Purchasing property in the US I always knew that if the worst would happen and I defaulted on my mortgage, the bank would take the keys and assume ownership of the property and then sell it to minimize their loss.
Now living in Canada I was told that all mortgages are recourse loans (and the US mortgage is a non-recourse loan) which means after the bank takes the house and sells it, if they can't recoup the loss they can come after my assets and income.
Is there truth to Canadian mortgages being recourse loans? Are all of them that way? If not how can I tell? I've read the fine print and don't encounter that specific term or language of that nature.