User: Brian Ripley: U.S. Housing: Picture


As in the Netherlands, almost all Canadian mortgages are “full recourse” loans, meaning that the borrower remains fully responsible for the mortgage even in the case of foreclosure. If a bank in Canada forecloses on a home with negative equity, it can file a deficiency judgment against the borrower, which allows it to attach the borrower’s other assets and even take legal action to garnish the borrower’s future wages. More at


tres cool™tres cool™
here in the US- some states are full recourse, some aren't. I was advising folks to find an apartment before they bailed and then mail their keys to the bank as the banks only recourse was to take there collateral back 1/20/14