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While the emotional toll is significant, taking immediatefinancial stepscan help you regain stability and plan for the future.
Here are ninefinancial things to do if you unexpectedly lose your house.
Assess Your Immediate Financial Situation
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.
This could provide immediate financial relief for temporary housing and essential expenses.
And according to theConsumer Financial Protection Bureau, there are local programs that can offer housing assistance.
TheLow Income Home Energy Assistance Programcan offer support for paying utility bills, for example.
Reach out to local and federal agencies to know whats available for potential financial support.
Cut unnecessary expenses and redirect funds toward immediate needs.
Check your credit report for accuracy and start working on rebuilding your credit if necessary.
If a home is lost in a natural disaster,Equifaxrecommends contacting credit card companies to explain the situation.
In some cases, they have forbearance programs that may be able to help.
Most experts recommend three to six months worth of savings, but start where you’re free to.
Even small, consistent savingscan help prevent future financial crises.
FEMA, for example, offers legal services to people who experienced a disaster.
Continue working on your finances and credit score to double-check youre in the best position moving forward.
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