Medical issues can be especially destructive financially because they can hit you in two ways.

If a serious medical condition is affecting you or a loved one, you may need to take time off of work, or stop working altogether.

Additionally, the cost of medical bills – even if you have insurance – can be astronomical.

So not only can medical problems keep you from being able to make the income you would normally expect to make, it can also drain your existing financial reserves as well. This can make it extremely difficult to pay for your monthly mortgage payments.

Divorce is another type of life event that can be destructive financially in multiple ways.

When a divorce occurs, finances are generally split between the parties, and that may leave one party unable to pay for the home even if they have been awarded it by the courts.

Additionally, the cost of divorce is quite high, so if you are experiencing a divorce you may find yourself less capable of paying your home payments due to the legal fees.

Losing a job speaks for itself in relation to a foreclosure.

The job market has been challenging for certain industries ever since the late 2000s, the coronavirus pandemic, and historical rates of inflation more recently.

While some people are able to find a job rather quickly after losing theirs, others are left without a job for several months at a time, especially in industries who have seen their demand decrease due to technology or shifting consumer preferences.

These people may find themselves needing to take a job that pays less simply to secure an income to cover necessities, and this may compromise their ability to afford their home.

Death in your family may present some of the same challenges as medical issues – time away from work, lost income, and the addition of unforeseen expenses.