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Canada is a country where the former applies, which means once you sign up for a mortgage you will never be rid of it unless you pay it off over time or through the proceeds of a sale.

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If the economy were to soften, rates rise or lots of jobs be lost, then many owners might wonder: why would I continue to pay a mortgage which is bigger than my condo’s worth?The only difference is that outside of Saskatchewan or Alberta (almost) defaulting on your home loans means the rest of your finances could also be destroyed.That will include your TFSAs, bank accounts, non-registered investment accounts and, in many cases, RRSPs.If you still don’t pay, the lender has the right to kick you out, or just list the house for sale (after some legal stuff happens).The property must be sold for ‘market value’ which means the bank can’t flog it for half price to some vulture.It’s been argued that having recourse mortgages in Canada is a good thing because the fear of having a bank up your butt for years is enough to keep people paying their mortgages, and house prices stable. In fact, when housing corrects we could find that our mortgage system actually made things worse.Remember that the two US states which were devastated the most in the housing crash – Florida and Nevada – are both full-recourse jurisdictions. They have the same system as Canada, and yet house prices fell in certain areas by as much as 70%. Full-course there, too, but the country became a symbol of real estate destruction. A research paper done for the US central bank has a few hints.Most homeowners have no idea what transpires when they can’t cough up the monthly.An unknown number (lots, I’ll bet) believe there’s a Canadian equivalent of jingle mail.We had a client come into our bank with a business that has strong profits.He dumped his life savings to buy it and now his entire net worth is invested into the business by buying it.

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