![]() Another option is to try to find someone to take over your lease so you can move somewhere that costs less. If you’re renting and your landlord can’t or won’t be flexible about payments, you might have more wiggle room than a homeowner.ĭepending on how much time you have left on the lease, you can simply wait it out, then look for a less expensive place to live. For example, you can add an extra $100 or so to subsequent payments until you pay off the balance. If you can’t pay the full amount this month, tell the landlord how you’ll make up the difference. You can help the situation by suggesting solutions.įor example, if you’re going to pay late, tell the landlord when you plan to make the payment. Many landlords are willing to work with you to come up with a solution. Explain the situation to them in detail, including whether you think you’ll be late with payment, won’t be able to pay all your monthly rent, or won’t be able to pay at all. If you’re a renter, talk to your landlord as soon as you know you’ll have difficulty paying rent. The counselor can work with you to create a plan to help you avoid foreclosure. You can contact HUD to connect with an approved counseling agency. ![]() The United States Department of Housing and Urban Development (HUD) also has programs available to homeowners struggling with their mortgage payments. If a lender agrees to modify your loan, they adjust your interest rate or otherwise make changes to lower your monthly payment. ![]() Your lender can review your options, such as forbearance or loan modification, with you.ĭuring forbearance, you stop making payments on your loan, but interest continues to accrue. Many mortgage lenders have programs in place to help homeowners who are facing financial hardship. When money is really tight and you’re not sure you can pull together enough to make a payment one month, the best thing to do is talk to your landlord or lender. Keeping up with your housing payments is a must if you want to stay in your home. If you fall behind on rent, your landlord can evict you.Įven though the foreclosure or eviction process can take months, it’s not something you want to risk happening. If you fall behind on mortgage payments, you risk having the lender foreclose on your home. Last on the list are bills that can ding your credit history, but not much else, if you fall behind on them.Īlthough you can make some adjustments to the order you pay bills based on your circumstances, it’s usually best to focus on paying your housing bills first, then paying what you can with the money you have remaining. The next most important are bills that cover things that make it possible for you to get where you need to go, such as your vehicle expenses. The most important bills are those that cover the necessities: shelter, food, water, and heat, for example. Bills to Prioritize When You’re Low on Money It’s essential you prioritize your bill payments and what you owe, paying the most important bills first. What can you do when your income and expenses don’t match up? ![]() Whether it’s from job loss due to a recession, a drop in income, or an unexpected major expense, there may come a time when you struggle to pay your bills. ![]()
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