Losing your home unexpectedly, whether due to natural disaster, foreclosure or eviction, can be overwhelming. While the emotional toll is significant, taking immediate financial steps can help you regain stability and plan for the future.
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Here are nine financial things to do if you unexpectedly lose your house.
Take a close look at the current state of your finances. Check your bank balances, credit card limits, and any savings or emergency funds you have.
Understanding your financial standing will help you make better, more informed decisions.
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If a natural disaster, fire or another covered event caused your housing loss, contact your homeowners or renters insurance provider to file a claim.
This could provide immediate financial relief for temporary housing and essential expenses.
Look into emergency housing options, such as government programs, nonprofit organizations and short-term rental solutions. The Federal Emergency Management Agency (FEMA), local shelters and community programs can provide support, depending on your situation.
FEMA, for example, has programs to support individuals and households affected by natural disaster, provide legal services, and offer unemployment assistance. And according to the Consumer Financial Protection Bureau, there are local programs that can offer housing assistance.
Programs such as emergency rental assistance, nutrition assistance and unemployment benefits may be available depending on your circumstances.
The Low Income Home Energy Assistance Program can offer support for paying utility bills, for example.
Reach out to local and federal agencies to know what’s available for potential financial support.
Focus on necessities like food, transportation, healthcare and securing a new place to stay. Cut unnecessary expenses and redirect funds toward immediate needs.
Losing your home can affect your credit score, especially if it involved missed mortgage or rent payments. Check your credit report for accuracy and start working on rebuilding your credit if necessary.
If a home is lost in a natural disaster, Equifax recommends contacting credit card companies to explain the situation. In some cases, they have forbearance programs that may be able to help.