If someone is permanently disabled can they be foreclosed on?

Get Legal Help Today

 Secured with SHA-256 Encryption

If someone is permanently disabled can they be foreclosed on?

I have considerable equity in my home but due to economy and being disabled Ive fallen 3 years behind, Now with all the bank fees the loan went from $138,000 to now $170,000+. I’m told that I can not get much for the place if sold and I’m soon to be homeless (6 weeks). Is there any way for these people to get grants to keep there homes.

Asked on September 20, 2011 under Real Estate Law, Pennsylvania

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If it appears that you will soon lose your home in a foreclosure and if you have signifcant liabilities exceeding your debts, you might consider contacting a bankruptcy attorney to file a bankruptcy petition. If you file a bankruptcy petition, all proceedings concerning your home's foreclosure will be stayed under 11 U.S.C. section 362.

Potentially a halt of the foreclosure proceeding may allow you some options for a possible reverse mortgage (if you are old enough and you qualify with equity in the home).

Another option is to seek a loan modification of your current loan.

Unfortunately there are no grants to allow people to keep their homes. Grants deal with educational purposes in general.

Contact a bankruptcy lawyer.

Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption