Defauting on a USA Issued Mortgage

Sandra
New Member



Joined: 07 Oct 2008
Posts: 3

Posted: Tue Oct 07, 2008 3:48 am

 

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Does anyone know the real ramifications of defaulting on a USA mortgage loan on US property (when a Canadian resident)? Can it effect your Canadian credit rating? Can a judgement be collected on Canadian assets and/or can it effect border crossings?

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gtoast
CanuckAbroad Regular



Joined: 10 May 2007
Posts: 63
Location: Fulda, DE...

Posted: Tue Oct 07, 2008 4:40 am

 

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i defaulted a year ago on an american loan after moving to europe and not only not selling, but not even having anyone look at my house for about a year being on the market.
no issues as yet, at least pertaining to US entry (not that i do often anyways). i really don't know how it can effect your canadian credit unless canadian lenders/credit services are now looking for an american soc nr. to track for canadian loans.
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Sandra
New Member



Joined: 07 Oct 2008
Posts: 3

Posted: Tue Oct 07, 2008 5:07 am

 

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Thanks for the post but what if a Canadian SIN was used to obatin the loan and not an american social security number.

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Steven
CanuckAbroad VIP



Joined: 28 Sep 2007
Posts: 1637
Location: Calgary

Posted: Tue Oct 07, 2008 8:09 am

 

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Well they use the same credit bureaus, so if they can tie you to a Canadian SIN I would think it would definitely mess up your credit. The only real difference between a US and Canadian credit bureau is the number they use to identify you. They can take legal action against you as well, but it's a civil thing so I can't see how it would affect your ability to cross the border.

In theory they can go after your Canadian assets if they get a judgement against you and the house doesn't cover the liability, but it's not likely. Especially given the current mess. Cross-border debt collection is very hard.
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Steve.

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gtoast
CanuckAbroad Regular



Joined: 10 May 2007
Posts: 63
Location: Fulda, DE...

Posted: Wed Oct 08, 2008 11:22 am

 

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i had no idea you could do that!
_________________
the day i win the lotery will be the time that 100 000 000 other people picked the same numbers as me

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