5/17/2023 0 Comments Bills to pay her billsAsk your lender for a mortgage forbearance, which allows you to skip mortgage payments for a period of time. There are ways to be proactive in delaying or fighting a foreclosure, and you may even be able to negotiate the amount and frequency of mortgage payments. If you own your home and can’t pay your mortgage, you could face foreclosure or lose your home. If you’re a renter, take the time to learn the steps to appealing an eviction notice, some possible lines of defense and the options that may be available to you, such as negotiating with your landlord. These four types of debts are classified by the National Consumer Law Center (NCLC) as high priority, as their non-payment could immediately harm you and your family: Mortgage or rentĮviction from your home can be very swift if you can’t pay rent on time, while foreclosure can happen even without a court hearing in some states if you miss enough mortgage payments. Not paying your utility bills could result in your inability to keep the lights on or stay warm at night, and ignoring court-ordered debts gives creditors the right to seize almost everything you own. Ignoring your housing, auto loan or insurance bills could mean losing access to essential transportation or even safe housing. If a financial institution can’t get their payment by other means, they may turn to litigation.īefore paying smaller bills, you should always prioritize your basic needs first. If you have a secured loan or credit card, the lender may seize any assets you put up as collateral, such as your car, home or bank account funds. Late payments can remain on your credit report for up to seven years, dragging down your credit score. Your internet service provider or utility company may stop service to your account. This is typically the first action that’s taken when you are delinquent on a credit card payment, loan payment or other bill. Here’s what could happen if you don’t pay your bills: However, knowing the consequences of missing payments can motivate you to make a plan of action. High priority bills to prioritize firstĮvery dollar counts when you’re faced with a growing mountain of bills, but at some point, your payment cycle might sound similar to Sisyphus pushing a boulder up a hill.What happens if you don’t pay your bills.
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