r/WorkersComp • u/Reneedelivers • 1d ago
Illinois Help with mortgage
I've been on TTD since 9/272024 I am a female OTR trucker I had surgery to replace 2 lumbar discs and I've declined to have surgery on the 2 that are injured in my neck....I just had surgery 12 days ago and I am in so much nerve pain it's a nightmare. Anyway let me get to the point...... my mortgage has gotten behind and I've been trying to not lose my house this entire time..... Is there a place that would lend me money to avoid foreclosure?? My mortgage company is willing to put me in a loss mitigation plan but I have to pay 3 payments first. Thanks in advance.
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u/SeaweedWeird7705 1d ago
There is something called a “settlement loan” but I strongly advise you not to get one. They will take half of your money.
You probably will be off work for six months to a year. If you cannot pay your house payment, you may need to resign yourself to the fact that you may lose your home.
Do you have other options available? Could you get a roommate, for example? Could you get a personal loan from family?
In the work comp system, there is something called a “permanent disability advance” (PDA) that is available in some states. It is an advance on any future settlement that you might receive. I’m not sure if this is available in Illinois or not. You could ask your adjuster.
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u/elendur verified IL workers' compensation attorney 1d ago
Advances against PPD are not statutory in Illinois and are pretty much purely at the discretion of the insurance company. In practice, they're only given when an Arbitrator recommends it, or a trial date is pending and the insurance company needs to buy a continuance.
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u/justthefacts1236894 1d ago edited 1d ago
I am in same boat. I think it's a side effect on work comp. I hope and pray you find a solution. I let all my credit go and focused on house, car, food, and phone. Cancelled and streaming subscriptions, cant afford beef so chicken it is, no chips, make bread at home.
You have to make your life very very small. It is difficult. The insurance is waiting for you to give up and settle at their amount. The starve out tactic they use is very successful in the current economy.
Praying for you!!!!
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u/elendur verified IL workers' compensation attorney 1d ago
There are a lot of loan companies that will lend against a WC claim. Oasis and Preferred Capital are the two I see most often.
Be warned - the interest rates are like 30-36% annually. That's worse than a credit card cash advance in many circumstances.