this post was submitted on 13 Jul 2023
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When people are handing the house keys back to the bank and saying fuck it, then you'll know that you're no longer in Canada. No recourse mortgages aren't a thing here.
Lol, when someone doesn't have the money to pay the mortgage and realizes they are in way over their heads and file for bankruptcy, that's a no recourse mortgage right there. What's the bank going to do? Make you extend your mortgage for 70 yrs?
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There are are jurisdictions with no recourse mortgages. There you really can just say "fuck it", hand in your keys, and walk away. But Canada is not one of them.
Is it that you are not Canadian or is it that you focus your attention on US media and have forgotten that Canada is a different country?
Oh, I'm not saying they can walk away and just hand in their keys, done and dusted. Granted bankruptcy? You do understand that all loans in Canada are civil matters. If you move through the proceedings of declaring bankruptcy, and it's genuine because you don't have the money to continue to pay you mortgage, bills and debts, you think that you will be denied the option to proceed with that? Or do you think a consumer proposal to pay out all the outstanding charges on a defaulted mortgage and loan will be suitable when you can't pay it?
I don't even know of any places where you can just hand in your keys and walk away without reprocussions. But trying to pay for a repossessed house isn't really for many in that situation.