Stop Eviction
Whether you are staying in an apartment, house or condo, you face the very real possibility of eviction if you fall behind on only one payment. Here are six ways you can effectively stop eviction.
Pay your past rent ASAP. Unfortunately, this is only an option if your financial trouble is short term. If you are starting a new job in two weeks, it may make sense to just hold tight until you get that paycheck.
Negotiate with your landlord. Similar to the first option, you stand a better chance negotiating a deal with your landlord if you can prove to them that your problems are short-lived. Most landlords will work with you (at least initially) if they can be can be convinced you'll pay up; it's much more work for them to handle an eviction, clean the apartment and find new tenants. Try to negotiate either a lower monthly payment for a specified period of time, or add part of your past-due rent to your future monthly payments. Be sure to get the agreement in writing, and that you will be able to handle the new payments.
Stop eviction by ending your lease. If you are on a month to month lease, or your annual term is almost up, you can move out, provided you offer 30 (sometimes 60) days notice. Once you give notice, the landlord has the right to deduct past-due rent from your security deposit, a way to pay your debt without coming out of pocket. Just remember, you'll probably need to write a deposit for the new apartment you move into!
If your lease isn't up, you can still move out. This is known as "breaking" your lease. There are a few drawbacks to this: firstly, you must provide adequate notice of your intent to leave; secondly, you are still required to pay past-due rent; thirdly, you may be responsible for any expenses the landlord incurs while trying to find a replacement for you (this includes the rent, even if you are no longer there!).
Another option is to sub-lease your apartment to someone else. Be sure to read your lease agreement to make sure this is allowed before you proceed. Remember that you are still responsible for the rent, so if your new sub lessee fails to pay it, you're on the hook.
Rather than sub-leasing, consider having someone assume your rent. This means they are legally responsible for paying the rent, and gets you off the hook. Ask you landlord if this is a viable option; if they don't want to deal with you anymore, they may go for it!
Find a new roommate. Splitting the rent can free up extra cash and help you pay down your debts faster. Be sure to discuss the details with your prospective roommate before moving in together. Determine how rent will be paid, and which bills will be in whose name.
These six steps will help you reduce your expenses and hopefully stop eviction.
Visit craigslist.org to find a potential roommate in your area. |
