ABFS Consulting Advice & News Blog

Dangers of reverse mortgages (also known as CHIP mortgages)

What exactly is a reverse mortgage? You may have heard the term “reverse mortgage of CHIP mortgage” before on TV or in an advertisement, but may be questioning what exactly it means and if it would benefit you. A reverse mortgage is a specialized lending product that...

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Does debt ever really go away?

The idea that debt can and will disappear if ignored for a long enough period seemly stems from the fact that there is a statute of limitations on debt, and in many cases old debts can eventually disappear off of credit records, however don’t let this fool you into thinking that this means the debt is gone and forgiven.

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How long do foreclosures take?

One question that we frequently hear from those seeking foreclosure help is, “How long do I have before the bank takes my house?”. Unfortunately, there is no one-size-fits-all answer to this question, and like most legal proceedings there are a number of factors to consider, including…

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What Happens When You Go Into Foreclosure In Alberta?

The foreclosure process in Alberta can seem very complicated to those not familiar with laws involving real estate and debt. The following illustration provides a simplified step-by-step breakdown of the foreclosure process in Alberta, and what one can expect if...

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The dangers of Home Equity Lines of Credit (HELOC)

A common scenario we see in our office is a client who calls us worried that their lender is foreclosing on them for missed payments on a Home Equity Line of Credit (HELOC). Resolving a mortgage foreclosure is much simpler than resolving a credit line foreclosure....

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Dealing with Debt

We have all experienced tough financial times at one point in our lives. Being a student, job changes, unemployment, marriage, kids, divorce, health issues, moving, looking after family members in sickness and so forth can all have a negative impact on our finances....

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