If you are a homeowner, and have debt, you might be concerned that your bank or credit card company can take your home away from you, and put your family on the street.

Words like “power of sale” or “foreclosure” can seem scary.  But this is Canada, and the financial crisis of 2008 in the US is over.

Before anyone can take your home away, there are plenty of steps they need to take, and they’ll also need to decide if its worth their while to chase a bad debt as sometimes it doesn’t make sense to throw good money after bad.

Is it a real threat?  Partially, and it could happen, but before you start losing sleep over it, check out the video below to get the full answer.

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