Reduce Your Housing Costs

  • Find a roommate.
  • Move in with family or a friend until your financial situation improves.
  • Sell your home and buy something less expensive, assuming you can sell it for enough to pay the total balance due on your mortgage. Don’t forget about the real estate and legal fees in your calculations.
  • Rent out your home and find yourself a less expensive place to rent or buy. For this option to be effective, at a minimum, the rent you receive must cover your mortgage payments, taxes, and insurance.
  • If you're locked into a lease consider subleasing. Before you exercise this option remember to first ask your landlord for permission.

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