If you’ve decided to try to save your house but you don’t have enough money to catch up on your payments, getting a second job can be a viable option. However, this will not work for everyone. This strategy assumes that:
- You can find a second job,
- You will be able to make enough money from the second job in time to save your house, and
- You will be able to quit the job once you get caught up.
In order for a second job to be a realistic option for you to stop foreclosure and save your house, you must meet all three requirements. Here’s why.
Finding a Second Job
I used to think that getting a second job would be easy. After all, how much experience and skill do you need to deliver pizzas or close at McDonald’s after your day job? Not much.
The problem is that there are dozens of applicants for each of these entry-level jobs, and employers would rather hire someone who is likely to stick around for a while. If you already have a full-time job, what are the chances that you are going to work for them long enough to make it worthwhile for them to train you?
Still, if you are persistent, you may be able to find a second job that will allow you to earn the money you need to keep your house from being foreclosed on. Try applying at restaurants, cleaning services that clean businesses after hours, and retail stores that are either open nights and weekends or do stocking during those hours.
If you can’t find a second job that will work around your primary source of income, you can offer to mow lawns or do other odd jobs in your neighborhood.
Consider the Time Frame
You have a limited amount of time in which to save your home from foreclosure. Take a look at your notice of default if you’ve received one and figure out how much time you have to come up with the money. Now determine whether it is realistic to expect that you’ll be able to make enough money in time to stop the foreclosure. Remember that it could be up to 2-3 weeks from the time you start your job until you receive the first check.
If you have not yet received a notice of default, make sure you call your lender and let them know when you get your second job. You may be able to buy more time by keeping the lender in the loop. They are less likely to start the foreclosure process if they know you are trying to come up with the money to catch up on your payments.
You Must Be Able to Quit Your Second Job After Catching Up
You must be able to quit your second job after catching up on your payments. What I mean by this is that you can’t expect to keep working two jobs forever and not get burned out. If you fell behind because you were off work for a while and you can afford the monthly payments with the income you make from your regular job once you get caught up, then this plan might work for you.
However, if your payment is too high for you to afford without the second job even after you catch up on the past-due amount, getting a second job is not going to save you. You either need to find a way to permanently increase your primary income so that you can afford the house or face the possibility that you might not be able to keep your home from being foreclosed.