The Hidden Cost Of Foreclosure In Alberta-soulseek

Mortgage-Refinance The Hidden Cost of Foreclosure in Alberta First, let’s put this all in perspective. In a recent interview, CAAMP president Jim Murphy indicated that "5% of all [U.S.] households are actually in foreclosure, while here in Canada households … only 0.28 percent of mortgages are in arrears in Canada.” Great news for the vast majority of Canadians, and directly attributable to a much more robust financial system. Regardless, the relatively small percentage that are facing foreclosure are real people with real problems, people who have found themselves facing foreclosure due to circumstances that range as wide as a river is long. The monetary costs are, of course, the most visible. More importantly, as time marches forward, arrears in mortgage payments are aggravated by penalties, fees, and legal costs, making it even tougher for a homeowner to catch up and get back in the black with his banker. The contemptible cocktail of time and legal fees are possibly the biggest culprit to the homeowner’s ability to surface financially. It hardly seems right, but foreclosing lawyers get paid more if they pursue foreclosure rather than find a solution to help resolve the foreclosure. It’s actually in their best interest to take the home away from the homeowner, destroy their credit and remove the family from their home. Just to give you an idea of some of these legal charges, a friend of mine who has recently gone through a foreclosure action due to a bank’s refusal to renew was charged $6,600 by the foreclosing lawyer for one court appearance and fees for filing the Statement of Claim. Fortunately, my friend understood the process as during the hearing the lawyer offered options that only would have cost more and made his situation worse, which is a reminder to you to understand the process! Another unfortunate example played out after a homeowner, who ignored letters from the bank’s lawyer, found out when it was almost too late that they had accumulated over $14,000 in arrears and legal fees. It is not uncommon to see charges like these accumulate at various stages of the foreclosure process; so being diligent about finding a quick resolution to the issue is always in your best interest. Contrary to popular belief, it is the personal costs that can be the most important component at a personal level, not the national economic health. When one faces the daunting prospects of trying to maintain their mortgage payments and avoid foreclosure, it can be emotionally and physically draining. Stress on family, loved ones, relationships, work-life balance, happiness; they all can suffer, causing what seems like an energy draining black cloud to settle overhead. Worst of all, this type of cost is mostly unseen by outsiders. Monetary strain is certainly the most obvious cost of foreclosure to a homeowner who finds himself behind on his payments, but the more damaging emotional cost remains an unfortunate by-product of the whole process that can outlast any monetary setbacks. Making sure you take action to educate yourself and avoid extending the process any longer than necessary is the best way to limit the financial and emotional costs of foreclosure. About the Author: 相关的主题文章: