Category: | Personal Finance

Keeping A Place To Live

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It can be very frightening to get an eviction notice or to find that the bank is going to foreclose on your house mortgage.

Having a roof over your head is one of the essential requirements that you expect to have for you and your family and to see that security disappearing due to your inability to pay your debts is one of the worst things you could imagine.

No matter how well you get on with your landlord you have to understand that at the end of the day it is purely a business arrangement for him and money is all that really matters. It might be that the landlord is also working on a tight budget and needs your weekly payments to pay for his debts.

The first thing to do is to pay the past due amount as soon as possible. If this is not possible then work through your budget and see how you can make payments to reduce the amount as soon as you can. Once you have some figures approach your landlord and discuss your situation fully and present your plan to eliminate the debt.

The peace of mind that you give your landlord for doing this might be all that is needed to avoid an eviction.

In some situations you might even be eligible to qualify for government assistance or you could possibly get help through a church group that you belong to. You need to start asking around to find out what all your options are and the sooner you do that the better.

You might even be able to negotiate with your landlord for a reduced rate for a specific period of time to get back on your feet with the assurance that you will pay the deficit at a date that you both agree on.

Failing that you might need to cancel your lease or sub lease the accommodation to someone else while you find cheaper residence elsewhere.

Getting a roommate is another alternative that will help to share the expense.

You need to do all you can to avoid eviction as quite apart from the inconvenience of the eviction you will find it more difficult to find new accommodation with reference to your eviction on your credit report.

You might have to pay a larger than normal bond on any new rental accommodation due to your poor history.

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