[Red]

Originally Posted by Tron_fdc

Wasn't sure where to put this, but I read it this AM.

I recall people walking away from mortgages in the 80's, but I didn't realize it was without recourse.

http://www.cbc.ca/beta/news/canada/c...sing-1.3430867

Alberta is the only Canadian province to broadly offer non-recourse residential mortgages. Those loans with at least a 20 per cent down payment and thus are not insured by the Canada Mortgage and Housing Corporation (CMHC).

If you walk away, you lose your home, but otherwise have no personal liability. Elsewhere in Canada, your lender can take you to court and seize other assets, such as RRSPs, vehicles, and even garnish your wages.

Is that true?

Yup.