The Emotional and Financial Impact of Getting Evicted: How to Prepare
The Emotional and Financial Impact of Getting Evicted: How to Prepare
Blog Article
Rent that is not paid is more than just an unpaid bill -- what happens when you get evicted for not paying rent and have grave consequences that go beyond the housing situation. From possible legal action to long-lasting credit damage, overlooking outstanding rent can be a costly error. However, understanding the importance of being current and taking proactive steps could help in safeguarding your financial security.
Legal Consequences You Can Avoid
When tenants default on rent, landlords usually start with late notices or reminders. If these go unaddressed, it could lead to legal proceedings including an eviction lawsuit. Even after moving out, you might still be responsible for the unpaid rent and could face an order from a judge.
Such judgments can lead to wage garnishments, frozen bank accounts, or even liens on property. And the costs don't stop at the end of the tunnel -- cost of court, late fee and legal costs are likely to add up quickly and increase the amount due.
Taking steps to resolve rent issues early can prevent this from happening. Communication with your landlord, making a request for a payment plan, or seeking financial assistance are often more efficient than waiting for the issue to become more serious.
Impact on Credit and Future Housing
Rent that isn't paid can't be reported directly onto your credit report -- but it can, especially when it leads to an action for collection or a court judgment. After being reported, it could significantly lower your credit score and stay on your report for a period of up as seven years.
A bad credit score could affect more than your ability to rent again. It could affect your ability to get credit cards, loans, as well as job opportunities in which the financial responsibility of your employer is considered.
Being proactive helps. If you're struggling, look into seeking counseling on your credit, or speaking with local tenant support organizations to get guidance. Even the smallest of payments or a written agreement could demonstrate good faith and help protect your credit profile.
How to Stay on Track
* Budget for Rent First Prioritize rent as the most expensive monthly expense. Automating your payments can help you avoid late fees.
* Be proactive If you are concerned about paying a bill, inform your landlord in advance. Many are open to temporary solutions when they feel respected and knowledgeable.
* Document everything: Keep a written documents of all agreements, payments, and conversations concerning how you are paying rent. This protects the rights of renters and validates the effort you've made.
* Use Available Resources: Local nonprofits as well as emergency assistance programs and housing services often offer short-term rental assistance. Don't wait until it's too late.
Final Thought
Paying outstanding rent isn't just about keeping the good graces of your landlord- it's about protecting your financial standing as well as avoiding legal problems and creating a path to stability. Being proactive in addressing issues shows your commitment and could lead to solutions you didn't think were possible. Report this page