Impact of Foreclosures
Posted on November 20, 2008
Filed Under Foreclosures |
Foreclosures come along with other problems. Though these problems could be assumed, research has shown that most of the people who have experienced foreclosures have also experienced other problems. Most of the effects of foreclosures are financial, physical, emotional or mental. When an individual has experienced a foreclosure, they are likely to work themselves harder to get an alternative shelter and in most cases when they are overworking, they affect their physical parts of the body if the body mostly if the work is manual or they affect the mental part if most of their work involves using the brain.
The emotional effects are mainly on the people who are emotionally stable and this could be as a result of usage of drugs or a health condition. Such people are affected emotionally and some extents could lead to insanity. This is not common though there are partial emotional effects where an individual who has been jovial goes silent all over a sudden and they could even withdraw from their social circles.
Many of the hospitals have been experiencing a large number of patients with stress related illnesses like ulcers and depression as a result of foreclosures. These are mainly people who have experienced foreclosures in the heights of losing their jobs and they have been left helpless. Such people are faced by very hard circumstances mostly if they have children and they are at times forced to seek shelter from their relatives and their neighbors and this greatly affects such people.
The financial impact of foreclosures is mainly as a result of the loss of the mortgage payments that an individual had already paid prior to the foreclosure. For those who opt to pursue a redress through the course of justice, the situation is not any better even when they win since they have to pay the attorney charges and they also use time that they could have used working to get more money. The people who are expectant on the government grants are also losing their hope since they are not assured that they will get a part of the grant.
The mental impact is mainly when most of the people who experience foreclosures either go insane or they are depressed. Some of them resolve to drug abuse in disbelief of their situation while others become don cares. There has been an increase in the mental cases registered in most hospitals and most of the patients complain of constant headaches and these are the effects of experiencing foreclosures unexpectedly. It is advisable that one seeks the assistance of a psychotherapist in such a case and they should also try and relax the mind to avoid extremities that are mainly insanity.
On the real-estate developers, the impact is all positive since there is an increase in the number and the variety of houses to offer and this means there is booming business on their side. This has led to a competition in the foreclosures and the prices have reduced slightly.
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