How to Pay Your Mortgage When You Have Cancer

Few want to contemplate catastrophic life events, but these can occur abruptly. Accidents or sudden illness can often find the afflicted individuals unprepared. These events are especially devastating to individuals who lack comprehensive medical coverage. Individuals experiencing such events are often confronted with financial realities such as continuing to pay for a mortgage or loans. Fortunately, you have ways to offset the costs when experiencing an illness or accident.

Upon learning of a sudden illness or accident that will compromise your ability to earn a significant income, it’s important to contact your lenders directly. Regarding your mortgage, your bank may work to assist you with making your payments. Foreclosure proceedings can begin as soon as 120 days of nonpayment, so it’s important to contact lenders quickly. Your bank may be able to offer you a forbearance agreement or a modification to your mortgage loan. It’s imperative that any agreement to alterations in your mortgage be signed by all parties involved. These are often effective ways to ease the financial burden when you’re unable to earn enough to cover your former payments.

Do your research. Often nonprofit and government programs can assist you financially until your circumstances improve and can resume making payments. This assistance can be used to offset mortgage costs until you can resume your former work schedule.

You also have other ways to help offset the medical, loan, or mortgage costs upon suffering an accident or sudden illness. If you possess a life insurance policy, this can be sold, and the purchaser assumes your recurring payments and pays you a sum based on how long you have held the policy. Most sellers are over age 65, but LISA, the Life Insurance Settlement Association, has guidelines for younger sellers based on specific medical conditions. These policies are often bundled and purchased by investment groups, but individual sales, or viatical sales, are permitted if life expectancy is 24 months or less.

You may wonder how you begin selling my life insurance policy for cash. Most sales of life insurance policies are handled by brokers, which can often yield better offers, but you can sell your life insurance independently. You initially provide details of your life insurance policy and medical records to your broker. The broker will then shop your policy to potential purchasers who then bid on your life insurance. If you accept the bid, the purchaser assumes all new payments on the policy and pays you a lump sum. You will continue to contact the purchaser to inform them that you are still alive, and at the event of your death, the purchaser assumes the benefit. Before you start the process, be certain to determine that you no longer need the coverage. If you don’t, be certain you trust both your broker and buyer.

If you reside in the Kansas City area, you can find trusted mortgage lenders that will work with you if you experience a sudden illness or accident. If you have a mortgage through trusted kansas city mortgage lenders, they will be able to assist you in refinancing or lowering your mortgage. They may also be able to help determine alternative payment plans such as the sale of a life insurance policy.

Some life events can be catastrophic both emotionally and financially. After such an event, it can be difficult to maintain former mortgage or loan payments. One method of obtaining funds relatively quickly is the sale of your life insurance policy. If you live in the Kansas City area and need assistance in adjusting a current mortgage or in identifying plans to maintain payments, such as sale of a life insurance policy, please contact and expert.

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