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Avoiding Foreclosure

Your home is probably your most important asset. Due to your disability, you may seek the comfort and familiarity of your home at a time when so many things in your life are changing. Your home not only provides your shelter, but it also holds fond memories of family and friends and provides you with a sense of accomplishment and pride of ownership.

A home also may also be your biggest financial investment. By purchasing a home and making timely mortgage payments, you are:

  • Building equity in your home
  • Investing in your future
  • Reducing your taxable income
  • Avoiding the high cost of rent
  • Controlling your monthly housing payment amount

While filing for disability benefits, you may have difficulty with not only your health, but also with your finances. Due to your inability to work, you may be unable to pay your monthly mortgage. This can have a negative affect on your credit history and score, and may even lead to the foreclosure of your home. Remember, your credit score not only affects your ability to obtain a future mortgage and interest rate, but it may also affect your:

  • Future rent
  • Employment
  • Auto loans and insurance
  • Credit cards

If you own a home but fall on financial hard times, your two main goals should be to:

  • Delay and prevent the foreclosure of your home
  • If preventing foreclosure is impossible, stay in control of the process to minimize the financial damage

To help you with these goals, we provide you with information on the following useful topics:

  • Foreclosure Basics - Learn more about the effects that foreclosure has on your credit history and the basic foreclosure laws in your state. Knowing the basics is the first step to avoiding foreclosure.
  • Working With Your Lender - Although working with your lender can be difficult, you may have some options that will allow you to avoid foreclosure and remain in your home while your SSDI claim is pending.
  • Forced Home Sale Options - If you are unable to work out a solution with your lender, there are other options available to you concerning the sale of your home. You also can see how these options can affect you and your credit score.
  • Mortgage and Foreclosure FAQs - Frequently asked questions about the mortgage and the foreclosure process are answered here to explain your options.
  • Mortgage and Foreclosure Glossary - When dealing with lenders, it is important to have a general understanding of the terms.

 Tip: The more knowledge you have about the mortgage process, the better equipped you will be to make the right decision concerning your home. Be informed, know your options and do not ignore the problem.