Dealing With Possible Home Foreclosure If You Have Bipolar Disorder
It's tough enough facing a possible foreclosure during these hard economic times. But it's doubly difficult if you're trying to manage your bipolar disorder at the same time.
The incidence of foreclosure is at its highest in decades. If you suffer from bipolar disorder and are faced with the possible loss of your home, there are steps you can take to try to keep your home.
The first thing you need to know that the financial situation you're in this minute isn't necessarily of your own making. Many families today are faced with the possible loss of their home through no fault of their own. You're not losing your home primarily because of your bipolar disorder.
Tell a close, trusted friend your situation. This person may not be able to help financially - and that's not the reason why you're confiding in him. But he may be there to help with moral support. He'll also be there hopefully if you suffer from a manic episode from your bipolar disorder to keep you from doing anything drastic.
Next, you need to take the same steps that any other individual without bipolar disorder would take to try to keep his home.
Investigate the possibility of entering into a forbearance agreement. This means the lender agrees - for a temporary time - to either lower or eliminate your payments. If , because of your bipolar disorder, you don't feel comfortable negotiating this alone, call a friend to help you.
Consider a loan modification. This may good alternative whether you have bipolar disorder or not. In a loan modification, you request a permanent alteration in the loan. This alteration may come in several forms. It could be permanent lower payments or even extending the length of the loan. Another alternative that many lenders use is to incorporate any payments that you've missed into your future payments.
Consider selling your home. This is not a pleasant thought. But if you can sell your home for what you owe, then you can at least repay the lender. Before making this decision, be sure you consult with someone you trust to get his opinion. You definitely don't want to take this step - or any of these, for that matter - during an episode of your bipolar disorder.
Foreclosure rates across the country have already started to increase - and they show no signs of stopping anytime soon. If as an individual with bipolar disorder you're facing this situation be sure to not do anything rash. It's important that you stay well. Keep taking your bipolar disorder medications as you should. Confide in a close friend or family member. With a little time and effort you will be able to find a solution to your economic problems.
