If your home has fallen in value, you may be able to stop paying on the junior mortgage with less risk of a foreclosure. Reduce your withholding so that you are paying in no more than you will actually owe. Shorting your withholding is only a short term fix as the government has powerful ways to collect back taxes and the statutes of limitations on taxes are long.īut if you usually get a tax refund, you’re overpaying your taxes on a monthly basis. You can reduce your income tax withholding in the short run if you are truly in survival mode. In California, property taxes have to be five years overdue before the county can hold a tax sale of the property.įind out what the timeline is where you live. Homeowners may find that they can forego paying property taxes through a crisis. Cut out whole life insurance or convert it to term insurance?.Raise the deductible on your car insurance or forego collision insurance altogether on an older car?.Can you scale back your cell phone and cable service?.Look for expenses you can cut out entirely. have your car repossessed and you can’t get to work.get evicted or foreclosed, and you are homeless.Pay first things firstįor most families, housing and transportation are the most important expenses they have: One you stick to, even in the face of phone calls and threatening letters. When there isn’t enough money coming in to pay all your bills, it’s all about making choices.
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