Losing your job is one of the most stressful events that can happen in your lifetime. It can wreak havoc with your finances, your relationships, and your self-esteem. With little control over much of the situation, it's easy to feel helpless and hopeless, but in reality your perception of your circumstances can make a huge difference.
Losing a job may change many aspects of your life, but it can also be an opportunity for growth. Like most life challenges, how you react to this situation will determine whether you ultimately wind up better or worse for the experience.
Dealing with job loss is similar to dealing with the death of a loved one. It's natural to have feelings of shock, sadness and mourning. Some people think they should keep a stiff upper lip, but suppressing emotions can lead to depression. It's important to allow your feelings to flow and not try to stop them.
Feel whatever you feel, but don't jump to negative conclusions about what losing your job means. Take each day as it comes, feel into the nature of the changes you're facing and be willing to discover the next step that makes sense to you, rather than jumping to the conclusion that all is lost. It's also helpful to reach out for support from others.
Is it your fault you lost your job? Was there something you could have done to prevent it? It's natural to ask these questions but you can't turn back the clock.
Instead of banging yourself over the head with recrimination, forgive yourself and focus on what's possible rather than dwelling on the past.
It's also helpful in tough economic times to realize many jobs are lost to downsizing, so don't blame yourself for external circumstances you can't control.
You will work again; so in the meantime, think about where you'd like to go and what you'd like to do. Considering future possibilities can help you decide not only what you want to accomplish, but how you'd like to be in the world.
You Are Not Your Job
If you define yourself solely in terms of your outward accomplishments, you can become very disoriented when you lose your job. Some people jump to negative conclusions: I'm not a good breadwinner or parent; so there's no use for me anymore.
Losing your job is just that: losing your job. But you're much more than your job. As important as it might have been to you, your job was not the sum total of who you are.
You have many other qualities and skills in your life besides the work you do. Now is the perfect time to take a look at areas of your life you may have neglected: relationships, community involvement, creative expression, even something as simple as cooking or gardening. By engaging in other interests, you may find comfort and a sense of accomplishment that you never expected.
Nothing is Permanent
A healthy way to live – in good times as well as challenging ones – is in the moment. Everything is impermanent; nothing remains the same. Although this basic truth can feel somewhat daunting, it can also be very liberating: when you recognize and acknowledge that everything is constantly changing you can stop wishing for what was and pay attention to what is and what could be.
It's not uncommon for people who have lost a job to later say it opened up other possibilities they might never have explored, otherwise. It woke them up and made them focus on how they really wanted to spend their life.
You Will Be All Right
You'll have ups and downs throughout your unemployment and at times you may feel like you're on an emotional roller coaster. You may be in for a rough ride, but with the right attitude, you will get through the experience and arrive in a better place. You may look back on this time as a road you needed to travel to get where you needed to go.
It's not only how we deal with external circumstances that enhances our well-being in the world, but the realization that no matter what happens to us, we are fundamentally all right. And we can trust in our own responsiveness to deal effectively with whatever challenges life brings our way.
You Gotta Lose That Job
National jobless figures released in March 2009 have revealed that the national unemployment rate stands now at 8.1 percent – which is the highest it has been in 26 years. Among those recently laid off or unemployed are millions of homeowners who still have to meet a monthly mortgage obligation, regardless of their job status. But is there something that a mortgage lender can do to help the unemployed during this economic crisis?
Mortgage lenders are usually willing to work with a borrower during a financial hardship, and all one has to do is ask. Rather than face the extreme expense of foreclosure on a home, a mortgage lender may offer some type of temporary adjustment, moratorium, forbearance, or even a permanent loan modification to help keep a borrower's loan current and out of default.
Interest Only Payments
One option a lender has is to agree that a borrower may make interest-only payments for a temporary time period. Depending on how long you have been paying on an amortized mortgage, you could save hundreds per month by paying only the accrued interest on your principal balance. If you just acquired a 30-yr mortgage last year, however, don't expect to save much since most of your monthly payment still applies mostly to interest.
Forbearance
A mortgage lender may opt to simply grant you forbearance on your required monthly mortgage payment for a limited time, usually three to six months. However, with this option, you can be sure that interest will still accrue and be added to your principal balance. By agreeing to forbearance, you will probably add more payments to the back end of your mortgage.
Full Loan Modification
If you qualify, you could even reduce your permanent mortgage payment through a loan modification with a lower interest rate, extended term, etc. Understand, however, that in order to qualify for a lower monthly payment modification, you must be able to meet the underwriting requirements and have a regular income that affords you to make that monthly obligation. Unemployed individuals and families with no regular income may not qualify for a full loan modification.
Following Citigroup's Footsteps
Lenders could follow the leadership of Citigroup Inc., who in March of 2009 announced that it was helping suffering homeowners who have lost their jobs. Citigroup determined to temporarily lower mortgage payments to around an average of $500 for qualified borrowers who have recently suffered a job loss and are two months or more behind on their mortgage payment. While qualified homeowners are paying the lower monthly payment, all interest and penalties will be waived. The mortgage payment reduction is only good for three months, but should give jobless homeowners a good head start in getting back on their feet.
Unemployment has hit millions of Americans. The residual effects of getting laid off and not having a job means additional stress of meeting mortgage obligations. If you have lost your job, be sure to contact your lender right away so they can begin working with you on a solution.
This article is intended for general information. Always seek sound financial and legal advice before making any financial decision.
Both Rik Isensee & Patricia Payne are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Rik Isensee has sinced written about articles on various topics from Careers and Job Hunting. . Rik Isensee's top article generates over 14800 views. to your Favourites.
Patricia Payne has sinced written about articles on various topics from Family, Finances and Real Estate. Helpful mortgage information at P. Payne works for. Patricia Payne's top article generates over 14800 views. to your Favourites.
Cartoon Network Top Scores Dish Network now offers more thirty-one different high definition channels that are ready to be added on to any base package. Those who need foreign language programming are in luck with Dish Network...