Quote:
Originally Posted by fotze
I don't know anything about bankrupcy. Why can't you walk away from a mortgage here?
Also with bankrupcy, can you just declare it or do you have to get rid of your other asssets first like savings or RRSP's?
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The laws are different between every state. Some states only let the banks go after the property, not the motgagee. All banks in these states have rights on are proceeds from foreclosure. In Canada, I think banks can sue for the remaining payments and this judgement will follow a person after a foreclosure sale. They probably could only escape it with a successful bankruptcy proceeding. Bankruptcy requires a filing with the court's in Canada. The terms and conditions are determined by the court. Disclaimer: all this is just my own lay person understanding. I'd appreciate correction from anyone more knowledgable in these things.