Was It A Result Of A Manic Episode Due To Your Bipolar Disorder
Was it a result of a manic episode due to your bipolar disorder? Or was it just the same depressing, difficult economic times most of us are going through?
The cause really doesn't matter. All you can see is that your mortgage company wants to foreclose on your home. You take a deep breath. Where do you start?
Call your lender. Right now! Explain to him your current economic condition. You may also want to explain your health condition - your diagnosis of bipolar disorder. If the person in charge of your loan isn't familiar with the symptoms, carefully explain them to him. Many times, in the face of an illness, lenders can help a family out.
Many individuals - even those without bipolar disorder - fail to notify their lenders early enough. They feel embarrassed discussing their money problems. Many individuals also feel that if their lender realizes they are having financial difficulties, the lender will immediately foreclose.
This reluctance to talk to their lender is even greater for those who suffer with bipolar disorder. Many times, during the euphoria of a manic episode, an individual with bipolar disorder goes on a wild spending spree.
You need to understand, though, that lenders really want to help borrowers - even those with bipolar disorder - keep their homes. While a foreclosure is immensely emotionally and financially draining for those facing the loss of their homes, foreclosures cost lenders money. They would much rather find an innovative way to keep you in your home - and making your payments.
Besides, the U.S. government Housing and Urban Development as well as investors like Freddie Mac and Fannie Mae require lenders to work with those borrowers who are having problems.
Lenders have what they call "workout options" at their disposal. That is, they can offer several ways to arrange for you to keep your home. If you are only a few payments behind on your mortgage, there are many options from which you can choose. The farther behind you are on your payments, though, the fewer options you'll have from which to choose.
And above all, don't think the situation will magically repair itself. Time is of the essence if you're behind on your house payments. This is especially true if you've already been notified that you are facing foreclosure.
As an individual with bipolar disorder, you may believe - as part of your euphoric manic episodes - that the entire situation will work itself out on its own. It won't. Contact your lender - or have a close trusted friend help you with this if your bipolar disorder makes you reluctant.
When you call, be sure to have your account number to your house loan as well as recent income documents, including tax returns, benefit statements from Social Security, disability and other income-generating sources.
Remember, the cause of your economic problems doesn't matter at the moment. If you're in this situation because of past actions due to your bipolar disorder or just a victim of bad economic times is irrelevant. What really matters is that you try to find a way to keep your home or if nothing else, at least avoid foreclosure.
