.<\/p>\n

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\u201cI was definitely stressed out,\u201d says Taylor Brione Ballard, 33, who lost her job at a nonprofit only a month after locking in a new mortgage.<\/p>\n

\u201cI did take some time to cry, and then I had to get my big girl pants on.\u201d<\/p>\n<\/div>\n<\/div>\n

We also talked to mortgage professionals who recommended a number of potential options, especially for those who get in touch directly with their loan servicer.<\/p>\n

If you lose your job, call your lender right away<\/h2>\n

You should contact your mortgage servicer as soon as you anticipate financial hardship, says Hala Garmo, regional mortgage manager for U.S. Bank. They can help you come up with a plan \u2014 after all, they have a financial incentive to keep you paying your mortgage.<\/p>\n

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Your mortgage servicer may not be the same lender you applied with to get your mortgage. It\u2019s common for lenders to sell servicing rights, which means you\u2019ll start paying your mortgage to a different company. If that\u2019s happened to you, you\u2019ll want to reach out to your servicer \u2014 who you make your monthly payment to \u2014 for assistance.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n

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You\u2019ll likely need to submit a request for mortgage assistance (RMA). This is a form that asks for your information, including the hardship you\u2019re facing.<\/p>\n

\u201cOnce we get that RMA, that\u2019ll get the wheel in motion,\u201d says Becky Griffin, head of home lending servicing for Chase Home Lending. A relationship manager would then be assigned to discuss options.\u00a0<\/p>\n

Check out an example of an RMA on Chase\u2019s website.<\/p>\n<\/div>\n

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Ballard called her lender right after getting laid off. They gave her a 15-day grace period on payments with no late fee or credit reporting.<\/p>\n

She also filed for unemployment, ramped up her side hustle, withdrew money from her 401(k), tapped into her savings and eventually took on $15,000 in credit card debt to pay her bills, including her mortgage.<\/p>\n

It\u2019s not just you \u2014 the job market is tough<\/h2>\n

If you\u2019ve been laid off, you\u2019re not alone. That can feel both reassuring and frustrating, as open roles now have more competition. October 2025 had the highest October job cut total since 2003, according to a recent report from executive coaching firm Challenger, Gray & Christmas. This is up 175% year-over-year.<\/p>\n

\u201cJob creation is pretty close to zero,\u201d said Fed Chair Jerome Powell at the press conference following the Federal Open Market Committee\u2019s October meeting.<\/p>\n

Even with a masters degree and a decade of experience, it took Ballard seven months to secure a new job. Today, she\u2019s using her steady income to repay her credit card balance by next year and put money back into her 401(k). She was also finally able to furnish her home.<\/p>\n

Know your options for paying your mortgage without income<\/h2>\n

If you\u2019re in a similar situation, it\u2019s important to know your options. Mortgage servicers have tools to keep you in the home and keep you paying your mortgage. Here are some examples:<\/p>\n