Stress, anxiety from mortgage arrears? There is a way out!!

I recently received an inquiry from a homeowner who was in arrears with her mortgage and had been for sometime. I could sense in her voice that an emotional toll was present and the only reason she had reached out to us was because of a recent letter from her lender explaining that they were about to apply for a repossession order.

Falling behind on mortgage payments is not just a financial problem, it can be an emotional crisis that can trigger intense stress and anxiety. Understanding this experience and knowing what steps to take can provide some relief in a challenging situation.

More often than not, the path into mortgage arrears often begins with an unexpected life event like an illness, job loss, or another financial setback. This initial problem is quickly compounded by the fear of losing one’s home, leading to sleepless nights and constant worry.

Anxiety and stress are natural responses to such a profound threat to one’s security and well-being. Homeowners may feel isolated, ashamed to talk about their difficulties, or uncertain about where to turn for help. This emotional burden can affect every aspect of life, from personal relationships to job performance.

The first step of acknowledging the issue is often the hardest and admitting to herself that there was a problem is what this lady did. During our call, we discussed what had happened and where she found herself currently. We were able to piece some positives together and I was able to offer some guidance on how to act on those positives.

Mortgage arrears bring with them a heavy burden of stress and anxiety, but no homeowner should face this alone. By understanding the emotional impact, taking proactive steps, and seeking out guidance and assistance, it’s possible to face the challenges of mortgage arrears. I believe that the path through difficulty often leads to newfound strength and resilience. For anyone facing these challenges, know that there is hope, and there are options available to help secure a more stable financial future.