Jester wrote:momopi wrote:WuFan wrote:
Women in the west don´t need men for money anymore. They can make their own money.
Google "sugar daddy" and "
enjo kōsai".
ExpeditionSailor wrote:
I have a modest condo that I bought after I left my wife 5 years ago. It'll never be paid off because condo prices in my area are stagnant and expected to stay that way for the next five to ten years at least. At times I want to just throw the keys on the bank manager's desk and bugger off to Thailand or the PI, never to be seen again. If only I had a reliable source of income I could draw on without having to work, that could be possible.
http://www.youwalkaway.com/
Note that states with anti–deficiency statutes, such as California Code of Civil Procedure section 580b, already provides protection to home owners who wish to mail in their keys ("jingle mail").
Keeping your under-water condo makes sense IF payments approximate rent, AND if you like living there in Canada. If either of those things are not true, consult a bankruptcy attorney (um, barrister?) at a free clinic or on an internet forum then take appropriate action.
As long as there can be no deficiency judgement (i.e. personal liability for unsecured debt following default) then you should be in the clear. If there is, you would still be fine, just stay out of Anglo/U.S. jurisdiction. (Consult an expert though...)
Start life over with no regrets. The bank will survive.
Well, the only reason why I haven't thrown the keys in the bank manager's face is that the mortgage payments approximate what I would pay in rent for a good one-bedroom apartment in my locale. And my condo happens to be a two-bedroom unit. Lots of space for one man.
Here in Canada, we have bankruptcy trustees. These are individuals who have extensive training in accounting and bankruptcy legislation. They are licenced to practice by the federal government in Canada. They are not attorneys, but some of the larger bankruptcy trustee firms in Canada do have in-house counsel. Lawyers in Canada generally don't handle bankruptcies, but they handle any legal matters arising from the bankruptcy that can't be dealt with by the trustee.
Typically what happens in a mortgage default in Canada is the lender exercises what is called 'power of sale' - i.e. the right to foreclose after demands to redeem the mortgage are issued. The lender then sells the property, and if a shortfall is realized, then the lender pursues the mortgagor for that shortfall. But what usually happens is that the mortgagor goes bankrupt, and because the lender (known as the mortgagee) has a security interest in the property, it ranks ahead of unsecured creditors when it's time to issue dividends from the estate of the bankrupt.
As for just buggering off if there is a shortfall to be paid, well, it's a crime in Canada to abscond from one's debts. But prosecution usually happens only if one or more lenders asks for an abscondment charge to be laid, and if the amount of the shortfall is relatively small, most lenders just find it easier to write it off than spend money on legal fees and other costs needed to bring the debtor before a judge and to recover the loss. Countries that have reciprocal criminal enforcement treaties with Canada are duty bound to assist in the apprehension of an absconder. What that means is that simply steering clear of Anglosphere countries won't be any guarantee of not being apprehended and deported to face the music.
Now, as a practical matter, how vigourous treaty signatories choose to execute arrest warrants, etc. depends on the country. Poor countries with poor to mediocre police resources are likely to expend the least effort.
Countries with well developed police resources and something to lose from not honouring their treaty obligations, of course, will be the most aggressive.
Finally, the legal protections available in California do not exist anywhere in Canada, because the laws governing loans and mortgages and creditor rights are federal, not provincial, and therefore a national matter.
And yes, many people in Canada do walk away, and the banks do just fine anyway. Canadian banks are very cautious and prudent about lending money, so they have no trouble minimizing their losses. Here in Canada, we tend to laugh and look askance at the cowboy lending in the US that caused the housing bubble in the US to pop. "Sure, borrow 125% of the house's value so you can buy a car and consumer goodies like big-screen TVs! If you don't have a job or make enough money to make the mortgage payments, it doesn't matter! Just sign on the dotted line!"