Real Property Management Lakeview

Take These 5 Steps If You Can’t Pay Rent on Time

Can’t pay rent on time this month? You’re not alone. Many tenants find themselves short on rent in these uncertain times due to layoffs and temporary or permanent cutbacks. If you are one of the people affected by the current crisis, you may be wondering what to do about your monthly rent payments.

Honest tenants who are temporarily experiencing fund shortages are not likely to be evicted by their landlords. Paying your rent a little late shouldn’t warrant an eviction straight away. Plus, many localities and states have put eviction moratoriums in place during the COVID-19 pandemic.

Now we are going to delve deeper into what you should and shouldn’t do if you can’t pay your rent on time. Recommendation and tips from UpkeepMedia.com on what steps a renter can take to help avoid more significant problems in the future.

#1: Never Ignore the Problem

Never ignore issues related to rent payments. While not thinking about that responsibility in the hopes that it will go away is a natural reaction, it is also the quickest way to create further problems in your life. Your rent payment is likely to cover your landlord’s mortgage payments. As the bank won’t overlook your rental owner’s missed payments, he can’t afford to ignore yours. So take the first step and admit to yourself that this is a situation that requires decisive action.

#2: Understand Your Financial Situation

Take a good look at your current financial situation and determine the type and extent of possibilities you currently have. For instance, see if you have a tax refund waiting for you. Maybe you can use an early hardship withdrawal, a completely legal procedure, to prevent eviction by taking the money from your 401K.

If you haven’t lost your job but were instead laid off or have limited work hours, it might be possible to opt for a 401K loan. Just make sure that your employer’s chosen plan allows this to happen.

#3: Review Your Lease Agreement

Did you know that your lease agreement may contain hardship clauses? Not all contracts will have these clauses, but if they are there, you can use these for your benefit. Hardship clauses enable you to terminate your tenancy due to financial difficulties.

These clauses won’t allow you to skip payments. However, you may have the option to move out after finding a more affordable place to live. In some cases, there might be zero penalties involved. You have to review your lease and see if these clauses are there and what are their details.

#4: Check Rental Assistance Programs

See if you can get help from any of the rental assistance programs that may be available to you. These programs could be established on a federal, state, or local level. To learn about your opportunities, check with your local and state government websites.

#5: Negotiate with Your Landlord

It would be best if you always were honest with your landlord when it comes to financial issues and rent payment difficulties. Being upfront about your situation is one of the best ways to cut your risk of getting evicted significantly.

Try to see the situation from your landlord’s point of view. Evicting and finding new tenants is a tiresome process. It’s much easier to negotiate with you to find a solution that would make both sides happy.

Here are some ideas on how to negotiate with your landlord:

Can’t Pay Rent on Time?

Life is full of unexpected things: every tenant can suddenly discover that they have difficulties paying rent for the next month. If you find yourself in this type of situation, consider the following approaches. And as always, RPM Lakeview would be happy to help you go through your options if you have further questions.