Mortgage Foreclosure-What to Do?
I am a 50 year old male who became disabled on December 13, 1999. I
received short term disability for several months. There was a period
of time my SSA & Longterm Disability was delayed before it actually
started. As a result, we are 4 payments behind on our mortgage
payments. A month ago my mortgage company asked for me to send a
financial payment so they could evaluate us for a HUD program. Today,
the mortgage company told me I am not eligable for any program because
I have continued to be disabled and have not increased my income. They
are preparing to start foreclosure on our house.
We have about $60,000 in credit card debt.
What should we do?
wouldn't file bankruptcy until the problem that got you into your
situation is resolved, and your medical bills have stopped. Bankruptcy
will DELAY foreclosure, not stop it.
You can't really expect the lender to forget about the money you owe
them just because you're disabled. If you have equity, you may
consider selling the home -- maybe they'd postpone sale for a sale by
you.