Foreclosure Affects More Than Just Losing A Home
You might have just gotten a mortgage and are struggling through thick and thin to avoid a foreclosure. This is the whole shortcoming of buying a house through a mortgage, you will have to dig deep to avoid the bank stepping in to own a house you have been trying so hard to pay over the months. While it is a tough task keeping up with the installments, you would not want to experience the effects of a foreclosure.
Families get heavily hit when a foreclosure is implemented and this affects them negatively. Every member of your family will feel the pinch and they will have to change as the tide of the foreclosure settles in. Some banks carry out the whole process in a rough way that negatively affects the family members.
Numerous families have lost their homes through the implementation of foreclosures over the years. This is happening and many more at risk of losing their homes in the coming future. This negatively affects the families and mostly the children coming from these families. Most of the families are single-parent families and this is just adding salt to injury. The children, in this case, risk losing their friends and have to adapt to a new environment and even a new school altogether.
Tough Economic Times Flare Up Home Foreclosures
When times get tough economically and parents are unable to pay for the mortgage, the bank may be forced to come in and implement a foreclosure. This is the last thing that any family would wish to go through as there is a lot to be lost in the whole process. For one, the children lose a place they have been calling home for a while now. This is a painful and traumatizing experience to go through especially in the case of the children.
Foreclosure causes a family to go through a period of trauma that in the process breaks the links in the family. Family members, if not close enough, will feel distanced from one another as they might have lost one thing that unified them. The parents may even be divided and this will test their trust and loyalty to one another. In most cases, family heads feel like they have let down their family because they are unable to cater to the basic needs of their family.
Effects Of Foreclosures On Children
Children may be the most affected victims of foreclosure than any other person in the family. This is probably because they have never been through such an experience and most who are in their young ages may even not be able to comprehend what is going on.
If you have a child in your family, moving from one place to another might take a toll on them. This is seen even as parents transfer in jobs and have to take the children with them. The movement means that they will have to lose a couple of friends and may have to adapt to a whole new lifestyle. For children, this is quite difficult as they are in their early stages of development.
Secondly, foreclosure notices put a lot of strain on your family financially. When as a parent, you receive notices on foreclosure, you get stressed financially and are forced to cut on some expenses. This causes a few changes around the house that affect the way the children live. This whole episode affects the mental development of the children and eventually will affect your children’s performance in school.
You will realize that foreclosures tend to concentrate in certain neighborhoods, you notice this as you see several vacant houses in certain estates. Such neighborhoods are prone to high crime rates and poor community cohesion. This prevents society from coming together and developing the community by working in harmony.
Most of the children affected by foreclosures are from single-parent families where the mother or father is unable to cater to their needs fully. Such families have probably gone through a lot and this becomes more devastating for them. Being kicked out of their home makes them lose their grip in life and in severe cases they might turn to crime and other immoral behaviors in order to sustain their livelihood. This is serious in cases where social services are not available to step in and support such families when going through this. Therefore, they lack the support needed to go through this episode.
Foreclosure, as seen, has a negative impact on the wellness of your family. This is also seen in the health of individual members of your family. When it comes to health matters, this is general and not isolated for the children only. Even parents and older family members are prone to being sick as a result of moving from your original dream home to another one; which is probably inferior to the former one.
If you find your family is in a mortgage crisis please reach out to a HUD-approved counseling agency. Remember, you don’t have to be alone in dealing with a pending foreclosure.
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This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice. CashOfferOnHouse.com always encourages you to reach out to an advisor regarding your own situation.