3 ms·
Mortgages in Canada are different than mortgages in the US in that they are full recourse. If the sale price during foreclosure doesn’t cover the costs, the ban
by joshuabaker2 3y ago
Mortgages in Canada are different than mortgages in the US in that they are full recourse. If the sale price during foreclosure doesn’t cover the costs, the banks can go after you personally for the balance. So you’d have to either a) leave the country, or b) declare bankruptcy. So, not exactly a risk-free option.
- avidiax 3y agoIt is a risk free option. The Chinese income isn't real. You can't meaningfully garnish the wages of a part time casino dealer. They have no other assets to cover the potential shortfall.
- rokkitmensch 3y agoYou assume these are poor people, other assume they're quite wealthy and laundering untaxed income into assets in .ca. If the latter, they may even have a proportionate pile of assets to seize locally. I betcha you could restate your point to come across a little less jingoistic.
- rybosworld 3y ago> "You assume these are poor people" The OP is right, the income isn't real. It's right there in the article: "Aurora branch had direct knowledge of faked Chinese income mortgages" You assumed that the OP assumed something. Then you assumed that the OP's (non)assumption was motivated by jingoism. Comments like yours are the worst.
- rokkitmensch 3y ago> Comments like yours are the worst. This is HN's vaunted grace? From what I responded to: > You can't meaningfully garnish the wages of a part time casino dealer. It is entirely plausible that there are oodles of untaxed income getting funneled over there from hasty emigrés. No need to get vituperative, good grief.
- rybosworld 3y agoIt's entirely plausible that you're not on the moral high ground you think you are, calling other commenters jingoistic because you didn't read the article is prime example.