To be living off of disability and facing foreclosure can create quite a conundrum. Will your lending financial institution’s decision to foreclose your property while you are solely surviving on social security impact your life? Yes. But in the case that the lender is not able to recover the amount you owe by selling the mortgaged property, will the court, under the garb of garnishment allow the lender to take your social security funds away? And do you need a foreclosure defense lawyer? These are the most common questions that run through the head of every person that goes through this hardship.
What does the law say?
In cases where the lender is unable to recover the money it is owed by the borrower by selling the mortgaged property, the courts have allowed lenders to seize money being given by third parties such as employers to satiate the debt owed by the person in question. Any good Foreclosure Defense lawyer would inform you that according to the Social Security Act, your social security payments cannot be withheld or taken by your lender under any circumstances. Therefore, there is no need to be worried about losing your social security or disability payments even if you are facing foreclosure. Your social security/disability payments are protected by law, and your lender cannot take them away from you.
Make the best of a bad situation
Facing foreclosure while you don’t have a steady source of income can make you feel quite vulnerable. Most property owners tend to get overwhelmed and make mistakes in their confusion and haste. But if you maintain your composure and decide to not give up without a fight, you could potentially turn the tide in your favor. Consult a veteran foreclosure defense lawyer to get the best advice according to your case. Every case is different from the other and only someone well-versed in the machinations of the legal system can provide you with the best course of action. Rather than being stunned by foreclosure, compose yourself and seek the best way out of a messy situation. Your social security disability payments are already protected by law, and you might be able to salvage your property if you play your cards well enough.
For further information and guidance or to schedule a free consultation session, contact Covert & Covert, LLP today at 630-717-2783 to speak with a qualified and experienced lawyer on this issue.