A new survey from insurance and financial firm Country Financial finds that 68 percent of homeowners would not be able to make mortgage payments for more than nine months if they lost their jobs.
Of course, the problem with that is that the average unemployment stretch is 10 months or more right now. Plenty of people have been out of work for much longer than that, too. This is called "the mortgage gap."
In the survey, a full third of homeowners said they had just enough money to cover three to six months of mortgage payments.
Twenty-seven percent said they couldn't even cover three months' worth of payments.
Clearly this is not a good thing. So which group are you in? How many months could you cover the house payment before you'd exhaust your savings?
"If you haven't already got one, you need to set up an emergency fund," says Nathan Bachrach. "Set up direct deposit from your paycheck or your checking account into a savings account, and don't touch that money."
Nathan also advises that you shoot for at least six months' worth of living expenses, though more is better.
"And now is the time to think about tapping into the equity of your home - now, while you have a job," he adds. "That means either refinancing, or getting a home equity line of credit that you don't touch unless you absolutely need it. Make sure you shop around for the best rates, too."
Every pet owner knows a dog can get into just about anything around the house. One woman found that out the hard way when her dog ate a bunch of grapes! Turns out, that's one of the most dangerous foods
Every pet owner knows a dog can get into just about anything around the house. But these common snacks could be fatal for Fido.
If you hear the words "heavy user" or "addict," one of the last things you think about is lip balm. Some people say they just can't stop applying lip balm products, and others claim they can't find a
If you hear the words "heavy user" or "addict," one of the last things you think about is lip balm. Some people say they just can't stop applying lip balm products, and others claim they can't find a brand that works.
In the aftermath of a disaster, donations are top of mind for many people and can do a world of good! But how do you know where your money is really going? America Now investigates!
In the aftermath of a disaster, donations are top of mind for many people and can do a world of good! But America Now learned that some non-profit organizations receive only pennies on the dollar raised through solicitation campaigns. So how do you know where your money is really going?
Host Lead It's one of the most COMMON nervous habits…but one that can be CAUSE for CONCERN. About 30-percent of children…and 15-percent of adults are NAIL BITERS. This quirk isn't skin deep…for some
It's one of the most common nervous habits, but one that can be cause for concern. About 30 percent of all children and 15 percent of adults are nail biters. But this quirk isn't skin deep -- for some people, it's a sign of a much deeper issue.
Imagine coming home from work, greeting the dog, and walking upstairs to find your son or daughter dead by their own hands. The suicide of a child is a very sensitive and sometimes divisive subject for
One 14-year old girl's family shares the story of her suicide, the pain it has caused and the efforts they hope will raise awareness about teen suicide in light of their personal tragedy.
In recent years, there have been at least three cases reported in the media involving people in the U.S. who died from health problems that the victims' families claim stemmed from unsanitary nail salon practices.
In recent years, there have been at least three cases reported in the media involving people in the United States who died from health problems that the victims' families claim stemmed from unsanitary nail salon practices.
Some say the eyes are the window to the soul, but they can also show signs of poor health. Small yellow or flesh-colored spots around the eyelids could point to signs of heart disease.
Will the human race ever solve the age-old problem of hair loss? America Now Host Bill Rancic sat down with Dr. Robert Leonard, one of the country's top authorities on hair restoration to see what the future may hold.
Will the human race ever solve the age-old problem of hair loss? America Now Host Bill Rancic sat down with Dr. Robert Leonard, one of the country's top authorities on hair restoration to see what science has already done -- and what the future may hold.
Thursday, June 13 2013 11:10 PM EDT2013-06-14 03:10:55 GMT
Terry Steinfurth has been staying out of the spotlight since his 1-year-old daughter Elaina disappeared almost two weeks ago, but after the arrest of his estranged wife Wednesday night, he spoke out.
Terry Steinfurth has been staying out of the spotlight since his 1-year-old daughter Elaina disappeared almost two weeks ago, but after the arrest of his estranged wife Wednesday night, he spoke out.
