The Real Costs of Foreclosure
For a homeowner in Alberta, the personal costs of foreclosure can be extremely important to understand. These costs include not just the obvious financial costs, but the substantial implications it can have on ones financial stability and personal credit rating, but more importantly, the devastating impacts on ones overall psychological health and well being. The key to surviving the ordeal is educating and empowering yourself about the process to help you make positive decisions.
When a homeowner finds themselves behind on their mortgage payments and facing the daunting prospects of trying to catch-up on their overdue mortgage payments and avoid foreclosure, it can be emotionally and physically challenging ordeal. Stress occurs within the family, with loved ones, relationships, work-life balance and ones happiness. The family unit could tend to feel the effects more prominently, causing what seems like an energy draining black cloud to settle overhead. Worst of all, this type of cost is mostly unseen by outsiders. Even close family could remain ‘in the dark’ as homeowners remain silent of the financial chasm that opens beneath them.
[Read more…]