Jobless with a mortgage

[JWall]

I had been employed in Qatar for 5 years now. I lost my job in the current mass lay off in their energy sector and now I am back in Toronto. I have taken a home mortgage from Butler Mortgage while I was in Qatar. Now that I have lost the job, they only option I have is to sell the home and repay the mortgage. Or is there any other way I can get another mortgage so that I can pay off this one?

[disneysteve]

I had been employed in Qatar for 5 years now. I lost my job in the current mass lay off in their energy sector and now I am back in Toronto. I have taken a home mortgage from Butler Mortgage while I was in Qatar. Now that I have lost the job, they only option I have is to sell the home and repay the mortgage. Or is there any other way I can get another mortgage so that I can pay off this one?

How could you get another mortgage if you have no income?
How would getting a new mortgage help anyway? If you can't pay your current loan, how would you be able to pay the new loan?

What you need isn't a new mortgage. What you need is a new job - or jobs. Hopefully you're out looking for any type of work you can find from stuff in your field to stuff that has nothing to do with your field. Deliver pizzas. Flip burgers. Clean toilets. Whatever it takes to earn what you need to earn until a good long-term job turns up.

Do you need to sell? You might if you simply can't afford the payments and upkeep. The problem becomes where you'll go. You probably won't be able to rent an apartment if you have no income, so it comes back to the same advice. You need to find work ASAP. Good luck.

[Fishindude77]

Good advice by disneysteve.
Get out and find a job.

[goldenfinancialservices]

Get busy and Start hustling

I would say wait for the mortgage until you can show more income. There are lots of ways to increase your income.

If you work as a 1099 contractor, make sure you pay yourself enough money so that your w2 shows good income, then apply for the mortgage.

Its funny, but this day and age you can have an 860 FICO score and still get turned down for a mortgage because they look at income, you have to increase your income. That's the bottom line my friend.

I say hustle as a way of figuratively speaking, but please take this in a business manner. I mean drug dealers hustle, I am simply referring to get moving and find ways to make money. What's your skill? Are you a good writer and use proper grammar? Find editing jobs online, such as at Odesk. Do you have friends that have debt? Set up agreements with debt companies to refer them business for a referral fee. Do the same thing with credit repair companies, loan companies, etc..

Do you know how to build a website? Build websites online, its actually very easy to learn if you use Wordpress. Technology and online jobs are booming right now.

I mean if you study intensely for six months straight on how to do search engine optimization you can start doing marketing for business's. You can learn how to do SEO like a pro in 6 months or less at Moz.

Figure out your talents, and come up with a pitch on what you will say to whoever you contact, and get busy!

There are thousands of jobs, but they won't come to you, this day and age you have to go to them, and be persistent. Look professional when emailing them, have a proper signature with your phone number, and make sure your phone's voicemail is setup. There is nothing more unprofessional than an answering machine, that says nothing. If you tell me more about your situation, I can give you plenty of ideas.
Thank you
Paul Paquin - CEO at Golden Financial Services