My employer has announced layoffs within the coming months, what can I do now?
If you think the layoffs will lead to financial hardship and could prevent you from paying your mortgage, consider whether you can make adjustments to your budget or tap into any savings accounts that would allow you to make your payments.
If not, contact your lender right away to let them know about your situation. A housing counseling agency can also be of assistance by helping you to revise your budget to reflect your new financial reality. Sometimes a lender will approve your for a forbearance which will give you time to find new employment.