An interesting article regarding the differences in mortgages between the US and Australia:?http://www.abc.net.au/news/2017-12-27/full-recourse-loans-lower-defaults-but-may-increase-risky-loans/9276602
The mortgage in Australia allows a bank full recourse, including by getting a court judgment to go after your other assets and even send you bankrupt. It can be a lengthy process, however it is important to establish your legal position as early as possible, ideally as soon as payment is missed or a default notice is issued. Springdale Legal has recently assisted with matters that have progressed to the issuance of a Writ of Summons, but never a good idea!