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Health Crisis
Medical Issues Do Not Exempt You From Foreclosure
Foreclosure shows no favoritism. Even when confronting
a health crisis that might seem overwhelming, both
physically and financially, your mortgage obligations
still continue. It is important to understand the circumstances
that can lead to foreclosure, so that you do not find
yourself overcoming a challenging situation regarding
you health, only to find yourself in another crisis
trying to avoid foreclosure on your home.
There are some things every homeowner should know about foreclosure so as to avoid an unwanted problem to overcome, above and beyond what you are already facing involving your health. Regardless of your medical circumstances, if you do not repay the debt on your home as outlined on your loan agreement, your mortgage company can hold you in default of your loan and begin the foreclosure process. The length of time a servicer will allow before proceeding with foreclosing on your home varies by state, but it is always better to notify your lender sooner rather than later if you know you are going to have an issue making your payments in a timely manner, regardless of the reason. The sooner you contact them, the more options are likely available to you, but you must contact them before things get lout of hand.
Our foreclosure prevention counselors can assist you in contacting your servicer via a 3-way call, if you need assistance or clarity in understanding the technicalities of any options they might provide. This help is always free, and you can get started by calling the Homeowner’s HOPE Hotline at 888-995-HOPE.
