Fort McMurray is located in the province of Alberta, northeast of Edmonton on Highway 63. It is situated 60 kilometres (37 miles) west of the Saskatchewan border. It is part of the Regional Municipality of Wood Buffalo, located in Northern Alberta. Fort McMurray services the nearby oil sands industry, and has expanded rapidly in recent years due to increased development of the oil sands. Most of the major oil sands projects are north of the town. Suncor and Syncrude are close to Fort McMurray. Other companies, such as Canadian Natural Resources and Shell are approximately one hour north of Fort McMurray in a hamlet called Fort Mackay. All sorts of recreation and entertainment is available, including golf, hiking, camping, biking, watching junior hockey games, and so much more. Another interesting place to visit is The Oil Sands Discovery Centre, where you can learn a lot about how oil is made.
Fort McMurray’s Economy
Fort McMurray is located in the heart of the Athabasca oil sands. Canada has the second-largest proven oil reserves in the world and Fort McMurray’s economy is dominated by the industries that support the extraction and export of oil. But apart from the oil sands, the economy relies on natural gas and oil pipelines, forestry and tourism.
How's the weather?
Fort McMurray has a borderline humid continental climate with long, very cold winters...
Not a lot of homebuyers expect to go into foreclosure, but due to the recent economic downturn, it is a consideration or situation a lot of people in Fort McMurray are in. Just know that you are not alone. Hopefully you’re reading this before actually ending up in foreclosure. But even if you’re already in foreclosure, as long as you’re still in the house there may be a way for you to continue to stay in it, long-term.
First things first: What is foreclosure?
Foreclosure is the legal means in which your lender is enabled to repossess or take back your house in order to get their mortgage money back and settle any outstanding fees. Apart from wilful mortgage fraud, where someone has no intention of making payments, most homeowners face foreclosure due to a sudden event that leads to them being unable to make their mortgage payments on time. The most common reasons include:
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Sudden unemployment
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Loss of second income
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Excessive debt obligations
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Illness or injury
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Death in the family
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Divorce or family problems
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Inability to pay adjusted/higher mortgage interest rate
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Unexpected major home maintenance expense
How can you avoid foreclosure?
Being proactive is the best way to avoid foreclosure. Lenders do not want to foreclose but they will file a Notice of Default to protect themselves if it comes to that. While it might be hard to admit that you are starting to run into financial issues, if you know you are unlikely to meet your mortgage obligation, the first thing you should do is call your lender. Keep an open line of communication. Ignoring their calls...
