Foreclosure is seen as a last resort for many, perhaps a reminder of mistakes made in investing or how the bank that you’ve given countless fees to over the years, let you down, lending you money for a home they should have known was risky.

The infographic below tries to cut through the emotions and gives some hard stats on what options are out there and what impact your choices might have on your future wealth and credit score. While we are continuously reminded that “things are different up here in Canada”, its a reminder that most people going through foreclosure NEVER imagined that they would be in the position of losing their house, unable to keep up with payments, or their home being worth way less than what they have left to pay.

Via: McFarlin Law

Published by Mike Thomas

Mike Thomas P.Eng. ENV SP, is the author of and Director of Engineering at the City of Revelstoke in the Interior of British Columbia, Canada.