is there any program for people that are on social security disability that have a low income and a high interest rate that can help them keep their home?
2007-12-17 09:59:27 · 6 answers · asked by ~CourtneyJ~ 3 in Business & Finance ➔ Renting & Real Estate
No, there's no program set up for people like that, unfortunately.
You're better off working with the lender for some solution. Maybe they can modify the terms of the loan or let you sell the house for whatever you can get. You may have to refinance with another lender, or sell and purchase a more affordable property.
Social Security Disability doesn't pay much at all, because they'd rather keep the money and have you go back to work and start paying into the system again. Of course that's quite unreasonable from your perspective, but Social Security is the program that allows you to have any income at all when faced with a medical problem. There aren't any extra programs for when Social Security doesn't pay well enough (and it doesn't pay much at all!).
Hope that helps.
ForeclosureFish
2007-12-18 02:29:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There has been a new proposal out of Washington to help some homeowners facing foreclosure. Not everyone will qualify. I think you should start by calling the local offices of your Congressman and Senators. Explain your situation and let them see if there is some help available for you.
Have you talked to your lender? Many of them are willing to work out something that will avoid foreclosure. You must call and call and not give up. Start by asking for "the loan mitigation department."
Good Luck
2007-12-17 10:10:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sorry to hear you're in a bind. There is an article in today's Real Estate Journal with excellent advice and links to several free resources for consumers in your situation.
See the front page article titled "What to Do if You Can't Pay Your Mortgage" at: www.realestatejournal.com
Good Luck!
2007-12-17 11:13:10 · answer #3 · answered by Tony M 2 · 0⤊ 0⤋
If its adjustable and the rate has reset or will before december 2009. You can go FHA secure. they will take you out of default, credit isnt an issue. But you had to have good credit before you got the loan, and prove because it adjusts you cant pay for it anymore.
Go to this government website and see if you meet the criteria.
www.fhasecure.gov
Good Luck
2007-12-17 10:20:06 · answer #4 · answered by financing_loans 6 · 0⤊ 0⤋
Yes. Call your lender and work with them they do not want your home. Ask them to lower your interest rate or they will end up with the home. Also i would advise you to talk to an attorney
2007-12-17 10:07:43 · answer #5 · answered by Big Deal Maker 7 · 0⤊ 0⤋
Only bankruptcy, and that's a temporary solution, since the lender will still foreclose the property and take possession if payments are not made on the mortgage.
2007-12-17 10:03:09 · answer #6 · answered by acermill 7 · 0⤊ 0⤋