Facing foreclosure can be an extremely stressful time in a person's life. If you are struggling with financial difficulties, you may feel that you have little to no control over the situation, and you may dread the day when you receive further communication from your creditor.
Struggling financially and living beyond your means can feel very stressful, and you may spend a significant amount of time thinking about how you can get yourself out of the situation you are in. If you have been missing your mortgage repayments, you may also have received threats of foreclosure from your bank.
When you get that foreclosure notice, times are already tough. You are having financial problems, and you can't make ends meet. You wish you could pay the mortgage, but it's just not possible. That brings on a lot of stress and takes an emotional toll.
Having a high mortgage repayment plan can make the possibility of foreclosure a reality if you unexpectedly start to have financial challenges. Not everybody has the luxury of savings to help them in the event of being made unemployed or having to pay unexpected medical bills.