ABFS Consulting Advice & News Blog
How Foreclosure Affects Your Equity
At ABFS Consulting we have reviewed hundreds of foreclosures to know first hand how devastating the process can be. Not only does it play a toll on your mental and physical health, it can take a huge chunk out of your home equity and financial well being. On...
How Lines of Credit Can Lead to Foreclosure (Even when your mortgage is up to date!)
Why your Lines of Credit should come first Studies have shown that when times get tough, Canadians favor paying their mortgage over all other debt. What most Canadians do not know is that a secured credit line should be paid ahead of a mortgage. A secured debt simply...
Money Saving Tips For Living Within Your Means
Many Canadians struggle with their finances. With credit that is often easily accessible, many are spending more rather than saving, using up their credit and accumulating debt beyond what is realistically manageable. Many people develop a lifestyle that is supported...
Dealing With the CRA in Foreclosure Matters
Getting into debt with the Canada Revenue Agency (CRA) is something we all would like to avoid. Unfortunately, financial turmoil can happen to anyone given the right circumstances. If you fall behind in payments to CRA they can place a Writ on the title of any...
Why You Should Keep Your Mortgage and Property Taxes Separate
Why does the bank want to pay my property taxes for me? When you buy a home using bank financing, your bank will offer, or in some cases require, that you pay the home’s property taxes directly to the bank. The bank submits your tax payment to the municipality on your...
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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