Depending on the province you live in, you can walk away (leave the keys) without as much negative downside as other provinces. Bankruptcy is one option. Paying off mortgage - selling price if upside down and your credit history/debt ratio allows.
digits_ wrote: ↑Wed Jul 27, 2022 2:20 pm What would realistically happen in Canada if a Canadian home owner would intentionally stop paying a mortgage because the amount owing is less than what the house is worth?
Let's say, hypothetically, a Canadian making 50k/year owns a 300k home, is 280k in debt, and the house is worth 250k. Let's say they decide to stop paying. What can the bank take? Obviously the house (I assume), but can the bank also get at their income for many years to come? What about other savings?
