If someone is permanently disabled can they be foreclosed on?
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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 12 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.
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