Consumption and Real Estate
What are the options for people on short-term disability (sick) not able to pay for house mortgage?
Question : What are the options for people on short-term disability (sick) not able to pay for house mortgage?
I am filing for short term disability due to sickness and whatever amount of money that I will getting from it won’t be enough to pay for my house mortgage. What are my options?
house mortgage
Best answer:
Answer by Ed Atun
Mortgage lenders are protected by law. When someone gets sick, they still have to pay their mortgage. Same if they get pregnant. If sickness cancelled a mortgage, no one would ever loan money to buy a house. Everyone gets sick at some time.
Try to sell the house fast or find 2 roommates to lighten the burden.
This entry was posted by admin on September 28, 2010 at 2:16 am, and is filed under Loans & Mortgages. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.
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Contact your mortgage servicer. They may be able to make payment arrangements for you that you can afford. At least they will be advised of the situation and may not badger you if they know what to expect as far as your return to work, etc.
Can you borrow against your retirement account to help you through this period? Check with your plan administrator.
Do you belong to a church? They may have some ability to help you through this period of financial difficulty or point you to community resources that could be of assistance.
Can family help? I know I hate to ask for help, but my family has always been there to help when I needed it most.
I hope you get well soon.