Quote:
Originally Posted by GGG
This is sad but 7 months before foreclosure doesn't seem like very much savings when including RRSPs and credit cards which I'd assume you'd max before letting your house go into foreclosure.
If they were earning 50k a year each they would have gotten 4k per month in EI payments to help as well. It essentially means they had zero savings
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Would you let your house go to foreclosure or rack up insane debt on a borrowing plan like credit cards? Seems a bit silly to me to ruin your credit or fall into bankruptcy before selling off your house. You can always buy again when things in your life are more stable, why jeopardize that chance to save your house now?
I know I would sell first and rent before I have to foreclose on my mortgage. Or rack up insane debt to stay afloat.